# EDGAR Filing Document

**Accession Number:** 0000810893
**File Stem:** 0001193125-25-136038
**Filing Date:** 2025-6
**Character Count:** 2656451
**Document Hash:** 6197c40c9c3eb0e6ac125cfd0304b310
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-136038.hdr.sgml**: 20250606

**ACCESSION NUMBER**: 0001193125-25-136038

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 76

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250606

**DATE AS OF CHANGE**: 20250605

**EFFECTIVENESS DATE**: 20250606

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05028
- **FILM NUMBER:** 251028478

**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 RAE PLUS Fund (Series ID: S000009681)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000026529 | Institutional | PXTIX           |
| C000026531 | A             | PIXAX           |
| C000026532 | C             | PIXCX           |
| C000064135 | I-2           | PIXPX           |
| C000200440 | I-3           | PXTNX           |

### PIMCO StocksPLUS International Fund (U.S. Dollar-Hedged) (Series ID: S000009687)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000026559 | Institutional | PISIX           |
| C000026560 | A             | PIPAX           |
| C000026562 | C             | PIPCX           |
| C000064140 | I-2           | PIUHX           |
| C000200443 | I-3           | PISNX           |

### PIMCO StocksPLUS Fund (Series ID: S000009704)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000026630 | Institutional | PSTKX           |
| C000026632 | A             | PSPAX           |
| C000026634 | C             | PSPCX           |
| C000026636 | R             | PSPRX           |
| C000064152 | I-2           | PSKPX           |
| C000200449 | I-3           | PSTNX           |

### PIMCO StocksPLUS Absolute Return Fund (Series ID: S000009705)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000026637 | Institutional | PSPTX           |
| C000026638 | A             | PTOAX           |
| C000026640 | C             | PSOCX           |
| C000064153 | I-2           | PTOPX           |
| C000200450 | I-3           | PSPNX           |

### PIMCO StocksPLUS Short Fund (Series ID: S000009706)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000026642 | Institutional | PSTIX           |
| C000031215 | A             | PSSAX           |
| C000031217 | C             | PSSCX           |
| C000064154 | I-2           | PSPLX           |
| C000200451 | I-3           | PSNNX           |

### PIMCO StocksPLUS Small Fund (Series ID: S000010253)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000028347 | Institutional | PSCSX           |
| C000031249 | A             | PCKAX           |
| C000031251 | C             | PCKCX           |
| C000064162 | I-2           | PCKPX           |
| C000200457 | I-3           | PSNSX           |

### PIMCO StocksPLUS International Fund (Unhedged) (Series ID: S000014410)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000039229 | Institutional | PSKIX           |
| C000039231 | Class A       | PPUAX           |
| C000039232 | Class C       | PPUCX           |
| C000064167 | I-2           | PPLPX           |
| C000200458 | I-3           | PSKNX           |

### PIMCO StocksPLUS Long Duration Fund (Series ID: S000018588)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000051570 | Institutional | PSLDX           |

### PIMCO RAE Fundamental Advantage PLUS Fund (Series ID: S000021058)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000059899 | Institutional | PFATX           |
| C000066772 | Class A       | PTFAX           |

### PIMCO RAE PLUS EMG Fund (Series ID: S000023716)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000069768 | Institutional | PEFIX           |
| C000069770 | I-2           | PEFPX           |
| C000126843 | Class A       | PEFFX           |
| C000126844 | Class C       | PEFCX           |

### PIMCO RAE PLUS Small Fund (Series ID: S000032697)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000100907 | Institutional Class | PCFIX           |
| C000100908 | I-2                 | PCCPX           |
| C000100911 | Class A             | PCFAX           |
| C000100912 | Class C             | PCFEX           |

### PIMCO RAE PLUS International Fund (Series ID: S000032698)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000100916 | Class A             | PTSOX           |
| C000100919 | Institutional Class | PTSIX           |
| C000100920 | I-2                 | PTIPX           |

### PIMCO RAE Worldwide Long/Short PLUS Fund (Series ID: S000047288)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000148264 | Class A       | PWLBX           |
| C000148265 | Class C       | PWLEX           |
| C000148267 | Institutional | PWLIX           |
| C000213842 | I-2           | PWLMX           |

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

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

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

### PIMCO Funds

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

#### (Address of principal executive office)

#### Bijal Y. Parikh

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

#### PIMCO Funds

#### 650 Newport Center Drive

#### Newport Beach, CA 92660

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

#### Adam T. Teufel

#### Dechert LLP

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

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

Date of fiscal year end: March 31

Date of reporting period: March 31, 2025

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

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

------

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

------

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

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

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

● PIMCO All Asset Fund Class A

● PIMCO All Asset Fund Administrative Class

● PIMCO All Asset Fund Class C

● PIMCO All Asset Fund Institutional Class

● PIMCO All Asset Fund I-2

● PIMCO All Asset Fund Class R

● PIMCO All Asset Fund I-3

● PIMCO All Asset All Authority Fund Class A

● PIMCO All Asset All Authority Fund Class C

● PIMCO All Asset All Authority Fund Institutional Class

● PIMCO All Asset All Authority Fund I-2

● PIMCO All Asset All Authority Fund I-3

● PIMCO Global Core Asset Allocation Fund Class A

● PIMCO Global Core Asset Allocation Fund Class C

● PIMCO Global Core Asset Allocation Fund Institutional Class

● PIMCO Global Core Asset Allocation Fund I-2

● PIMCO California Intermediate Municipal Bond Fund Class A

● PIMCO California Intermediate Municipal Bond Fund Class C

● PIMCO California Intermediate Municipal Bond Fund Institutional Class

● PIMCO California Intermediate Municipal Bond Fund I-2

● PIMCO California Municipal Bond Fund Class A

● PIMCO California Municipal Bond Fund Class C

● PIMCO California Municipal Bond Fund Institutional Class

● PIMCO California Municipal Bond Fund I-2

● PIMCO California Short Duration Municipal Income Fund Class A

● PIMCO California Short Duration Municipal Income Fund Institutional Class

● PIMCO California Short Duration Municipal Income Fund I-2

● PIMCO High Yield Municipal Bond Fund Class A

● PIMCO High Yield Municipal Bond Fund Class C

● PIMCO High Yield Municipal Bond Fund Institutional Class

● PIMCO High Yield Municipal Bond Fund I-2

● PIMCO High Yield Municipal Bond Fund I-3

● PIMCO Municipal Bond Fund Class A

● PIMCO Municipal Bond Fund Class C

● PIMCO Municipal Bond Fund Institutional Class

● PIMCO Municipal Bond Fund I-2

● PIMCO Municipal Bond Fund I-3

● PIMCO National Intermediate Municipal Bond Fund Class A

● PIMCO National Intermediate Municipal Bond Fund Class C

● PIMCO National Intermediate Municipal Bond Fund Institutional Class

● PIMCO National Intermediate Municipal Bond Fund I-2

● PIMCO New York Municipal Bond Fund Class A

● PIMCO New York Municipal Bond Fund Class C

● PIMCO New York Municipal Bond Fund Institutional Class

● PIMCO New York Municipal Bond Fund I-2

● PIMCO New York Municipal Bond Fund I-3

● PIMCO Short Duration Municipal Income Fund Class A

● PIMCO Short Duration Municipal Income Fund Class C

● PIMCO Short Duration Municipal Income Fund Institutional Class

● PIMCO Short Duration Municipal Income Fund I-2

------

● PIMCO Short Duration Municipal Income Fund Class C-2

● PIMCO Short Duration Municipal Income Fund I-3

● PIMCO California Municipal Intermediate Value Fund Institutional Class

● PIMCO California Municipal Opportunistic Value Fund Institutional Class

● PIMCO National Municipal Intermediate Value Fund Institutional Class

● PIMCO National Municipal Opportunistic Value Fund Institutional Class

● PIMCO Emerging Markets Bond Fund Class A

● PIMCO Emerging Markets Bond Fund Class C

● PIMCO Emerging Markets Bond Fund Institutional Class

● PIMCO Emerging Markets Bond Fund I-2

● PIMCO Emerging Markets Bond Fund I-3

● PIMCO Emerging Markets Corporate Bond Fund Institutional Class

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

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

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

● PIMCO Emerging Markets Full Spectrum Bond Fund Institutional Class

● PIMCO Emerging Markets Local Currency and Bond Fund Class A

● PIMCO Emerging Markets Local Currency and Bond Fund Class C

● PIMCO Emerging Markets Local Currency and Bond Fund Institutional Class

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

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

● PIMCO Global Advantage® 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

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

● PIMCO RAE Fundamental Advantage PLUS Fund Class A

● PIMCO RAE Fundamental Advantage PLUS Fund Institutional Class

● PIMCO RAE PLUS EMG Fund Institutional Class

● PIMCO RAE PLUS EMG Fund I-2

● PIMCO RAE PLUS EMG Fund Class A

● PIMCO RAE PLUS EMG Fund Class C

● PIMCO RAE PLUS Fund Class A

● PIMCO RAE PLUS Fund Class C

● PIMCO RAE PLUS Fund Institutional Class

● PIMCO RAE PLUS Fund I-2

● PIMCO RAE PLUS Fund I-3

● PIMCO RAE PLUS International Fund Institutional Class

● PIMCO RAE PLUS International Fund Class A

● PIMCO RAE PLUS International Fund I-2

● PIMCO RAE PLUS Small Fund Institutional Class

● PIMCO RAE PLUS Small Fund Class A

● PIMCO RAE PLUS Small Fund Class C

● PIMCO RAE PLUS Small Fund I-2

● PIMCO RAE Worldwide Long/Short PLUS Fund Class A

● PIMCO RAE Worldwide Long/Short PLUS Fund Class C

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

● PIMCO RAE Worldwide Long/Short PLUS Fund Institutional Class

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

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

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

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

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

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

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

● PIMCO Inflation Response Multi-Asset Fund Class A

● PIMCO Inflation Response Multi-Asset Fund Institutional Class

● PIMCO Inflation Response Multi-Asset Fund I-2

● PIMCO Inflation Response Multi-Asset Fund I-3

● PIMCO Long-Term Real Return Fund Institutional Class

● PIMCO Long-Term Real Return Fund I-2

● PIMCO Real Return Fund Class A

● PIMCO Real Return Fund Administrative Class

● PIMCO Real Return Fund Class C

● PIMCO Real Return Fund Institutional Class

● PIMCO Real Return Fund I-2

● PIMCO Real Return Fund Class R

● PIMCO Real Return Fund I-3

● PIMCO RealEstateRealReturn Strategy Fund Class A

● PIMCO RealEstateRealReturn Strategy Fund Class C

● PIMCO RealEstateRealReturn Strategy Fund Institutional Class

● PIMCO RealEstateRealReturn Strategy Fund I-2

● PIMCO RealEstateRealReturn Strategy Fund I-3

● PIMCO TRENDS Managed Futures Strategy Fund I-3

● PIMCO TRENDS Managed Futures Strategy Fund Class C

● PIMCO TRENDS Managed Futures Strategy Fund Class A

● PIMCO TRENDS Managed Futures Strategy Fund Institutional Class

● PIMCO TRENDS Managed Futures Strategy Fund I-2

# Class A: PTFAX

# PIMCO RAE Fundamental Advantage PLUS Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g932242i572229cb99157f8c2553.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO RAE Fundamental Advantage PLUS Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/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 | $151 | 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:

* The Fund's exposure to the RAE US Large Model Portfolio detracted from performance relative to the S&P 500 Index (the "Index"). Highlights of the drivers include the following:

* Selection in the health care sector contributed to relative performance, as the Fund's holdings outperformed the Index. 

* Selection in the utilities sector contributed to relative performance, as the Fund's holdings outperformed the Index. 

* Selection in the information technology sector detracted from relative performance, as the Fund's holdings underperformed the Index. 

* Overweight exposure to, and selection in, the energy sector detracted from relative performance, as the sector and the Fund's holdings underperformed the Index. 

* The Fund's bond alpha strategy contributed to performance. Highlights of the drivers include the following:

* Long exposure to U.S. interest rates contributed to performance, as interest rates decreased. 

* Long exposure to U.K. interest rates detracted from performance, as interest rates increased.

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

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

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g932242i6f4690e55c052edfb8d0.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A (including sales charge)** | **S&P 500 Index** | **ICE BofA SOFR Overnight Rate Index<sup>Footnote Reference(1)</sup><sup>Footnote Reference(2)</sup>** |
| **3/31/15** | $9623 | $10000 | $10000 |
| **4/30/15** | $9650 | $10096 | $10002 |
| **5/31/15** | $9650 | $10226 | $10005 |
| **6/30/15** | $9547 | $10028 | $10007 |
| **7/31/15** | $9383 | $10238 | $10009 |
| **8/31/15** | $9273 | $9620 | $10012 |
| **9/30/15** | $9063 | $9382 | $10014 |
| **10/31/15** | $9017 | $10174 | $10017 |
| **11/30/15** | $9017 | $10204 | $10019 |
| **12/31/15** | $8987 | $10043 | $10022 |
| **1/31/16** | $8949 | $9545 | $10027 |
| **2/29/16** | $8920 | $9532 | $10032 |
| **3/31/16** | $9101 | $10178 | $10037 |
| **4/30/16** | $9226 | $10218 | $10043 |
| **5/31/16** | $9168 | $10401 | $10048 |
| **6/30/16** | $9235 | $10428 | $10053 |
| **7/31/16** | $9245 | $10813 | $10058 |
| **8/31/16** | $9264 | $10828 | $10064 |
| **9/30/16** | $9321 | $10830 | $10069 |
| **10/31/16** | $9398 | $10632 | $10076 |
| **11/30/16** | $9598 | $11026 | $10083 |
| **12/31/16** | $9665 | $11244 | $10090 |
| **1/31/17** | $9636 | $11457 | $10099 |
| **2/28/17** | $9608 | $11912 | $10107 |
| **3/31/17** | $9569 | $11926 | $10115 |
| **4/30/17** | $9445 | $12049 | $10125 |
| **5/31/17** | $9321 | $12218 | $10135 |
| **6/30/17** | $9382 | $12294 | $10144 |
| **7/31/17** | $9372 | $12547 | $10155 |
| **8/31/17** | $9305 | $12586 | $10166 |
| **9/30/17** | $9456 | $12845 | $10177 |
| **10/31/17** | $9418 | $13145 | $10189 |
| **11/30/17** | $9456 | $13548 | $10200 |
| **12/31/17** | $9559 | $13699 | $10211 |
| **1/31/18** | $9502 | $14483 | $10226 |
| **2/28/18** | $9502 | $13949 | $10240 |
| **3/31/18** | $9521 | $13595 | $10255 |
| **4/30/18** | $9579 | $13647 | $10274 |
| **5/31/18** | $9511 | $13976 | $10294 |
| **6/30/18** | $9532 | $14062 | $10314 |
| **7/31/18** | $9551 | $14585 | $10334 |
| **8/31/18** | $9484 | $15060 | $10354 |
| **9/30/18** | $9487 | $15146 | $10374 |
| **10/31/18** | $9603 | $14111 | $10395 |
| **11/30/18** | $9478 | $14398 | $10415 |
| **12/31/18** | $9343 | $13098 | $10436 |
| **1/31/19** | $9401 | $14148 | $10460 |
| **2/28/19** | $9401 | $14602 | $10485 |
| **3/31/19** | $9276 | $14886 | $10509 |
| **4/30/19** | $9228 | $15489 | $10532 |
| **5/31/19** | $9092 | $14504 | $10555 |
| **6/30/19** | $9179 | $15526 | $10578 |
| **7/31/19** | $9160 | $15750 | $10598 |
| **8/31/19** | $8909 | $15500 | $10619 |
| **9/30/19** | $9131 | $15790 | $10639 |
| **10/31/19** | $9150 | $16132 | $10658 |
| **11/30/19** | $9141 | $16718 | $10677 |
| **12/31/19** | $9199 | $17222 | $10696 |
| **1/31/20** | $9015 | $17216 | $10713 |
| **2/29/20** | $8812 | $15798 | $10730 |
| **3/31/20** | $8060 | $13847 | $10748 |
| **4/30/20** | $8108 | $15622 | $10761 |
| **5/31/20** | $8050 | $16366 | $10774 |
| **6/30/20** | $8041 | $16692 | $10787 |
| **7/31/20** | $7934 | $17633 | $10789 |
| **8/31/20** | $7799 | $18900 | $10792 |
| **9/30/20** | $7857 | $18182 | $10795 |
| **10/31/20** | $7963 | $17699 | $10797 |
| **11/30/20** | $8235 | $19636 | $10799 |
| **12/31/20** | $8273 | $20391 | $10801 |
| **1/31/21** | $8748 | $20185 | $10803 |
| **2/28/21** | $8719 | $20742 | $10805 |
| **3/31/21** | $8950 | $21650 | $10808 |
| **4/30/21** | $8717 | $22806 | $10810 |
| **5/31/21** | $8931 | $22965 | $10811 |
| **6/30/21** | $8740 | $23501 | $10813 |
| **7/31/21** | $8485 | $24059 | $10815 |
| **8/31/21** | $8436 | $24791 | $10816 |
| **9/30/21** | $8428 | $23638 | $10817 |
| **10/31/21** | $8037 | $25294 | $10818 |
| **11/30/21** | $7997 | $25119 | $10820 |
| **12/31/21** | $8152 | $26244 | $10821 |
| **1/31/22** | $8467 | $24886 | $10823 |
| **2/28/22** | $8549 | $24141 | $10825 |
| **3/31/22** | $8427 | $25038 | $10827 |
| **4/30/22** | $8773 | $22854 | $10836 |
| **5/31/22** | $8925 | $22896 | $10845 |
| **6/30/22** | $8446 | $21006 | $10854 |
| **7/31/22** | $8302 | $22943 | $10869 |
| **8/31/22** | $8559 | $22007 | $10890 |
| **9/30/22** | $8532 | $19981 | $10912 |
| **10/31/22** | $9060 | $21598 | $10941 |
| **11/30/22** | $9122 | $22805 | $10975 |
| **12/31/22** | $9163 | $21491 | $11013 |
| **1/31/23** | $9163 | $22842 | $11054 |
| **2/28/23** | $9039 | $22284 | $11093 |
| **3/31/23** | $8804 | $23103 | $11137 |
| **4/30/23** | $8588 | $23463 | $11182 |
| **5/31/23** | $8340 | $23565 | $11230 |
| **6/30/23** | $8357 | $25122 | $11278 |
| **7/31/23** | $8454 | $25929 | $11327 |
| **8/31/23** | $8541 | $25516 | $11379 |
| **9/30/23** | $8798 | $24300 | $11429 |
| **10/31/23** | $8788 | $23789 | $11482 |
| **11/30/23** | $8744 | $25961 | $11533 |
| **12/31/23** | $8974 | $27141 | $11586 |
| **1/31/24** | $8952 | $27597 | $11639 |
| **2/29/24** | $8854 | $29070 | $11689 |
| **3/31/24** | $9232 | $30006 | $11742 |
| **4/30/24** | $8933 | $28780 | $11795 |
| **5/31/24** | $8999 | $30207 | $11849 |
| **6/30/24** | $8830 | $31291 | $11898 |
| **7/31/24** | $9066 | $31672 | $11956 |
| **8/31/24** | $8819 | $32440 | $12011 |
| **9/30/24** | $8827 | $33133 | $12063 |
| **10/31/24** | $8600 | $32833 | $12114 |
| **11/30/24** | $8702 | $34760 | $12161 |
| **12/31/24** | $8435 | $33931 | $12208 |
| **1/31/25** | $8641 | $34876 | $12254 |
| **2/28/25** | $8836 | $34421 | $12295 |
| **3/31/25** | $9005 | $32482 | $12341 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class A (excluding sales charge) | (2.45%) | 2.24% | (0.66%) |
| Class A (including sales charge) | (6.06%) | 1.45% | (1.04%) |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| ICE BofA SOFR Overnight Rate Index<sup>Footnote Reference(1)</sup><sup>Footnote Reference(2)</sup> | 5.10% | 2.66% | -% |

---

---

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

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $463170 |
| # of Portfolio Holdings | 1108 |
| Portfolio Turnover Rate | 666% |
| Total Net Advisory Fees Paid During the Reporting Period | $3142 |

---

---

| | |
|:---|:---|
| 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 | 58.7% |
| Asset-Backed Securities | 29.5% |
| Non-Agency Mortgage-Backed Securities | 9.4% |
| U.S. Treasury Obligations | 8.3% |
| Corporate Bonds & Notes | 8.3% |
| Sovereign Issues | 7.1% |
| Other Investments | 0.1% |
| Short-Term Instruments | 34.3% |
| Affiliated Investments | 6.4% |
| Financial Derivative Instruments | 0.3% |
| Other Assets and Liabilities, Net | (62.4%) |
| 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 0.20% 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](g932242ia208f5a1820733359ae7.jpg)

# Class A: PTFAX
![Image](g932242i67073b345faae17987ad.jpg)

# PIMCO RAE Fundamental Advantage PLUS Fund
Annual Shareholder Report \|

March 31, 2025

PIMS4088TSRAR_033125

# Institutional Class: PFATX

# PIMCO RAE Fundamental Advantage PLUS Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g932242i572229cb99157f8c2553.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO RAE Fundamental Advantage PLUS Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/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 | $112 | 1.13% |

---

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

* The Fund's exposure to the RAE US Large Model Portfolio detracted from performance relative to the S&P 500 Index (the "Index"). Highlights of the drivers include the following:

* Selection in the health care sector contributed to relative performance, as the Fund's holdings outperformed the Index. 

* Selection in the utilities sector contributed to relative performance, as the Fund's holdings outperformed the Index. 

* Selection in the information technology sector detracted from relative performance, as the Fund's holdings underperformed the Index. 

* Overweight exposure to, and selection in, the energy sector detracted from relative performance, as the sector and the Fund's holdings underperformed the Index. 

* The Fund's bond alpha strategy contributed to performance. Highlights of the drivers include the following:

* Long exposure to U.S. interest rates contributed to performance, as interest rates decreased. 

* Long exposure to U.K. interest rates detracted from performance, as interest rates increased.

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g932242i57be031d2fab05d9cbdd.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **S&P 500 Index** | **ICE BofA SOFR Overnight Rate Index<sup>Footnote Reference(1)</sup><sup>Footnote Reference(2)</sup>** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $1002762 | $1009593 | $1000229 |
| **5/31/15** | $1005525 | $1022576 | $1000460 |
| **6/30/15** | $993040 | $1002781 | $1000689 |
| **7/31/15** | $976209 | $1023790 | $1000924 |
| **8/31/15** | $966858 | $962021 | $1001159 |
| **9/30/15** | $945426 | $938217 | $1001394 |
| **10/31/15** | $941591 | $1017360 | $1001666 |
| **11/30/15** | $941591 | $1020385 | $1001940 |
| **12/31/15** | $938605 | $1004292 | $1002212 |
| **1/31/16** | $934682 | $954455 | $1002719 |
| **2/29/16** | $932720 | $953167 | $1003226 |
| **3/31/16** | $951355 | $1017828 | $1003732 |
| **4/30/16** | $965086 | $1021774 | $1004260 |
| **5/31/16** | $958221 | $1040123 | $1004788 |
| **6/30/16** | $966067 | $1042818 | $1005317 |
| **7/31/16** | $967048 | $1081265 | $1005845 |
| **8/31/16** | $969990 | $1082784 | $1006374 |
| **9/30/16** | $976855 | $1082988 | $1006904 |
| **10/31/16** | $984702 | $1063233 | $1007607 |
| **11/30/16** | $1005298 | $1102610 | $1008310 |
| **12/31/16** | $1013144 | $1124405 | $1009013 |
| **1/31/17** | $1010202 | $1145730 | $1009853 |
| **2/28/17** | $1007259 | $1191223 | $1010693 |
| **3/31/17** | $1004317 | $1192612 | $1011533 |
| **4/30/17** | $991567 | $1204860 | $1012501 |
| **5/31/17** | $978817 | $1221816 | $1013468 |
| **6/30/17** | $985835 | $1229442 | $1014436 |
| **7/31/17** | $984849 | $1254723 | $1015532 |
| **8/31/17** | $977941 | $1258564 | $1016629 |
| **9/30/17** | $993603 | $1284525 | $1017727 |
| **10/31/17** | $990637 | $1314500 | $1018858 |
| **11/30/17** | $995581 | $1354816 | $1019989 |
| **12/31/17** | $1005593 | $1369880 | $1021122 |
| **1/31/18** | $1000634 | $1448311 | $1022563 |
| **2/28/18** | $1000634 | $1394930 | $1024006 |
| **3/31/18** | $1003609 | $1359480 | $1025451 |
| **4/30/18** | $1009560 | $1364697 | $1027418 |
| **5/31/18** | $1002618 | $1397561 | $1029389 |
| **6/30/18** | $1004506 | $1406163 | $1031364 |
| **7/31/18** | $1008481 | $1458492 | $1033370 |
| **8/31/18** | $1000532 | $1506017 | $1035380 |
| **9/30/18** | $1001882 | $1514589 | $1037394 |
| **10/31/18** | $1013821 | $1411067 | $1039457 |
| **11/30/18** | $1001882 | $1439822 | $1041524 |
| **12/31/18** | $987235 | $1309819 | $1043595 |
| **1/31/19** | $994215 | $1414783 | $1046033 |
| **2/28/19** | $994215 | $1460209 | $1048476 |
| **3/31/19** | $981251 | $1488583 | $1050925 |
| **4/30/19** | $976265 | $1548856 | $1053203 |
| **5/31/19** | $962304 | $1450428 | $1055486 |
| **6/30/19** | $972276 | $1552649 | $1057774 |
| **7/31/19** | $970282 | $1574964 | $1059827 |
| **8/31/19** | $944355 | $1550016 | $1061885 |
| **9/30/19** | $968288 | $1579018 | $1063947 |
| **10/31/19** | $970282 | $1613219 | $1065813 |
| **11/30/19** | $969285 | $1671777 | $1067682 |
| **12/31/19** | $976265 | $1722235 | $1069554 |
| **1/31/20** | $956321 | $1721559 | $1071288 |
| **2/29/20** | $935380 | $1579842 | $1073023 |
| **3/31/20** | $855603 | $1384711 | $1074762 |
| **4/30/20** | $861587 | $1562223 | $1076061 |
| **5/31/20** | $855603 | $1636628 | $1077361 |
| **6/30/20** | $855338 | $1669176 | $1078663 |
| **7/31/20** | $844321 | $1763293 | $1078940 |
| **8/31/20** | $829297 | $1890039 | $1079217 |
| **9/30/20** | $836308 | $1818224 | $1079494 |
| **10/31/20** | $848327 | $1769870 | $1079692 |
| **11/30/20** | $877372 | $1963607 | $1079890 |
| **12/31/20** | $881379 | $2039105 | $1080089 |
| **1/31/21** | $932459 | $2018518 | $1080317 |
| **2/28/21** | $929454 | $2074179 | $1080546 |
| **3/31/21** | $954815 | $2165019 | $1080774 |
| **4/30/21** | $929715 | $2280563 | $1080957 |
| **5/31/21** | $952807 | $2296491 | $1081139 |
| **6/30/21** | $933583 | $2350103 | $1081321 |
| **7/31/21** | $906155 | $2405929 | $1081454 |
| **8/31/21** | $901075 | $2479083 | $1081587 |
| **9/30/21** | $900951 | $2363781 | $1081719 |
| **10/31/21** | $859432 | $2529392 | $1081838 |
| **11/30/21** | $855280 | $2511866 | $1081957 |
| **12/31/21** | $872290 | $2624438 | $1082075 |
| **1/31/22** | $906042 | $2488631 | $1082277 |
| **2/28/22** | $915535 | $2414118 | $1082479 |
| **3/31/22** | $902878 | $2503753 | $1082681 |
| **4/30/22** | $939795 | $2285421 | $1083588 |
| **5/31/22** | $956671 | $2289614 | $1084497 |
| **6/30/22** | $905301 | $2100621 | $1085406 |
| **7/31/22** | $889343 | $2294307 | $1086882 |
| **8/31/22** | $918066 | $2200741 | $1089024 |
| **9/30/22** | $915306 | $1998056 | $1091245 |
| **10/31/22** | $973250 | $2159821 | $1094093 |
| **11/30/22** | $979689 | $2280521 | $1097463 |
| **12/31/22** | $983981 | $2149130 | $1101293 |
| **1/31/23** | $985054 | $2284168 | $1105379 |
| **2/28/23** | $971104 | $2228437 | $1109281 |
| **3/31/23** | $946406 | $2310252 | $1113695 |
| **4/30/23** | $924033 | $2346311 | $1118173 |
| **5/31/23** | $897184 | $2356510 | $1123014 |
| **6/30/23** | $899552 | $2512217 | $1127753 |
| **7/31/23** | $910796 | $2592922 | $1132705 |
| **8/31/23** | $919792 | $2551639 | $1137880 |
| **9/30/23** | $947448 | $2429982 | $1142922 |
| **10/31/23** | $947448 | $2378888 | $1148156 |
| **11/30/23** | $941795 | $2596140 | $1153254 |
| **12/31/23** | $966774 | $2714085 | $1158559 |
| **1/31/24** | $965637 | $2759693 | $1163888 |
| **2/29/24** | $955400 | $2907048 | $1168881 |
| **3/31/24** | $996681 | $3000582 | $1174247 |
| **4/30/24** | $964381 | $2878024 | $1179460 |
| **5/31/24** | $972456 | $3020730 | $1184862 |
| **6/30/24** | $953311 | $3129120 | $1189779 |
| **7/31/24** | $978981 | $3167209 | $1195621 |
| **8/31/24** | $953311 | $3244035 | $1201121 |
| **9/30/24** | $955039 | $3313318 | $1206310 |
| **10/31/24** | $931429 | $3283271 | $1211352 |
| **11/30/24** | $942054 | $3476003 | $1216089 |
| **12/31/24** | $912836 | $3393141 | $1220844 |
| **1/31/25** | $935567 | $3487632 | $1225398 |
| **2/28/25** | $957102 | $3442124 | $1229539 |
| **3/31/25** | $975555 | $3248180 | $1234125 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | (2.12%) | 2.66% | (0.25%) |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| ICE BofA SOFR Overnight Rate Index<sup>Footnote Reference(1)</sup><sup>Footnote Reference(2)</sup> | 5.10% | 2.66% | -% |

---

---

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

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $463170 |
| # of Portfolio Holdings | 1108 |
| Portfolio Turnover Rate | 666% |
| Total Net Advisory Fees Paid During the Reporting Period | $3142 |

---

---

| | |
|:---|:---|
| 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 | 58.7% |
| Asset-Backed Securities | 29.5% |
| Non-Agency Mortgage-Backed Securities | 9.4% |
| U.S. Treasury Obligations | 8.3% |
| Corporate Bonds & Notes | 8.3% |
| Sovereign Issues | 7.1% |
| Other Investments | 0.1% |
| Short-Term Instruments | 34.3% |
| Affiliated Investments | 6.4% |
| Financial Derivative Instruments | 0.3% |
| Other Assets and Liabilities, Net | (62.4%) |
| 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 0.20% 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](g932242ia208f5a1820733359ae7.jpg)

# Institutional Class: PFATX
![Image](g932242i67073b345faae17987ad.jpg)

# PIMCO RAE Fundamental Advantage PLUS Fund
Annual Shareholder Report \|

March 31, 2025

PIMS1899TSRAR_033125

# Class A: PEFFX

# PIMCO RAE PLUS EMG Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g932242i572229cb99157f8c2553.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO RAE PLUS EMG 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 | $175 | 1.69% |

---

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

* The Fund's exposure to the RAE Emerging Markets Model Portfolio contributed to performance relative to the MSCI Emerging Markets Value Index ("Index"). 

* Underweight exposure to, and selection in, the information technology sector contributed to relative performance, as the sector underperformed the Index and the Fund's holdings outperformed the Index. 

* Selection in the industrials sector contributed to relative performance, as the Fund's holdings outperformed the Index. 

* Underweight exposure to, and selection in, the consumer discretionary sector detracted from relative performance, as the sector outperformed the Index and the Fund's holdings underperformed the Index. 

* Overweight exposure to the energy sector detracted from relative performance, as the sector underperformed the Index. 

* The Fund's bond strategy contributed to performance. 

* Holdings of non-agency mortgage-backed securities contributed to performance, as excess yield was earned.

* Long exposure to U.K. interest rates detracted from performance, as interest rates increased.

## 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 Emerging Markets 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](g932242i54ddb2bd6afa3bf348ed.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A (including sales charge)** | **MSCI Emerging Markets Index** | **MSCI Emerging Markets Value Index** |
| **3/31/15** | $9621 | $10000 | $10000 |
| **4/30/15** | $10553 | $10769 | $10942 |
| **5/31/15** | $10020 | $10338 | $10450 |
| **6/30/15** | $9693 | $10069 | $10179 |
| **7/31/15** | $8965 | $9371 | $9434 |
| **8/31/15** | $7920 | $8524 | $8531 |
| **9/30/15** | $7367 | $8267 | $8231 |
| **10/31/15** | $7920 | $8857 | $8807 |
| **11/30/15** | $7551 | $8512 | $8329 |
| **12/31/15** | $7213 | $8322 | $8112 |
| **1/31/16** | $6691 | $7782 | $7586 |
| **2/29/16** | $6752 | $7769 | $7627 |
| **3/31/16** | $7951 | $8797 | $8744 |
| **4/30/16** | $8432 | $8845 | $8861 |
| **5/31/16** | $7715 | $8515 | $8353 |
| **6/30/16** | $8317 | $8856 | $8713 |
| **7/31/16** | $8954 | $9301 | $9181 |
| **8/31/16** | $9138 | $9532 | $9353 |
| **9/30/16** | $9305 | $9655 | $9424 |
| **10/31/16** | $9758 | $9678 | $9563 |
| **11/30/16** | $9521 | $9232 | $9249 |
| **12/31/16** | $9732 | $9253 | $9320 |
| **1/31/17** | $10524 | $9759 | $9746 |
| **2/28/17** | $10866 | $10058 | $10100 |
| **3/31/17** | $10941 | $10312 | $10267 |
| **4/30/17** | $10994 | $10538 | $10352 |
| **5/31/17** | $10962 | $10849 | $10582 |
| **6/30/17** | $10997 | $10958 | $10592 |
| **7/31/17** | $11779 | $11612 | $11153 |
| **8/31/17** | $12132 | $11871 | $11392 |
| **9/30/17** | $11962 | $11823 | $11172 |
| **10/31/17** | $12311 | $12238 | $11543 |
| **11/30/17** | $12176 | $12262 | $11455 |
| **12/31/17** | $12779 | $12703 | $11937 |
| **1/31/18** | $14077 | $13761 | $12978 |
| **2/28/18** | $13353 | $13127 | $12372 |
| **3/31/18** | $13016 | $12883 | $12130 |
| **4/30/18** | $13191 | $12826 | $12237 |
| **5/31/18** | $12550 | $12371 | $11648 |
| **6/30/18** | $11843 | $11857 | $11045 |
| **7/31/18** | $12255 | $12118 | $11492 |
| **8/31/18** | $11761 | $11790 | $11249 |
| **9/30/18** | $11935 | $11727 | $11425 |
| **10/31/18** | $10987 | $10706 | $10589 |
| **11/30/18** | $11295 | $11147 | $10901 |
| **12/31/18** | $10996 | $10852 | $10655 |
| **1/31/19** | $11951 | $11802 | $11518 |
| **2/28/19** | $11867 | $11829 | $11478 |
| **3/31/19** | $11712 | $11928 | $11491 |
| **4/30/19** | $11903 | $12179 | $11626 |
| **5/31/19** | $11389 | $11295 | $11014 |
| **6/30/19** | $12154 | $12000 | $11602 |
| **7/31/19** | $11831 | $11854 | $11290 |
| **8/31/19** | $10960 | $11276 | $10616 |
| **9/30/19** | $11258 | $11491 | $10850 |
| **10/31/19** | $11712 | $11975 | $11224 |
| **11/30/19** | $11712 | $11959 | $11145 |
| **12/31/19** | $12571 | $12851 | $11929 |
| **1/31/20** | $11712 | $12252 | $11125 |
| **2/29/20** | $10614 | $11606 | $10414 |
| **3/31/20** | $8023 | $9818 | $8589 |
| **4/30/20** | $8906 | $10717 | $9316 |
| **5/31/20** | $9014 | $10800 | $9283 |
| **6/30/20** | $9600 | $11594 | $9776 |
| **7/31/20** | $10159 | $12630 | $10398 |
| **8/31/20** | $10487 | $12909 | $10475 |
| **9/30/20** | $10248 | $12702 | $10232 |
| **10/31/20** | $10198 | $12964 | $10274 |
| **11/30/20** | $11931 | $14163 | $11593 |
| **12/31/20** | $13171 | $15204 | $12583 |
| **1/31/21** | $13497 | $15670 | $12678 |
| **2/28/21** | $14347 | $15790 | $13030 |
| **3/31/21** | $14687 | $15551 | $13100 |
| **4/30/21** | $15547 | $15938 | $13401 |
| **5/31/21** | $16087 | $16308 | $13922 |
| **6/30/21** | $16089 | $16336 | $13843 |
| **7/31/21** | $15763 | $15237 | $13185 |
| **8/31/21** | $16104 | $15636 | $13549 |
| **9/30/21** | $15743 | $15014 | $13140 |
| **10/31/21** | $15725 | $15162 | $13182 |
| **11/30/21** | $14933 | $14544 | $12638 |
| **12/31/21** | $15777 | $14817 | $13086 |
| **1/31/22** | $15893 | $14537 | $12989 |
| **2/28/22** | $15064 | $14102 | $12775 |
| **3/31/22** | $14664 | $13784 | $12638 |
| **4/30/22** | $13817 | $13017 | $11926 |
| **5/31/22** | $13920 | $13074 | $12029 |
| **6/30/22** | $12247 | $12206 | $11269 |
| **7/31/22** | $12516 | $12176 | $11167 |
| **8/31/22** | $12784 | $12226 | $11179 |
| **9/30/22** | $11401 | $10793 | $10035 |
| **10/31/22** | $11628 | $10458 | $9858 |
| **11/30/22** | $13012 | $12009 | $11184 |
| **12/31/22** | $13084 | $11840 | $11015 |
| **1/31/23** | $13746 | $12775 | $11809 |
| **2/28/23** | $13107 | $11947 | $11171 |
| **3/31/23** | $13450 | $12309 | $11445 |
| **4/30/23** | $13838 | $12169 | $11491 |
| **5/31/23** | $13609 | $11965 | $11276 |
| **6/30/23** | $14201 | $12419 | $11734 |
| **7/31/23** | $15375 | $13192 | $12500 |
| **8/31/23** | $14800 | $12379 | $11762 |
| **9/30/23** | $14568 | $12056 | $11643 |
| **10/31/23** | $13559 | $11587 | $11182 |
| **11/30/23** | $14826 | $12515 | $11938 |
| **12/31/23** | $15924 | $13004 | $12580 |
| **1/31/24** | $15852 | $12400 | $12124 |
| **2/29/24** | $16423 | $12990 | $12613 |
| **3/31/24** | $16591 | $13312 | $12746 |
| **4/30/24** | $17004 | $13371 | $12829 |
| **5/31/24** | $17611 | $13447 | $12961 |
| **6/30/24** | $17750 | $13977 | $13393 |
| **7/31/24** | $17675 | $14019 | $13478 |
| **8/31/24** | $18026 | $14245 | $13687 |
| **9/30/24** | $18860 | $15197 | $14481 |
| **10/31/24** | $17588 | $14521 | $13707 |
| **11/30/24** | $17380 | $13999 | $13243 |
| **12/31/24** | $17176 | $13980 | $13147 |
| **1/31/25** | $17255 | $14230 | $13343 |
| **2/28/25** | $17203 | $14299 | $13502 |
| **3/31/25** | $17705 | $14389 | $13715 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class A (excluding sales charge) | 6.72% | 17.15% | 6.29% |
| Class A (including sales charge) | 2.66% | 16.27% | 5.88% |
| MSCI Emerging Markets Index | 8.09% | 7.94% | 3.71% |
| MSCI Emerging Markets Value Index | 7.60% | 9.81% | 3.21% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $183497 |
| # of Portfolio Holdings | 1028 |
| Portfolio Turnover Rate | 620% |
| Total Net Advisory Fees Paid During the Reporting Period | $1648 |

---

---

| | |
|:---|:---|
| 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 | 58.5% |
| Asset-Backed Securities | 27.2% |
| Non-Agency Mortgage-Backed Securities | 13.3% |
| Sovereign Issues | 10.0% |
| Corporate Bonds & Notes | 5.8% |
| Common Stocks | 1.4% |
| U.S. Treasury Obligations | 1.3% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 45.6% |
| Affiliated Investments | 0.0%<sup>Footnote Reference^</sup> |
| Financial Derivative Instruments | (0.7%) |
| Other Assets and Liabilities, Net | (62.4%) |
| Total | 100.0% |

---

---

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

---

## Material Fund Changes
This is a summary of certain changes and planned changes of the Fund since the beginning of the reporting period. For more information, you may refer to the Fund's next 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 0.16% 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](g932242ia208f5a1820733359ae7.jpg)

# Class A: PEFFX
![Image](g932242i67073b345faae17987ad.jpg)

# PIMCO RAE PLUS EMG Fund
Annual Shareholder Report \|

March 31, 2025

PIMS6046TSRAR_033125

# Class C: PEFCX

# PIMCO RAE PLUS EMG Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g932242i572229cb99157f8c2553.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO RAE PLUS EMG 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 | $251 | 2.44% |

---

## 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:

* The Fund's exposure to the RAE Emerging Markets Model Portfolio contributed to performance relative to the MSCI Emerging Markets Value Index ("Index"). 

* Underweight exposure to, and selection in, the information technology sector contributed to relative performance, as the sector underperformed the Index and the Fund's holdings outperformed the Index. 

* Selection in the industrials sector contributed to relative performance, as the Fund's holdings outperformed the Index. 

* Underweight exposure to, and selection in, the consumer discretionary sector detracted from relative performance, as the sector outperformed the Index and the Fund's holdings underperformed the Index. 

* Overweight exposure to the energy sector detracted from relative performance, as the sector underperformed the Index. 

* The Fund's bond strategy contributed to performance. 

* Holdings of non-agency mortgage-backed securities contributed to performance, as excess yield was earned.

* Long exposure to U.K. interest rates detracted from performance, as interest rates increased.

## 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 Emerging Markets 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](g932242i451d45aa4738071c1357.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C (excluding sales charge)** | **MSCI Emerging Markets Index** | **MSCI Emerging Markets Value Index** |
| **3/31/15** | $10000 | $10000 | $10000 |
| **4/30/15** | $10973 | $10769 | $10942 |
| **5/31/15** | $10411 | $10338 | $10450 |
| **6/30/15** | $10054 | $10069 | $10179 |
| **7/31/15** | $9297 | $9371 | $9434 |
| **8/31/15** | $8216 | $8524 | $8531 |
| **9/30/15** | $7632 | $8267 | $8231 |
| **10/31/15** | $8205 | $8857 | $8807 |
| **11/30/15** | $7805 | $8512 | $8329 |
| **12/31/15** | $7470 | $8322 | $8112 |
| **1/31/16** | $6919 | $7782 | $7586 |
| **2/29/16** | $6973 | $7769 | $7627 |
| **3/31/16** | $8205 | $8797 | $8744 |
| **4/30/16** | $8703 | $8845 | $8861 |
| **5/31/16** | $7957 | $8515 | $8353 |
| **6/30/16** | $8570 | $8856 | $8713 |
| **7/31/16** | $9219 | $9301 | $9181 |
| **8/31/16** | $9403 | $9532 | $9353 |
| **9/30/16** | $9572 | $9655 | $9424 |
| **10/31/16** | $10027 | $9678 | $9563 |
| **11/30/16** | $9788 | $9232 | $9249 |
| **12/31/16** | $9982 | $9253 | $9320 |
| **1/31/17** | $10791 | $9759 | $9746 |
| **2/28/17** | $11139 | $10058 | $10100 |
| **3/31/17** | $11206 | $10312 | $10267 |
| **4/30/17** | $11263 | $10538 | $10352 |
| **5/31/17** | $11218 | $10849 | $10582 |
| **6/30/17** | $11250 | $10958 | $10592 |
| **7/31/17** | $12036 | $11612 | $11153 |
| **8/31/17** | $12394 | $11871 | $11392 |
| **9/30/17** | $12208 | $11823 | $11172 |
| **10/31/17** | $12550 | $12238 | $11543 |
| **11/30/17** | $12408 | $12262 | $11455 |
| **12/31/17** | $13014 | $12703 | $11937 |
| **1/31/18** | $14327 | $13761 | $12978 |
| **2/28/18** | $13592 | $13127 | $12372 |
| **3/31/18** | $13238 | $12883 | $12130 |
| **4/30/18** | $13396 | $12826 | $12237 |
| **5/31/18** | $12739 | $12371 | $11648 |
| **6/30/18** | $12019 | $11857 | $11045 |
| **7/31/18** | $12425 | $12118 | $11492 |
| **8/31/18** | $11921 | $11790 | $11249 |
| **9/30/18** | $12084 | $11727 | $11425 |
| **10/31/18** | $11119 | $10706 | $10589 |
| **11/30/18** | $11428 | $11147 | $10901 |
| **12/31/18** | $11128 | $10852 | $10655 |
| **1/31/19** | $12073 | $11802 | $11518 |
| **2/28/19** | $11986 | $11829 | $11478 |
| **3/31/19** | $11812 | $11928 | $11491 |
| **4/30/19** | $12011 | $12179 | $11626 |
| **5/31/19** | $11488 | $11295 | $11014 |
| **6/30/19** | $12247 | $12000 | $11602 |
| **7/31/19** | $11911 | $11854 | $11290 |
| **8/31/19** | $11028 | $11276 | $10616 |
| **9/30/19** | $11327 | $11491 | $10850 |
| **10/31/19** | $11774 | $11975 | $11224 |
| **11/30/19** | $11762 | $11959 | $11145 |
| **12/31/19** | $12620 | $12851 | $11929 |
| **1/31/20** | $11749 | $12252 | $11125 |
| **2/29/20** | $10630 | $11606 | $10414 |
| **3/31/20** | $8032 | $9818 | $8589 |
| **4/30/20** | $8915 | $10717 | $9316 |
| **5/31/20** | $9027 | $10800 | $9283 |
| **6/30/20** | $9600 | $11594 | $9776 |
| **7/31/20** | $10156 | $12630 | $10398 |
| **8/31/20** | $10472 | $12909 | $10475 |
| **9/30/20** | $10227 | $12702 | $10232 |
| **10/31/20** | $10175 | $12964 | $10274 |
| **11/30/20** | $11886 | $14163 | $11593 |
| **12/31/20** | $13128 | $15204 | $12583 |
| **1/31/21** | $13454 | $15670 | $12678 |
| **2/28/21** | $14295 | $15790 | $13030 |
| **3/31/21** | $14620 | $15551 | $13100 |
| **4/30/21** | $15471 | $15938 | $13401 |
| **5/31/21** | $15989 | $16308 | $13922 |
| **6/30/21** | $15988 | $16336 | $13843 |
| **7/31/21** | $15647 | $15237 | $13185 |
| **8/31/21** | $15988 | $15636 | $13549 |
| **9/30/21** | $15611 | $15014 | $13140 |
| **10/31/21** | $15593 | $15162 | $13182 |
| **11/30/21** | $14797 | $14544 | $12638 |
| **12/31/21** | $15611 | $14817 | $13086 |
| **1/31/22** | $15713 | $14537 | $12989 |
| **2/28/22** | $14880 | $14102 | $12775 |
| **3/31/22** | $14479 | $13784 | $12638 |
| **4/30/22** | $13627 | $13017 | $11926 |
| **5/31/22** | $13715 | $13074 | $12029 |
| **6/30/22** | $12077 | $12206 | $11269 |
| **7/31/22** | $12317 | $12176 | $11167 |
| **8/31/22** | $12579 | $12226 | $11179 |
| **9/30/22** | $11203 | $10793 | $10035 |
| **10/31/22** | $11422 | $10458 | $9858 |
| **11/30/22** | $12776 | $12009 | $11184 |
| **12/31/22** | $12853 | $11840 | $11015 |
| **1/31/23** | $13462 | $12775 | $11809 |
| **2/28/23** | $12853 | $11947 | $11171 |
| **3/31/23** | $13170 | $12309 | $11445 |
| **4/30/23** | $13559 | $12169 | $11491 |
| **5/31/23** | $13316 | $11965 | $11276 |
| **6/30/23** | $13905 | $12419 | $11734 |
| **7/31/23** | $15057 | $13192 | $12500 |
| **8/31/23** | $14469 | $12379 | $11762 |
| **9/30/23** | $14224 | $12056 | $11643 |
| **10/31/23** | $13249 | $11587 | $11182 |
| **11/30/23** | $14474 | $12515 | $11938 |
| **12/31/23** | $15538 | $13004 | $12580 |
| **1/31/24** | $15462 | $12400 | $12124 |
| **2/29/24** | $16019 | $12990 | $12613 |
| **3/31/24** | $16148 | $13312 | $12746 |
| **4/30/24** | $16536 | $13371 | $12829 |
| **5/31/24** | $17131 | $13447 | $12961 |
| **6/30/24** | $17237 | $13977 | $13393 |
| **7/31/24** | $17184 | $14019 | $13478 |
| **8/31/24** | $17505 | $14245 | $13687 |
| **9/30/24** | $18317 | $15197 | $14481 |
| **10/31/24** | $17038 | $14521 | $13707 |
| **11/30/24** | $16844 | $13999 | $13243 |
| **12/31/24** | $16652 | $13980 | $13147 |
| **1/31/25** | $16708 | $14230 | $13343 |
| **2/28/25** | $16652 | $14299 | $13502 |
| **3/31/25** | $17129 | $14389 | $13715 |

---

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) | 6.08% | 16.35% | 5.53% |
| Class C (including sales charge) | 5.11% | 16.35% | 5.53% |
| MSCI Emerging Markets Index | 8.09% | 7.94% | 3.71% |
| MSCI Emerging Markets Value Index | 7.60% | 9.81% | 3.21% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $183497 |
| # of Portfolio Holdings | 1028 |
| Portfolio Turnover Rate | 620% |
| Total Net Advisory Fees Paid During the Reporting Period | $1648 |

---

---

| | |
|:---|:---|
| 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 | 58.5% |
| Asset-Backed Securities | 27.2% |
| Non-Agency Mortgage-Backed Securities | 13.3% |
| Sovereign Issues | 10.0% |
| Corporate Bonds & Notes | 5.8% |
| Common Stocks | 1.4% |
| U.S. Treasury Obligations | 1.3% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 45.6% |
| Affiliated Investments | 0.0%<sup>Footnote Reference^</sup> |
| Financial Derivative Instruments | (0.7%) |
| Other Assets and Liabilities, Net | (62.4%) |
| Total | 100.0% |

---

---

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

---

## Material Fund Changes
This is a summary of certain changes and planned changes of the Fund since the beginning of the reporting period. For more information, you may refer to the Fund's next 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 0.16% 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](g932242ia208f5a1820733359ae7.jpg)

# Class C: PEFCX
![Image](g932242i67073b345faae17987ad.jpg)

# PIMCO RAE PLUS EMG Fund
Annual Shareholder Report \|

March 31, 2025

PIMS6246TSRAR_033125

# Institutional Class: PEFIX

# PIMCO RAE PLUS EMG Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g932242i572229cb99157f8c2553.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO RAE PLUS EMG 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 | $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:

* The Fund's exposure to the RAE Emerging Markets Model Portfolio contributed to performance relative to the MSCI Emerging Markets Value Index ("Index"). 

* Underweight exposure to, and selection in, the information technology sector contributed to relative performance, as the sector underperformed the Index and the Fund's holdings outperformed the Index. 

* Selection in the industrials sector contributed to relative performance, as the Fund's holdings outperformed the Index. 

* Underweight exposure to, and selection in, the consumer discretionary sector detracted from relative performance, as the sector outperformed the Index and the Fund's holdings underperformed the Index. 

* Overweight exposure to the energy sector detracted from relative performance, as the sector underperformed the Index. 

* The Fund's bond strategy contributed to performance. 

* Holdings of non-agency mortgage-backed securities contributed to performance, as excess yield was earned.

* Long exposure to U.K. interest rates detracted from performance, as interest rates increased.

## 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 Emerging Markets 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](g932242i2abaa9caa94540d75b11.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **MSCI Emerging Markets Index** | **MSCI Emerging Markets Value Index** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $1097458 | $1076914 | $1094183 |
| **5/31/15** | $1042373 | $1033787 | $1045006 |
| **6/30/15** | $1007415 | $1006940 | $1017944 |
| **7/31/15** | $932203 | $937140 | $943353 |
| **8/31/15** | $825212 | $852377 | $853107 |
| **9/30/15** | $768008 | $826736 | $823057 |
| **10/31/15** | $825212 | $885709 | $880653 |
| **11/30/15** | $786017 | $851159 | $832911 |
| **12/31/15** | $752119 | $832186 | $811155 |
| **1/31/16** | $698093 | $778200 | $758641 |
| **2/29/16** | $704449 | $776925 | $762714 |
| **3/31/16** | $829449 | $879733 | $874352 |
| **4/30/16** | $880297 | $884515 | $886127 |
| **5/31/16** | $805085 | $851521 | $835262 |
| **6/30/16** | $869061 | $885554 | $871300 |
| **7/31/16** | $934931 | $930116 | $918062 |
| **8/31/16** | $955117 | $953232 | $935279 |
| **9/30/16** | $973108 | $965489 | $942397 |
| **10/31/16** | $1021071 | $967791 | $956349 |
| **11/30/16** | $996557 | $923243 | $924872 |
| **12/31/16** | $1018299 | $925282 | $932048 |
| **1/31/17** | $1101403 | $975916 | $974615 |
| **2/28/17** | $1137969 | $1005790 | $1009976 |
| **3/31/17** | $1146833 | $1031180 | $1026719 |
| **4/30/17** | $1152373 | $1053755 | $1035233 |
| **5/31/17** | $1149049 | $1084908 | $1058160 |
| **6/30/17** | $1153222 | $1095831 | $1059243 |
| **7/31/17** | $1235432 | $1161153 | $1115297 |
| **8/31/17** | $1273112 | $1187053 | $1139187 |
| **9/30/17** | $1256759 | $1182333 | $1117231 |
| **10/31/17** | $1292899 | $1223780 | $1154316 |
| **11/30/17** | $1278910 | $1226237 | $1145463 |
| **12/31/17** | $1342436 | $1270256 | $1193652 |
| **1/31/18** | $1479663 | $1376127 | $1297797 |
| **2/28/18** | $1404486 | $1312660 | $1237190 |
| **3/31/18** | $1370238 | $1288253 | $1212967 |
| **4/30/18** | $1387169 | $1282554 | $1223672 |
| **5/31/18** | $1320653 | $1237108 | $1164780 |
| **6/30/18** | $1247185 | $1185709 | $1104543 |
| **7/31/18** | $1291203 | $1211757 | $1149244 |
| **8/31/18** | $1239848 | $1178991 | $1124941 |
| **9/30/18** | $1257454 | $1172735 | $1142545 |
| **10/31/18** | $1158734 | $1070609 | $1058877 |
| **11/30/18** | $1192052 | $1114730 | $1090071 |
| **12/31/18** | $1161201 | $1085198 | $1065476 |
| **1/31/19** | $1262013 | $1180216 | $1151790 |
| **2/28/19** | $1253300 | $1182869 | $1147750 |
| **3/31/19** | $1237121 | $1192795 | $1149099 |
| **4/30/19** | $1258279 | $1217908 | $1162574 |
| **5/31/19** | $1204761 | $1129533 | $1101359 |
| **6/30/19** | $1285660 | $1200030 | $1160212 |
| **7/31/19** | $1252056 | $1185356 | $1128972 |
| **8/31/19** | $1159956 | $1127563 | $1061555 |
| **9/30/19** | $1192316 | $1149087 | $1085049 |
| **10/31/19** | $1240855 | $1197541 | $1122430 |
| **11/30/19** | $1240855 | $1195892 | $1114458 |
| **12/31/19** | $1333039 | $1285112 | $1192946 |
| **1/31/20** | $1241837 | $1225206 | $1112491 |
| **2/29/20** | $1124400 | $1160597 | $1041412 |
| **3/31/20** | $850796 | $981840 | $858876 |
| **4/30/20** | $944496 | $1071749 | $931648 |
| **5/31/20** | $956989 | $1079983 | $928271 |
| **6/30/20** | $1020223 | $1159372 | $977635 |
| **7/31/20** | $1080011 | $1262973 | $1039788 |
| **8/31/20** | $1114358 | $1290892 | $1047513 |
| **9/30/20** | $1089066 | $1270187 | $1023161 |
| **10/31/20** | $1085120 | $1296356 | $1027357 |
| **11/30/20** | $1269262 | $1416252 | $1159268 |
| **12/31/20** | $1402955 | $1520366 | $1258261 |
| **1/31/21** | $1438508 | $1566978 | $1267839 |
| **2/28/21** | $1530124 | $1578964 | $1303041 |
| **3/31/21** | $1566158 | $1555115 | $1310017 |
| **4/30/21** | $1657657 | $1593835 | $1340066 |
| **5/31/21** | $1715606 | $1630796 | $1392181 |
| **6/30/21** | $1718336 | $1633607 | $1384262 |
| **7/31/21** | $1682638 | $1523667 | $1318511 |
| **8/31/21** | $1719958 | $1563551 | $1354861 |
| **9/30/21** | $1681634 | $1501414 | $1314001 |
| **10/31/21** | $1681634 | $1516223 | $1318221 |
| **11/30/21** | $1597185 | $1454434 | $1263790 |
| **12/31/21** | $1687561 | $1481722 | $1308615 |
| **1/31/22** | $1699587 | $1453674 | $1298934 |
| **2/28/22** | $1611401 | $1410223 | $1277491 |
| **3/31/22** | $1570352 | $1378373 | $1263813 |
| **4/30/22** | $1480126 | $1301698 | $1192586 |
| **5/31/22** | $1490867 | $1307430 | $1202865 |
| **6/30/22** | $1312565 | $1220551 | $1126905 |
| **7/31/22** | $1340492 | $1217552 | $1116671 |
| **8/31/22** | $1370567 | $1222636 | $1117931 |
| **9/30/22** | $1222339 | $1079303 | $1003456 |
| **10/31/22** | $1248118 | $1045794 | $985833 |
| **11/30/22** | $1394197 | $1200902 | $1118448 |
| **12/31/22** | $1404011 | $1184024 | $1101478 |
| **1/31/23** | $1475040 | $1277516 | $1180877 |
| **2/28/23** | $1408747 | $1194678 | $1117122 |
| **3/31/23** | $1446629 | $1230862 | $1144531 |
| **4/30/23** | $1489246 | $1216914 | $1149142 |
| **5/31/23** | $1463202 | $1196474 | $1127599 |
| **6/30/23** | $1527959 | $1241902 | $1173435 |
| **7/31/23** | $1656880 | $1319213 | $1249961 |
| **8/31/23** | $1594807 | $1237949 | $1176240 |
| **9/30/23** | $1569816 | $1205575 | $1164267 |
| **10/31/23** | $1462728 | $1158733 | $1118231 |
| **11/30/23** | $1599022 | $1251466 | $1193803 |
| **12/31/23** | $1717256 | $1300390 | $1258027 |
| **1/31/24** | $1712321 | $1240010 | $1212425 |
| **2/29/24** | $1774004 | $1298999 | $1261270 |
| **3/31/24** | $1792766 | $1331188 | $1274560 |
| **4/30/24** | $1835631 | $1337144 | $1282928 |
| **5/31/24** | $1903711 | $1344696 | $1296119 |
| **6/30/24** | $1916940 | $1397737 | $1339294 |
| **7/31/24** | $1914335 | $1401895 | $1347756 |
| **8/31/24** | $1950799 | $1424530 | $1368737 |
| **9/30/24** | $2042394 | $1519652 | $1448063 |
| **10/31/24** | $1904977 | $1452069 | $1370738 |
| **11/30/24** | $1883422 | $1399895 | $1324261 |
| **12/31/24** | $1861752 | $1397973 | $1314714 |
| **1/31/25** | $1869941 | $1422956 | $1334280 |
| **2/28/25** | $1867211 | $1429850 | $1350192 |
| **3/31/25** | $1920779 | $1438900 | $1371455 |

---

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 | 7.14% | 17.69% | 6.75% |
| MSCI Emerging Markets Index | 8.09% | 7.94% | 3.71% |
| MSCI Emerging Markets Value Index | 7.60% | 9.81% | 3.21% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $183497 |
| # of Portfolio Holdings | 1028 |
| Portfolio Turnover Rate | 620% |
| Total Net Advisory Fees Paid During the Reporting Period | $1648 |

---

---

| | |
|:---|:---|
| 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 | 58.5% |
| Asset-Backed Securities | 27.2% |
| Non-Agency Mortgage-Backed Securities | 13.3% |
| Sovereign Issues | 10.0% |
| Corporate Bonds & Notes | 5.8% |
| Common Stocks | 1.4% |
| U.S. Treasury Obligations | 1.3% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 45.6% |
| Affiliated Investments | 0.0%<sup>Footnote Reference^</sup> |
| Financial Derivative Instruments | (0.7%) |
| Other Assets and Liabilities, Net | (62.4%) |
| Total | 100.0% |

---

---

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

---

## Material Fund Changes
This is a summary of certain changes and planned changes of the Fund since the beginning of the reporting period. For more information, you may refer to the Fund's next 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 0.16% 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](g932242ia208f5a1820733359ae7.jpg)

# Institutional Class: PEFIX
![Image](g932242i67073b345faae17987ad.jpg)

# PIMCO RAE PLUS EMG Fund
Annual Shareholder Report \|

March 31, 2025

PIMS1829TSRAR_033125

# I-2: PEFPX

# PIMCO RAE PLUS EMG Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g932242i572229cb99157f8c2553.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO RAE PLUS EMG 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 | $144 | 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:

* The Fund's exposure to the RAE Emerging Markets Model Portfolio contributed to performance relative to the MSCI Emerging Markets Value Index ("Index"). 

* Underweight exposure to, and selection in, the information technology sector contributed to relative performance, as the sector underperformed the Index and the Fund's holdings outperformed the Index. 

* Selection in the industrials sector contributed to relative performance, as the Fund's holdings outperformed the Index. 

* Underweight exposure to, and selection in, the consumer discretionary sector detracted from relative performance, as the sector outperformed the Index and the Fund's holdings underperformed the Index. 

* Overweight exposure to the energy sector detracted from relative performance, as the sector underperformed the Index. 

* The Fund's bond strategy contributed to performance. 

* Holdings of non-agency mortgage-backed securities contributed to performance, as excess yield was earned.

* Long exposure to U.K. interest rates detracted from performance, as interest rates increased.

## 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 Emerging Markets 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](g932242i769b4baad21220f7f1dc.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I-2** | **MSCI Emerging Markets Index** | **MSCI Emerging Markets Value Index** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $1098517 | $1076914 | $1094183 |
| **5/31/15** | $1043432 | $1033787 | $1045006 |
| **6/30/15** | $1008475 | $1006940 | $1017944 |
| **7/31/15** | $933263 | $937140 | $943353 |
| **8/31/15** | $825212 | $852377 | $853107 |
| **9/30/15** | $768008 | $826736 | $823057 |
| **10/31/15** | $825212 | $885709 | $880653 |
| **11/30/15** | $786017 | $851159 | $832911 |
| **12/31/15** | $752119 | $832186 | $811155 |
| **1/31/16** | $698093 | $778200 | $758641 |
| **2/29/16** | $704449 | $776925 | $762714 |
| **3/31/16** | $829449 | $879733 | $874352 |
| **4/30/16** | $880297 | $884515 | $886127 |
| **5/31/16** | $805085 | $851521 | $835262 |
| **6/30/16** | $867774 | $885554 | $871300 |
| **7/31/16** | $934689 | $930116 | $918062 |
| **8/31/16** | $954870 | $953232 | $935279 |
| **9/30/16** | $972027 | $965489 | $942397 |
| **10/31/16** | $1019989 | $967791 | $956349 |
| **11/30/16** | $995475 | $923243 | $924872 |
| **12/31/16** | $1017310 | $925282 | $932048 |
| **1/31/17** | $1100424 | $975916 | $974615 |
| **2/28/17** | $1136994 | $1005790 | $1009976 |
| **3/31/17** | $1144751 | $1031180 | $1026719 |
| **4/30/17** | $1150292 | $1053755 | $1035233 |
| **5/31/17** | $1146967 | $1084908 | $1058160 |
| **6/30/17** | $1151938 | $1095831 | $1059243 |
| **7/31/17** | $1234137 | $1161153 | $1115297 |
| **8/31/17** | $1270671 | $1187053 | $1139187 |
| **9/30/17** | $1254066 | $1182333 | $1117231 |
| **10/31/17** | $1290196 | $1223780 | $1154316 |
| **11/30/17** | $1276210 | $1226237 | $1145463 |
| **12/31/17** | $1339352 | $1270256 | $1193652 |
| **1/31/18** | $1476385 | $1376127 | $1297797 |
| **2/28/18** | $1401315 | $1312660 | $1237190 |
| **3/31/18** | $1365737 | $1288253 | $1212967 |
| **4/30/18** | $1383850 | $1282554 | $1223672 |
| **5/31/18** | $1317435 | $1237108 | $1164780 |
| **6/30/18** | $1244310 | $1185709 | $1104543 |
| **7/31/18** | $1287007 | $1211757 | $1149244 |
| **8/31/18** | $1235771 | $1178991 | $1124941 |
| **9/30/18** | $1254137 | $1172735 | $1142545 |
| **10/31/18** | $1155677 | $1070609 | $1058877 |
| **11/30/18** | $1188907 | $1114730 | $1090071 |
| **12/31/18** | $1157704 | $1085198 | $1065476 |
| **1/31/19** | $1258212 | $1180216 | $1151790 |
| **2/28/19** | $1249526 | $1182869 | $1147750 |
| **3/31/19** | $1233396 | $1192795 | $1149099 |
| **4/30/19** | $1253249 | $1217908 | $1162574 |
| **5/31/19** | $1201134 | $1129533 | $1101359 |
| **6/30/19** | $1280547 | $1200030 | $1160212 |
| **7/31/19** | $1248286 | $1185356 | $1128972 |
| **8/31/19** | $1155223 | $1127563 | $1061555 |
| **9/30/19** | $1187484 | $1149087 | $1085049 |
| **10/31/19** | $1235877 | $1197541 | $1122430 |
| **11/30/19** | $1235877 | $1195892 | $1114458 |
| **12/31/19** | $1327165 | $1285112 | $1192946 |
| **1/31/20** | $1236281 | $1225206 | $1112491 |
| **2/29/20** | $1120496 | $1160597 | $1041412 |
| **3/31/20** | $846597 | $981840 | $858876 |
| **4/30/20** | $939972 | $1071749 | $931648 |
| **5/31/20** | $952422 | $1079983 | $928271 |
| **6/30/20** | $1014043 | $1159372 | $977635 |
| **7/31/20** | $1073618 | $1262973 | $1039788 |
| **8/31/20** | $1107842 | $1290892 | $1047513 |
| **9/30/20** | $1083955 | $1270187 | $1023161 |
| **10/31/20** | $1078712 | $1296356 | $1027357 |
| **11/30/20** | $1262211 | $1416252 | $1159268 |
| **12/31/20** | $1395205 | $1520366 | $1258261 |
| **1/31/21** | $1430630 | $1566978 | $1267839 |
| **2/28/21** | $1520556 | $1578964 | $1303041 |
| **3/31/21** | $1558062 | $1555115 | $1310017 |
| **4/30/21** | $1649266 | $1593835 | $1340066 |
| **5/31/21** | $1705508 | $1630796 | $1392181 |
| **6/30/21** | $1708050 | $1633607 | $1384262 |
| **7/31/21** | $1672465 | $1523667 | $1318511 |
| **8/31/21** | $1709667 | $1563551 | $1354861 |
| **9/30/21** | $1669203 | $1501414 | $1314001 |
| **10/31/21** | $1671033 | $1516223 | $1318221 |
| **11/30/21** | $1586841 | $1454434 | $1263790 |
| **12/31/21** | $1676138 | $1481722 | $1308615 |
| **1/31/22** | $1688139 | $1453674 | $1298934 |
| **2/28/22** | $1600131 | $1410223 | $1277491 |
| **3/31/22** | $1558664 | $1378373 | $1263813 |
| **4/30/22** | $1468617 | $1301698 | $1192586 |
| **5/31/22** | $1479337 | $1307430 | $1202865 |
| **6/30/22** | $1301388 | $1220551 | $1126905 |
| **7/31/22** | $1331403 | $1217552 | $1116671 |
| **8/31/22** | $1361419 | $1222636 | $1117931 |
| **9/30/22** | $1213485 | $1079303 | $1003456 |
| **10/31/22** | $1237069 | $1045794 | $985833 |
| **11/30/22** | $1385002 | $1200902 | $1118448 |
| **12/31/22** | $1392679 | $1184024 | $1101478 |
| **1/31/23** | $1461249 | $1277516 | $1180877 |
| **2/28/23** | $1397408 | $1194678 | $1117122 |
| **3/31/23** | $1432875 | $1230862 | $1144531 |
| **4/30/23** | $1477800 | $1216914 | $1149142 |
| **5/31/23** | $1451791 | $1196474 | $1127599 |
| **6/30/23** | $1516218 | $1241902 | $1173435 |
| **7/31/23** | $1642570 | $1319213 | $1249961 |
| **8/31/23** | $1580586 | $1237949 | $1176240 |
| **9/30/23** | $1555259 | $1205575 | $1164267 |
| **10/31/23** | $1448335 | $1158733 | $1118231 |
| **11/30/23** | $1584420 | $1251466 | $1193803 |
| **12/31/23** | $1701883 | $1300390 | $1258027 |
| **1/31/24** | $1694494 | $1240010 | $1212425 |
| **2/29/24** | $1756067 | $1298999 | $1261270 |
| **3/31/24** | $1774400 | $1331188 | $1274560 |
| **4/30/24** | $1817186 | $1337144 | $1282928 |
| **5/31/24** | $1885142 | $1344696 | $1296119 |
| **6/30/24** | $1897953 | $1397737 | $1339294 |
| **7/31/24** | $1895353 | $1401895 | $1347756 |
| **8/31/24** | $1931752 | $1424530 | $1368737 |
| **9/30/24** | $2022628 | $1519652 | $1448063 |
| **10/31/24** | $1885456 | $1452069 | $1370738 |
| **11/30/24** | $1863938 | $1399895 | $1324261 |
| **12/31/24** | $1843816 | $1397973 | $1314714 |
| **1/31/25** | $1849263 | $1422956 | $1334280 |
| **2/28/25** | $1846539 | $1429850 | $1350192 |
| **3/31/25** | $1899606 | $1438900 | $1371455 |

---

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 | 7.06% | 17.54% | 6.63% |
| MSCI Emerging Markets Index | 8.09% | 7.94% | 3.71% |
| MSCI Emerging Markets Value Index | 7.60% | 9.81% | 3.21% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $183497 |
| # of Portfolio Holdings | 1028 |
| Portfolio Turnover Rate | 620% |
| Total Net Advisory Fees Paid During the Reporting Period | $1648 |

---

---

| | |
|:---|:---|
| 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 | 58.5% |
| Asset-Backed Securities | 27.2% |
| Non-Agency Mortgage-Backed Securities | 13.3% |
| Sovereign Issues | 10.0% |
| Corporate Bonds & Notes | 5.8% |
| Common Stocks | 1.4% |
| U.S. Treasury Obligations | 1.3% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 45.6% |
| Affiliated Investments | 0.0%<sup>Footnote Reference^</sup> |
| Financial Derivative Instruments | (0.7%) |
| Other Assets and Liabilities, Net | (62.4%) |
| Total | 100.0% |

---

---

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

---

## Material Fund Changes
This is a summary of certain changes and planned changes of the Fund since the beginning of the reporting period. For more information, you may refer to the Fund's next 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 0.16% 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](g932242ia208f5a1820733359ae7.jpg)

# I-2: PEFPX
![Image](g932242i67073b345faae17987ad.jpg)

# PIMCO RAE PLUS EMG Fund
Annual Shareholder Report \|

March 31, 2025

PIMS1936TSRAR_033125

# Class A: PIXAX

# PIMCO RAE PLUS Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g932242i572229cb99157f8c2553.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO RAE PLUS Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/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 | $143 | 1.43% |

---

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

* The Fund's exposure to the RAE US Large Model Portfolio detracted from performance relative to the Russell 1000 Value Index (the "Index"). 

* Selection in the heath care sector contributed to relative performance, as the Fund's holdings outperformed the Index. 

* Underweight exposure to, and selection in, the industrials sector contributed to relative performance, as the sector underperformed the Index and the Fund's holdings outperformed the Index. 

* Overweight exposure to, and selection in, the information technology sector detracted from relative performance, as the sector and the Fund's holdings underperformed the Index. 

* Overweight exposure to, and selection in, the energy sector detracted from relative performance, as the sector and the Fund's holdings underperformed the Index. 

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

* Long exposure to U.S. interest rates contributed to performance, as interest rates decreased. 

* Long exposure to U.K. interest rates detracted from performance, as interest rates increased.

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

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

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g932242ia8b15669738c002f77ea.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A (including sales charge)** | **S&P 500 Index** | **Russell 1000<sup>®</sup> Value Index** |
| **3/31/15** | $9625 | $10000 | $10000 |
| **4/30/15** | $9747 | $10096 | $10093 |
| **5/31/15** | $9869 | $10226 | $10215 |
| **6/30/15** | $9555 | $10028 | $10011 |
| **7/31/15** | $9585 | $10238 | $10055 |
| **8/31/15** | $8895 | $9620 | $9456 |
| **9/30/15** | $8487 | $9382 | $9170 |
| **10/31/15** | $9154 | $10174 | $9862 |
| **11/30/15** | $9169 | $10204 | $9900 |
| **12/31/15** | $8970 | $10043 | $9687 |
| **1/31/16** | $8487 | $9545 | $9187 |
| **2/29/16** | $8423 | $9532 | $9184 |
| **3/31/16** | $9179 | $10178 | $9846 |
| **4/30/16** | $9340 | $10218 | $10053 |
| **5/31/16** | $9437 | $10401 | $10209 |
| **6/30/16** | $9518 | $10428 | $10297 |
| **7/31/16** | $9872 | $10813 | $10596 |
| **8/31/16** | $9888 | $10828 | $10678 |
| **9/30/16** | $9969 | $10830 | $10656 |
| **10/31/16** | $9824 | $10632 | $10491 |
| **11/30/16** | $10403 | $11026 | $11090 |
| **12/31/16** | $10693 | $11244 | $11367 |
| **1/31/17** | $10854 | $11457 | $11448 |
| **2/28/17** | $11241 | $11912 | $11859 |
| **3/31/17** | $11209 | $11926 | $11739 |
| **4/30/17** | $11192 | $12049 | $11716 |
| **5/31/17** | $11144 | $12218 | $11705 |
| **6/30/17** | $11269 | $12294 | $11896 |
| **7/31/17** | $11498 | $12547 | $12054 |
| **8/31/17** | $11433 | $12586 | $11914 |
| **9/30/17** | $11826 | $12845 | $12267 |
| **10/31/17** | $12041 | $13145 | $12356 |
| **11/30/17** | $12456 | $13548 | $12734 |
| **12/31/17** | $12701 | $13699 | $12920 |
| **1/31/18** | $13343 | $14483 | $13420 |
| **2/28/18** | $12840 | $13949 | $12779 |
| **3/31/18** | $12509 | $13595 | $12554 |
| **4/30/18** | $12632 | $13647 | $12596 |
| **5/31/18** | $12807 | $13976 | $12670 |
| **6/30/18** | $12863 | $14062 | $12702 |
| **7/31/18** | $13372 | $14585 | $13205 |
| **8/31/18** | $13636 | $15060 | $13400 |
| **9/30/18** | $13725 | $15146 | $13426 |
| **10/31/18** | $12912 | $14111 | $12731 |
| **11/30/18** | $13018 | $14398 | $13111 |
| **12/31/18** | $11635 | $13098 | $11852 |
| **1/31/19** | $12619 | $14148 | $12775 |
| **2/28/19** | $13013 | $14602 | $13183 |
| **3/31/19** | $13052 | $14886 | $13267 |
| **4/30/19** | $13466 | $15489 | $13737 |
| **5/31/19** | $12383 | $14504 | $12854 |
| **6/30/19** | $13341 | $15526 | $13776 |
| **7/31/19** | $13479 | $15750 | $13891 |
| **8/31/19** | $12868 | $15500 | $13482 |
| **9/30/19** | $13396 | $15790 | $13963 |
| **10/31/19** | $13694 | $16132 | $14158 |
| **11/30/19** | $14152 | $16718 | $14596 |
| **12/31/19** | $14659 | $17222 | $14998 |
| **1/31/20** | $14336 | $17216 | $14675 |
| **2/29/20** | $12812 | $15798 | $13254 |
| **3/31/20** | $10065 | $13847 | $10989 |
| **4/30/20** | $11431 | $15622 | $12224 |
| **5/31/20** | $11916 | $16366 | $12643 |
| **6/30/20** | $12161 | $16692 | $12559 |
| **7/31/20** | $12659 | $17633 | $13056 |
| **8/31/20** | $13348 | $18900 | $13596 |
| **9/30/20** | $12983 | $18182 | $13262 |
| **10/31/20** | $12764 | $17699 | $13087 |
| **11/30/20** | $14639 | $19636 | $14848 |
| **12/31/20** | $15270 | $20391 | $15417 |
| **1/31/21** | $15998 | $20185 | $15276 |
| **2/28/21** | $16450 | $20742 | $16199 |
| **3/31/21** | $17558 | $21650 | $17152 |
| **4/30/21** | $17995 | $22806 | $17838 |
| **5/31/21** | $18569 | $22965 | $18254 |
| **6/30/21** | $18603 | $23501 | $18045 |
| **7/31/21** | $18489 | $24059 | $18189 |
| **8/31/21** | $18945 | $24791 | $18550 |
| **9/30/21** | $18064 | $23638 | $17904 |
| **10/31/21** | $18423 | $25294 | $18814 |
| **11/30/21** | $18153 | $25119 | $18151 |
| **12/31/21** | $19372 | $26244 | $19296 |
| **1/31/22** | $19131 | $24886 | $18846 |
| **2/28/22** | $18738 | $24141 | $18628 |
| **3/31/22** | $19216 | $25038 | $19154 |
| **4/30/22** | $18251 | $22854 | $18073 |
| **5/31/22** | $18624 | $22896 | $18425 |
| **6/30/22** | $16122 | $21006 | $16815 |
| **7/31/22** | $17318 | $22943 | $17930 |
| **8/31/22** | $17129 | $22007 | $17396 |
| **9/30/22** | $15442 | $19981 | $15870 |
| **10/31/22** | $17638 | $21598 | $17497 |
| **11/30/22** | $18689 | $22805 | $18591 |
| **12/31/22** | $17653 | $21491 | $17841 |
| **1/31/23** | $18635 | $22842 | $18766 |
| **2/28/23** | $17871 | $22284 | $18104 |
| **3/31/23** | $18027 | $23103 | $18021 |
| **4/30/23** | $17784 | $23463 | $18292 |
| **5/31/23** | $17263 | $23565 | $17587 |
| **6/30/23** | $18379 | $25122 | $18755 |
| **7/31/23** | $19119 | $25929 | $19415 |
| **8/31/23** | $18913 | $25516 | $18890 |
| **9/30/23** | $18455 | $24300 | $18161 |
| **10/31/23** | $17988 | $23789 | $17521 |
| **11/30/23** | $19474 | $25961 | $18843 |
| **12/31/23** | $20813 | $27141 | $19886 |
| **1/31/24** | $21000 | $27597 | $19907 |
| **2/29/24** | $21810 | $29070 | $20641 |
| **3/31/24** | $23331 | $30006 | $21673 |
| **4/30/24** | $21540 | $28780 | $20747 |
| **5/31/24** | $22670 | $30207 | $21405 |
| **6/30/24** | $22933 | $31291 | $21204 |
| **7/31/24** | $23738 | $31672 | $22287 |
| **8/31/24** | $23530 | $32440 | $22885 |
| **9/30/24** | $23956 | $33133 | $23203 |
| **10/31/24** | $23054 | $32833 | $22948 |
| **11/30/24** | $24566 | $34760 | $24413 |
| **12/31/24** | $23138 | $33931 | $22743 |
| **1/31/25** | $24263 | $34876 | $23796 |
| **2/28/25** | $24426 | $34421 | $23893 |
| **3/31/25** | $23394 | $32482 | $23229 |

---

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) | 0.27% | 18.37% | 9.29% |
| Class A (including sales charge) | (3.49%) | 17.47% | 8.87% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| Russell 1000<sup>®</sup> Value Index | 7.18% | 16.15% | 8.79% |

---

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. 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 | $1076701 |
| # of Portfolio Holdings | 1462 |
| Portfolio Turnover Rate | 632% |
| Total Net Advisory Fees Paid During the Reporting Period | $6083 |

---

---

| | |
|:---|:---|
| 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 | 58.4% |
| Asset-Backed Securities | 29.3% |
| Non-Agency Mortgage-Backed Securities | 8.3% |
| Sovereign Issues | 7.6% |
| Corporate Bonds & Notes | 7.3% |
| U.S. Treasury Obligations | 6.4% |
| Common Stocks | 1.4% |
| Loan Participations and Assignments | 0.1% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 35.9% |
| Affiliated Investments | 8.6% |
| Financial Derivative Instruments | (2.6%) |
| Other Assets and Liabilities, Net | (60.7%) |
| Total | 100.0% |

---

---

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

---

## 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](g932242ia208f5a1820733359ae7.jpg)

# Class A: PIXAX
![Image](g932242i67073b345faae17987ad.jpg)

# PIMCO RAE PLUS Fund
Annual Shareholder Report \|

March 31, 2025

PIMS4043TSRAR_033125

# Class C: PIXCX

# PIMCO RAE PLUS Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g932242i572229cb99157f8c2553.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO RAE PLUS Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/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 | $218 | 2.18% |

---

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

* The Fund's exposure to the RAE US Large Model Portfolio detracted from performance relative to the Russell 1000 Value Index (the "Index"). 

* Selection in the heath care sector contributed to relative performance, as the Fund's holdings outperformed the Index. 

* Underweight exposure to, and selection in, the industrials sector contributed to relative performance, as the sector underperformed the Index and the Fund's holdings outperformed the Index. 

* Overweight exposure to, and selection in, the information technology sector detracted from relative performance, as the sector and the Fund's holdings underperformed the Index. 

* Overweight exposure to, and selection in, the energy sector detracted from relative performance, as the sector and the Fund's holdings underperformed the Index. 

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

* Long exposure to U.S. interest rates contributed to performance, as interest rates decreased. 

* Long exposure to U.K. interest rates detracted from performance, as interest rates increased.

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

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

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g932242ic3c78bd62a5bb972c2c7.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C (excluding sales charge)** | **S&P 500 Index** | **Russell 1000<sup>®</sup> Value Index** |
| **3/31/15** | $10000 | $10000 | $10000 |
| **4/30/15** | $10117 | $10096 | $10093 |
| **5/31/15** | $10235 | $10226 | $10215 |
| **6/30/15** | $9908 | $10028 | $10011 |
| **7/31/15** | $9942 | $10238 | $10055 |
| **8/31/15** | $9216 | $9620 | $9456 |
| **9/30/15** | $8783 | $9382 | $9170 |
| **10/31/15** | $9466 | $10174 | $9862 |
| **11/30/15** | $9483 | $10204 | $9900 |
| **12/31/15** | $9279 | $10043 | $9687 |
| **1/31/16** | $8766 | $9545 | $9187 |
| **2/29/16** | $8695 | $9532 | $9184 |
| **3/31/16** | $9474 | $10178 | $9846 |
| **4/30/16** | $9633 | $10218 | $10053 |
| **5/31/16** | $9722 | $10401 | $10209 |
| **6/30/16** | $9793 | $10428 | $10297 |
| **7/31/16** | $10165 | $10813 | $10596 |
| **8/31/16** | $10165 | $10828 | $10678 |
| **9/30/16** | $10235 | $10830 | $10656 |
| **10/31/16** | $10094 | $10632 | $10491 |
| **11/30/16** | $10678 | $11026 | $11090 |
| **12/31/16** | $10961 | $11244 | $11367 |
| **1/31/17** | $11121 | $11457 | $11448 |
| **2/28/17** | $11510 | $11912 | $11859 |
| **3/31/17** | $11475 | $11926 | $11739 |
| **4/30/17** | $11457 | $12049 | $11716 |
| **5/31/17** | $11386 | $12218 | $11705 |
| **6/30/17** | $11508 | $12294 | $11896 |
| **7/31/17** | $11742 | $12547 | $12054 |
| **8/31/17** | $11670 | $12586 | $11914 |
| **9/30/17** | $12061 | $12845 | $12267 |
| **10/31/17** | $12280 | $13145 | $12356 |
| **11/30/17** | $12699 | $13548 | $12734 |
| **12/31/17** | $12927 | $13699 | $12920 |
| **1/31/18** | $13576 | $14483 | $13420 |
| **2/28/18** | $13042 | $13949 | $12779 |
| **3/31/18** | $12715 | $13595 | $12554 |
| **4/30/18** | $12831 | $13647 | $12596 |
| **5/31/18** | $13004 | $13976 | $12670 |
| **6/30/18** | $13049 | $14062 | $12702 |
| **7/31/18** | $13551 | $14585 | $13205 |
| **8/31/18** | $13821 | $15060 | $13400 |
| **9/30/18** | $13895 | $15146 | $13426 |
| **10/31/18** | $13081 | $14111 | $12731 |
| **11/30/18** | $13159 | $14398 | $13111 |
| **12/31/18** | $11747 | $13098 | $11852 |
| **1/31/19** | $12750 | $14148 | $12775 |
| **2/28/19** | $13120 | $14602 | $13183 |
| **3/31/19** | $13164 | $14886 | $13267 |
| **4/30/19** | $13578 | $15489 | $13737 |
| **5/31/19** | $12466 | $14504 | $12854 |
| **6/30/19** | $13446 | $15526 | $13776 |
| **7/31/19** | $13576 | $15750 | $13891 |
| **8/31/19** | $12922 | $15500 | $13482 |
| **9/30/19** | $13459 | $15790 | $13963 |
| **10/31/19** | $13745 | $16132 | $14158 |
| **11/30/19** | $14207 | $16718 | $14596 |
| **12/31/19** | $14720 | $17222 | $14998 |
| **1/31/20** | $14358 | $17216 | $14675 |
| **2/29/20** | $12831 | $15798 | $13254 |
| **3/31/20** | $10068 | $13847 | $10989 |
| **4/30/20** | $11440 | $15622 | $12224 |
| **5/31/20** | $11905 | $16366 | $12643 |
| **6/30/20** | $12138 | $16692 | $12559 |
| **7/31/20** | $12644 | $17633 | $13056 |
| **8/31/20** | $13309 | $18900 | $13596 |
| **9/30/20** | $12928 | $18182 | $13262 |
| **10/31/20** | $12737 | $17699 | $13087 |
| **11/30/20** | $14595 | $19636 | $14848 |
| **12/31/20** | $15191 | $20391 | $15417 |
| **1/31/21** | $15926 | $20185 | $15276 |
| **2/28/21** | $16349 | $20742 | $16199 |
| **3/31/21** | $17447 | $21650 | $17152 |
| **4/30/21** | $17880 | $22806 | $17838 |
| **5/31/21** | $18407 | $22965 | $18254 |
| **6/30/21** | $18455 | $23501 | $18045 |
| **7/31/21** | $18326 | $24059 | $18189 |
| **8/31/21** | $18780 | $24791 | $18550 |
| **9/30/21** | $17871 | $23638 | $17904 |
| **10/31/21** | $18214 | $25294 | $18814 |
| **11/30/21** | $17974 | $25119 | $18151 |
| **12/31/21** | $19162 | $26244 | $19296 |
| **1/31/22** | $18885 | $24886 | $18846 |
| **2/28/22** | $18505 | $24141 | $18628 |
| **3/31/22** | $18953 | $25038 | $19154 |
| **4/30/22** | $17985 | $22854 | $18073 |
| **5/31/22** | $18344 | $22896 | $18425 |
| **6/30/22** | $15875 | $21006 | $16815 |
| **7/31/22** | $17035 | $22943 | $17930 |
| **8/31/22** | $16817 | $22007 | $17396 |
| **9/30/22** | $15175 | $19981 | $15870 |
| **10/31/22** | $17301 | $21598 | $17497 |
| **11/30/22** | $18328 | $22805 | $18591 |
| **12/31/22** | $17315 | $21491 | $17841 |
| **1/31/23** | $18258 | $22842 | $18766 |
| **2/28/23** | $17529 | $22284 | $18104 |
| **3/31/23** | $17643 | $23103 | $18021 |
| **4/30/23** | $17400 | $23463 | $18292 |
| **5/31/23** | $16872 | $23565 | $17587 |
| **6/30/23** | $17957 | $25122 | $18755 |
| **7/31/23** | $18657 | $25929 | $19415 |
| **8/31/23** | $18443 | $25516 | $18890 |
| **9/30/23** | $17993 | $24300 | $18161 |
| **10/31/23** | $17531 | $23789 | $17521 |
| **11/30/23** | $18962 | $25961 | $18843 |
| **12/31/23** | $20252 | $27141 | $19886 |
| **1/31/24** | $20428 | $27597 | $19907 |
| **2/29/24** | $21192 | $29070 | $20641 |
| **3/31/24** | $22660 | $30006 | $21673 |
| **4/30/24** | $20919 | $28780 | $20747 |
| **5/31/24** | $21984 | $30207 | $21405 |
| **6/30/24** | $22237 | $31291 | $21204 |
| **7/31/24** | $22991 | $31672 | $22287 |
| **8/31/24** | $22791 | $32440 | $22885 |
| **9/30/24** | $23179 | $33133 | $23203 |
| **10/31/24** | $22296 | $32833 | $22948 |
| **11/30/24** | $23747 | $34760 | $24413 |
| **12/31/24** | $22352 | $33931 | $22743 |
| **1/31/25** | $23420 | $34876 | $23796 |
| **2/28/25** | $23565 | $34421 | $23893 |
| **3/31/25** | $22559 | $32482 | $23229 |

---

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) | (0.44%) | 17.51% | 8.48% |
| Class C (including sales charge) | (1.35%) | 17.51% | 8.48% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| Russell 1000<sup>®</sup> Value Index | 7.18% | 16.15% | 8.79% |

---

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. 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 | $1076701 |
| # of Portfolio Holdings | 1462 |
| Portfolio Turnover Rate | 632% |
| Total Net Advisory Fees Paid During the Reporting Period | $6083 |

---

---

| | |
|:---|:---|
| 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 | 58.4% |
| Asset-Backed Securities | 29.3% |
| Non-Agency Mortgage-Backed Securities | 8.3% |
| Sovereign Issues | 7.6% |
| Corporate Bonds & Notes | 7.3% |
| U.S. Treasury Obligations | 6.4% |
| Common Stocks | 1.4% |
| Loan Participations and Assignments | 0.1% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 35.9% |
| Affiliated Investments | 8.6% |
| Financial Derivative Instruments | (2.6%) |
| Other Assets and Liabilities, Net | (60.7%) |
| Total | 100.0% |

---

---

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

---

## 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](g932242ia208f5a1820733359ae7.jpg)

# Class C: PIXCX
![Image](g932242i67073b345faae17987ad.jpg)

# PIMCO RAE PLUS Fund
Annual Shareholder Report \|

March 31, 2025

PIMS4243TSRAR_033125

# I-3: PXTNX

# PIMCO RAE PLUS Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g932242i572229cb99157f8c2553.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO RAE PLUS Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/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 | $118 | 1.18% |

---

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

* The Fund's exposure to the RAE US Large Model Portfolio detracted from performance relative to the Russell 1000 Value Index (the "Index"). 

* Selection in the heath care sector contributed to relative performance, as the Fund's holdings outperformed the Index. 

* Underweight exposure to, and selection in, the industrials sector contributed to relative performance, as the sector underperformed the Index and the Fund's holdings outperformed the Index. 

* Overweight exposure to, and selection in, the information technology sector detracted from relative performance, as the sector and the Fund's holdings underperformed the Index. 

* Overweight exposure to, and selection in, the energy sector detracted from relative performance, as the sector and the Fund's holdings underperformed the Index. 

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

* Long exposure to U.S. interest rates contributed to performance, as interest rates decreased. 

* Long exposure to U.K. interest rates detracted from performance, as interest rates increased.

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g932242i36db3939dcc4fccc3a5b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I-3** | **S&P 500 Index** | **Russell 1000<sup>®</sup> Value Index** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $1012070 | $1009593 | $1009349 |
| **5/31/15** | $1024133 | $1022576 | $1021479 |
| **6/30/15** | $993304 | $1002781 | $1001084 |
| **7/31/15** | $996248 | $1023790 | $1005473 |
| **8/31/15** | $925513 | $962021 | $945590 |
| **9/30/15** | $882371 | $938217 | $917043 |
| **10/31/15** | $952159 | $1017360 | $986234 |
| **11/30/15** | $953594 | $1020385 | $990011 |
| **12/31/15** | $934620 | $1004292 | $968716 |
| **1/31/16** | $882943 | $954455 | $918662 |
| **2/29/16** | $876397 | $953167 | $918433 |
| **3/31/16** | $955218 | $1017828 | $984597 |
| **4/30/16** | $972819 | $1021774 | $1005283 |
| **5/31/16** | $982359 | $1040123 | $1020895 |
| **6/30/16** | $990291 | $1042818 | $1029726 |
| **7/31/16** | $1028807 | $1081265 | $1059629 |
| **8/31/16** | $1030286 | $1082784 | $1067799 |
| **9/30/16** | $1038209 | $1082988 | $1065578 |
| **10/31/16** | $1025201 | $1063233 | $1049083 |
| **11/30/16** | $1084620 | $1102610 | $1108996 |
| **12/31/16** | $1115054 | $1124405 | $1136709 |
| **1/31/17** | $1131000 | $1145730 | $1144803 |
| **2/28/17** | $1172696 | $1191223 | $1185936 |
| **3/31/17** | $1170939 | $1192612 | $1173851 |
| **4/30/17** | $1169187 | $1204860 | $1171644 |
| **5/31/17** | $1162606 | $1221816 | $1170496 |
| **6/30/17** | $1175715 | $1229442 | $1189633 |
| **7/31/17** | $1200091 | $1254723 | $1205444 |
| **8/31/17** | $1193400 | $1258564 | $1191400 |
| **9/30/17** | $1235331 | $1284525 | $1226690 |
| **10/31/17** | $1258355 | $1314500 | $1235595 |
| **11/30/17** | $1302904 | $1354816 | $1273429 |
| **12/31/17** | $1328566 | $1369880 | $1292021 |
| **1/31/18** | $1395856 | $1448311 | $1341971 |
| **2/28/18** | $1342081 | $1394930 | $1277892 |
| **3/31/18** | $1308240 | $1359480 | $1255414 |
| **4/30/18** | $1320224 | $1364697 | $1259557 |
| **5/31/18** | $1339536 | $1397561 | $1267038 |
| **6/30/18** | $1346478 | $1406163 | $1270181 |
| **7/31/18** | $1399419 | $1458492 | $1320454 |
| **8/31/18** | $1429419 | $1506017 | $1339971 |
| **9/30/18** | $1438223 | $1514589 | $1342624 |
| **10/31/18** | $1352995 | $1411067 | $1273103 |
| **11/30/18** | $1363648 | $1439822 | $1311118 |
| **12/31/18** | $1218388 | $1309819 | $1185211 |
| **1/31/19** | $1324849 | $1414783 | $1277456 |
| **2/28/19** | $1364279 | $1460209 | $1318271 |
| **3/31/19** | $1368222 | $1488583 | $1326655 |
| **4/30/19** | $1413566 | $1548856 | $1373711 |
| **5/31/19** | $1299219 | $1450428 | $1285382 |
| **6/30/19** | $1401746 | $1552649 | $1377646 |
| **7/31/19** | $1415586 | $1574964 | $1389067 |
| **8/31/19** | $1350342 | $1550016 | $1348215 |
| **9/30/19** | $1408041 | $1579018 | $1396319 |
| **10/31/19** | $1437957 | $1613219 | $1415839 |
| **11/30/19** | $1485822 | $1671777 | $1459617 |
| **12/31/19** | $1541992 | $1722235 | $1499771 |
| **1/31/20** | $1507521 | $1721559 | $1467511 |
| **2/29/20** | $1346657 | $1579842 | $1325383 |
| **3/31/20** | $1058016 | $1384711 | $1098888 |
| **4/30/20** | $1203234 | $1562223 | $1222425 |
| **5/31/20** | $1253945 | $1636628 | $1264317 |
| **6/30/20** | $1278809 | $1669176 | $1255922 |
| **7/31/20** | $1333176 | $1763293 | $1305569 |
| **8/31/20** | $1404090 | $1890039 | $1359554 |
| **9/30/20** | $1366224 | $1818224 | $1326164 |
| **10/31/20** | $1346845 | $1769870 | $1308738 |
| **11/30/20** | $1543059 | $1963607 | $1484776 |
| **12/31/20** | $1609181 | $2039105 | $1541703 |
| **1/31/21** | $1686522 | $2018518 | $1527581 |
| **2/28/21** | $1733924 | $2074179 | $1619892 |
| **3/31/21** | $1852164 | $2165019 | $1715207 |
| **4/30/21** | $1898063 | $2280563 | $1783798 |
| **5/31/21** | $1957462 | $2296491 | $1825432 |
| **6/30/21** | $1961495 | $2350103 | $1804530 |
| **7/31/21** | $1950270 | $2405929 | $1818949 |
| **8/31/21** | $2000781 | $2479083 | $1855018 |
| **9/30/21** | $1906626 | $2363781 | $1790445 |
| **10/31/21** | $1944876 | $2529392 | $1881364 |
| **11/30/21** | $1918395 | $2511866 | $1815065 |
| **12/31/21** | $2048385 | $2624438 | $1929577 |
| **1/31/22** | $2021667 | $2488631 | $1884637 |
| **2/28/22** | $1980106 | $2414118 | $1862776 |
| **3/31/22** | $2031135 | $2503753 | $1915362 |
| **4/30/22** | $1930190 | $2285421 | $1807335 |
| **5/31/22** | $1969957 | $2289614 | $1842470 |
| **6/30/22** | $1706573 | $2100621 | $1681493 |
| **7/31/22** | $1833330 | $2294307 | $1792993 |
| **8/31/22** | $1811688 | $2200741 | $1739562 |
| **9/30/22** | $1634426 | $1998056 | $1587020 |
| **10/31/22** | $1868808 | $2159821 | $1749737 |
| **11/30/22** | $1978187 | $2280521 | $1859078 |
| **12/31/22** | $1867748 | $2149130 | $1784138 |
| **1/31/23** | $1973870 | $2284168 | $1876593 |
| **2/28/23** | $1896047 | $2228437 | $1810424 |
| **3/31/23** | $1910005 | $2310252 | $1802078 |
| **4/30/23** | $1885246 | $2346311 | $1829235 |
| **5/31/23** | $1829832 | $2356510 | $1758682 |
| **6/30/23** | $1948913 | $2512217 | $1875511 |
| **7/31/23** | $2026728 | $2592922 | $1941454 |
| **8/31/23** | $2005506 | $2551639 | $1889034 |
| **9/30/23** | $1958817 | $2429982 | $1816137 |
| **10/31/23** | $1908744 | $2378888 | $1752063 |
| **11/30/23** | $2066117 | $2596140 | $1884257 |
| **12/31/23** | $2209568 | $2714085 | $1988625 |
| **1/31/24** | $2228897 | $2759693 | $1990694 |
| **2/29/24** | $2314670 | $2907048 | $2064130 |
| **3/31/24** | $2477594 | $3000582 | $2167316 |
| **4/30/24** | $2288239 | $2878024 | $2074728 |
| **5/31/24** | $2407508 | $3020730 | $2140497 |
| **6/30/24** | $2436659 | $3129120 | $2120355 |
| **7/31/24** | $2521980 | $3167209 | $2228748 |
| **8/31/24** | $2501905 | $3244035 | $2288545 |
| **9/30/24** | $2546913 | $3313318 | $2320310 |
| **10/31/24** | $2452156 | $3283271 | $2294764 |
| **11/30/24** | $2613499 | $3476003 | $2441307 |
| **12/31/24** | $2461655 | $3393141 | $2274346 |
| **1/31/25** | $2581863 | $3487632 | $2379603 |
| **2/28/25** | $2598849 | $3442124 | $2389264 |
| **3/31/25** | $2489935 | $3248180 | $2322914 |

---

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 | 0.50% | 18.67% | 9.55% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| Russell 1000<sup>®</sup> Value Index | 7.18% | 16.15% | 8.79% |

---

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 | $1076701 |
| # of Portfolio Holdings | 1462 |
| Portfolio Turnover Rate | 632% |
| Total Net Advisory Fees Paid During the Reporting Period | $6083 |

---

---

| | |
|:---|:---|
| 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 | 58.4% |
| Asset-Backed Securities | 29.3% |
| Non-Agency Mortgage-Backed Securities | 8.3% |
| Sovereign Issues | 7.6% |
| Corporate Bonds & Notes | 7.3% |
| U.S. Treasury Obligations | 6.4% |
| Common Stocks | 1.4% |
| Loan Participations and Assignments | 0.1% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 35.9% |
| Affiliated Investments | 8.6% |
| Financial Derivative Instruments | (2.6%) |
| Other Assets and Liabilities, Net | (60.7%) |
| Total | 100.0% |

---

---

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

---

## 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](g932242ia208f5a1820733359ae7.jpg)

# I-3: PXTNX
![Image](g932242i67073b345faae17987ad.jpg)

# PIMCO RAE PLUS Fund
Annual Shareholder Report \|

March 31, 2025

PIMS2193TSRAR_033125

# Institutional Class: PXTIX

# PIMCO RAE PLUS Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g932242i572229cb99157f8c2553.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO RAE PLUS Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/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 | $103 | 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:

* The Fund's exposure to the RAE US Large Model Portfolio detracted from performance relative to the Russell 1000 Value Index (the "Index"). 

* Selection in the heath care sector contributed to relative performance, as the Fund's holdings outperformed the Index. 

* Underweight exposure to, and selection in, the industrials sector contributed to relative performance, as the sector underperformed the Index and the Fund's holdings outperformed the Index. 

* Overweight exposure to, and selection in, the information technology sector detracted from relative performance, as the sector and the Fund's holdings underperformed the Index. 

* Overweight exposure to, and selection in, the energy sector detracted from relative performance, as the sector and the Fund's holdings underperformed the Index. 

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

* Long exposure to U.S. interest rates contributed to performance, as interest rates decreased. 

* Long exposure to U.K. interest rates detracted from performance, as interest rates increased.

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g932242i1929a6b284e57ffb41f6.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **S&P 500 Index** | **Russell 1000<sup>®</sup> Value Index** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $1012195 | $1009593 | $1009349 |
| **5/31/15** | $1024390 | $1022576 | $1021479 |
| **6/30/15** | $993679 | $1002781 | $1001084 |
| **7/31/15** | $996751 | $1023790 | $1005473 |
| **8/31/15** | $926103 | $962021 | $945590 |
| **9/30/15** | $883045 | $938217 | $917043 |
| **10/31/15** | $953004 | $1017360 | $986234 |
| **11/30/15** | $954559 | $1020385 | $990011 |
| **12/31/15** | $935684 | $1004292 | $968716 |
| **1/31/16** | $884060 | $954455 | $918662 |
| **2/29/16** | $877607 | $953167 | $918433 |
| **3/31/16** | $956657 | $1017828 | $984597 |
| **4/30/16** | $974402 | $1021774 | $1005283 |
| **5/31/16** | $984082 | $1040123 | $1020895 |
| **6/30/16** | $992148 | $1042818 | $1029726 |
| **7/31/16** | $1030866 | $1081265 | $1059629 |
| **8/31/16** | $1032479 | $1082784 | $1067799 |
| **9/30/16** | $1040546 | $1082988 | $1065578 |
| **10/31/16** | $1027640 | $1063233 | $1049083 |
| **11/30/16** | $1087330 | $1102610 | $1108996 |
| **12/31/16** | $1117981 | $1124405 | $1136709 |
| **1/31/17** | $1134114 | $1145730 | $1144803 |
| **2/28/17** | $1176058 | $1191223 | $1185936 |
| **3/31/17** | $1174445 | $1192612 | $1173851 |
| **4/30/17** | $1172832 | $1204860 | $1171644 |
| **5/31/17** | $1166379 | $1221816 | $1170496 |
| **6/30/17** | $1179675 | $1229442 | $1189633 |
| **7/31/17** | $1204286 | $1254723 | $1205444 |
| **8/31/17** | $1197723 | $1258564 | $1191400 |
| **9/30/17** | $1239957 | $1284525 | $1226690 |
| **10/31/17** | $1263227 | $1314500 | $1235595 |
| **11/30/17** | $1308104 | $1354816 | $1273429 |
| **12/31/17** | $1334038 | $1369880 | $1292021 |
| **1/31/18** | $1401782 | $1448311 | $1341971 |
| **2/28/18** | $1347934 | $1394930 | $1277892 |
| **3/31/18** | $1314116 | $1359480 | $1255414 |
| **4/30/18** | $1326381 | $1364697 | $1259557 |
| **5/31/18** | $1345655 | $1397561 | $1267038 |
| **6/30/18** | $1353939 | $1406163 | $1270181 |
| **7/31/18** | $1406759 | $1458492 | $1320454 |
| **8/31/18** | $1436690 | $1506017 | $1339971 |
| **9/30/18** | $1445169 | $1514589 | $1342624 |
| **10/31/18** | $1360159 | $1411067 | $1273103 |
| **11/30/18** | $1370785 | $1439822 | $1311118 |
| **12/31/18** | $1225956 | $1309819 | $1185211 |
| **1/31/19** | $1332048 | $1414783 | $1277456 |
| **2/28/19** | $1371342 | $1460209 | $1318271 |
| **3/31/19** | $1375271 | $1488583 | $1326655 |
| **4/30/19** | $1422423 | $1548856 | $1373711 |
| **5/31/19** | $1306507 | $1450428 | $1285382 |
| **6/30/19** | $1409031 | $1552649 | $1377646 |
| **7/31/19** | $1424797 | $1574964 | $1389067 |
| **8/31/19** | $1359764 | $1550016 | $1348215 |
| **9/30/19** | $1415706 | $1579018 | $1396319 |
| **10/31/19** | $1447520 | $1613219 | $1415839 |
| **11/30/19** | $1497229 | $1671777 | $1459617 |
| **12/31/19** | $1551133 | $1722235 | $1499771 |
| **1/31/20** | $1516816 | $1721559 | $1467511 |
| **2/29/20** | $1356669 | $1579842 | $1325383 |
| **3/31/20** | $1064994 | $1384711 | $1098888 |
| **4/30/20** | $1211889 | $1562223 | $1222425 |
| **5/31/20** | $1262385 | $1636628 | $1264317 |
| **6/30/20** | $1289605 | $1669176 | $1255922 |
| **7/31/20** | $1343731 | $1763293 | $1305569 |
| **8/31/20** | $1416683 | $1890039 | $1359554 |
| **9/30/20** | $1377224 | $1818224 | $1326164 |
| **10/31/20** | $1355517 | $1769870 | $1308738 |
| **11/30/20** | $1555709 | $1963607 | $1484776 |
| **12/31/20** | $1622018 | $2039105 | $1541703 |
| **1/31/21** | $1701505 | $2018518 | $1527581 |
| **2/28/21** | $1748700 | $2074179 | $1619892 |
| **3/31/21** | $1867070 | $2165019 | $1715207 |
| **4/30/21** | $1915426 | $2280563 | $1783798 |
| **5/31/21** | $1974528 | $2296491 | $1825432 |
| **6/30/21** | $1979019 | $2350103 | $1804530 |
| **7/31/21** | $1967854 | $2405929 | $1818949 |
| **8/31/21** | $2018097 | $2479083 | $1855018 |
| **9/30/21** | $1922071 | $2363781 | $1790445 |
| **10/31/21** | $1963029 | $2529392 | $1881364 |
| **11/30/21** | $1936699 | $2511866 | $1815065 |
| **12/31/21** | $2066741 | $2624438 | $1929577 |
| **1/31/22** | $2040168 | $2488631 | $1884637 |
| **2/28/22** | $2001786 | $2414118 | $1862776 |
| **3/31/22** | $2052483 | $2503753 | $1915362 |
| **4/30/22** | $1949099 | $2285421 | $1807335 |
| **5/31/22** | $1991669 | $2289614 | $1842470 |
| **6/30/22** | $1724015 | $2100621 | $1681493 |
| **7/31/22** | $1853085 | $2294307 | $1792993 |
| **8/31/22** | $1831574 | $2200741 | $1739562 |
| **9/30/22** | $1653046 | $1998056 | $1587020 |
| **10/31/22** | $1889196 | $2159821 | $1749737 |
| **11/30/22** | $2001056 | $2280521 | $1859078 |
| **12/31/22** | $1889103 | $2149130 | $1784138 |
| **1/31/23** | $1997954 | $2284168 | $1876593 |
| **2/28/23** | $1917194 | $2228437 | $1810424 |
| **3/31/23** | $1932216 | $2310252 | $1802078 |
| **4/30/23** | $1907639 | $2346311 | $1829235 |
| **5/31/23** | $1852634 | $2356510 | $1758682 |
| **6/30/23** | $1973178 | $2512217 | $1875511 |
| **7/31/23** | $2052760 | $2592922 | $1941454 |
| **8/31/23** | $2030524 | $2551639 | $1889034 |
| **9/30/23** | $1983325 | $2429982 | $1816137 |
| **10/31/23** | $1933564 | $2378888 | $1752063 |
| **11/30/23** | $2093510 | $2596140 | $1884257 |
| **12/31/23** | $2238994 | $2714085 | $1988625 |
| **1/31/24** | $2259425 | $2759693 | $1990694 |
| **2/29/24** | $2347158 | $2907048 | $2064130 |
| **3/31/24** | $2511188 | $3000582 | $2167316 |
| **4/30/24** | $2320372 | $2878024 | $2074728 |
| **5/31/24** | $2441466 | $3020730 | $2140497 |
| **6/30/24** | $2472122 | $3129120 | $2120355 |
| **7/31/24** | $2558228 | $3167209 | $2228748 |
| **8/31/24** | $2538261 | $3244035 | $2288545 |
| **9/30/24** | $2583852 | $3313318 | $2320310 |
| **10/31/24** | $2487069 | $3283271 | $2294764 |
| **11/30/24** | $2652619 | $3476003 | $2441307 |
| **12/31/24** | $2498880 | $3393141 | $2274346 |
| **1/31/25** | $2621030 | $3487632 | $2379603 |
| **2/28/25** | $2639222 | $3442124 | $2389264 |
| **3/31/25** | $2529138 | $3248180 | $2322914 |

---

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 | 0.71% | 18.88% | 9.72% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| Russell 1000<sup>®</sup> Value Index | 7.18% | 16.15% | 8.79% |

---

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 | $1076701 |
| # of Portfolio Holdings | 1462 |
| Portfolio Turnover Rate | 632% |
| Total Net Advisory Fees Paid During the Reporting Period | $6083 |

---

---

| | |
|:---|:---|
| 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 | 58.4% |
| Asset-Backed Securities | 29.3% |
| Non-Agency Mortgage-Backed Securities | 8.3% |
| Sovereign Issues | 7.6% |
| Corporate Bonds & Notes | 7.3% |
| U.S. Treasury Obligations | 6.4% |
| Common Stocks | 1.4% |
| Loan Participations and Assignments | 0.1% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 35.9% |
| Affiliated Investments | 8.6% |
| Financial Derivative Instruments | (2.6%) |
| Other Assets and Liabilities, Net | (60.7%) |
| Total | 100.0% |

---

---

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

---

## 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](g932242ia208f5a1820733359ae7.jpg)

# Institutional Class: PXTIX
![Image](g932242i67073b345faae17987ad.jpg)

# PIMCO RAE PLUS Fund
Annual Shareholder Report \|

March 31, 2025

PIMS1874TSRAR_033125

# I-2: PIXPX

# PIMCO RAE PLUS Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g932242i572229cb99157f8c2553.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO RAE PLUS Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/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 | $113 | 1.13% |

---

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

* The Fund's exposure to the RAE US Large Model Portfolio detracted from performance relative to the Russell 1000 Value Index (the "Index"). 

* Selection in the heath care sector contributed to relative performance, as the Fund's holdings outperformed the Index. 

* Underweight exposure to, and selection in, the industrials sector contributed to relative performance, as the sector underperformed the Index and the Fund's holdings outperformed the Index. 

* Overweight exposure to, and selection in, the information technology sector detracted from relative performance, as the sector and the Fund's holdings underperformed the Index. 

* Overweight exposure to, and selection in, the energy sector detracted from relative performance, as the sector and the Fund's holdings underperformed the Index. 

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

* Long exposure to U.S. interest rates contributed to performance, as interest rates decreased. 

* Long exposure to U.K. interest rates detracted from performance, as interest rates increased.

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g932242iee82058c57779e55d386.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I-2** | **S&P 500 Index** | **Russell 1000<sup>®</sup> Value Index** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $1012270 | $1009593 | $1009349 |
| **5/31/15** | $1026074 | $1022576 | $1021479 |
| **6/30/15** | $993394 | $1002781 | $1001084 |
| **7/31/15** | $998029 | $1023790 | $1005473 |
| **8/31/15** | $926962 | $962021 | $945590 |
| **9/30/15** | $883383 | $938217 | $917043 |
| **10/31/15** | $953741 | $1017360 | $986234 |
| **11/30/15** | $955304 | $1020385 | $990011 |
| **12/31/15** | $935991 | $1004292 | $968716 |
| **1/31/16** | $884081 | $954455 | $918662 |
| **2/29/16** | $877593 | $953167 | $918433 |
| **3/31/16** | $957079 | $1017828 | $984597 |
| **4/30/16** | $973301 | $1021774 | $1005283 |
| **5/31/16** | $983034 | $1040123 | $1020895 |
| **6/30/16** | $992767 | $1042818 | $1029726 |
| **7/31/16** | $1030076 | $1081265 | $1059629 |
| **8/31/16** | $1033321 | $1082784 | $1067799 |
| **9/30/16** | $1039809 | $1082988 | $1065578 |
| **10/31/16** | $1026832 | $1063233 | $1049083 |
| **11/30/16** | $1086852 | $1102610 | $1108996 |
| **12/31/16** | $1117673 | $1124405 | $1136709 |
| **1/31/17** | $1133895 | $1145730 | $1144803 |
| **2/28/17** | $1174449 | $1191223 | $1185936 |
| **3/31/17** | $1172827 | $1192612 | $1173851 |
| **4/30/17** | $1171205 | $1204860 | $1171644 |
| **5/31/17** | $1166339 | $1221816 | $1170496 |
| **6/30/17** | $1179493 | $1229442 | $1189633 |
| **7/31/17** | $1204237 | $1254723 | $1205444 |
| **8/31/17** | $1197639 | $1258564 | $1191400 |
| **9/30/17** | $1239799 | $1284525 | $1226690 |
| **10/31/17** | $1261520 | $1314500 | $1235595 |
| **11/30/17** | $1304963 | $1354816 | $1273429 |
| **12/31/17** | $1332388 | $1369880 | $1292021 |
| **1/31/18** | $1398745 | $1448311 | $1341971 |
| **2/28/18** | $1346358 | $1394930 | $1277892 |
| **3/31/18** | $1312105 | $1359480 | $1255414 |
| **4/30/18** | $1324434 | $1364697 | $1259557 |
| **5/31/18** | $1343807 | $1397561 | $1267038 |
| **6/30/18** | $1351894 | $1406163 | $1270181 |
| **7/31/18** | $1403210 | $1458492 | $1320454 |
| **8/31/18** | $1433291 | $1506017 | $1339971 |
| **9/30/18** | $1441450 | $1514589 | $1342624 |
| **10/31/18** | $1357811 | $1411067 | $1273103 |
| **11/30/18** | $1366709 | $1439822 | $1311118 |
| **12/31/18** | $1222830 | $1309819 | $1185211 |
| **1/31/19** | $1327531 | $1414783 | $1277456 |
| **2/28/19** | $1369017 | $1460209 | $1318271 |
| **3/31/19** | $1372968 | $1488583 | $1326655 |
| **4/30/19** | $1418404 | $1548856 | $1373711 |
| **5/31/19** | $1303825 | $1450428 | $1285382 |
| **6/30/19** | $1404764 | $1552649 | $1377646 |
| **7/31/19** | $1420615 | $1574964 | $1389067 |
| **8/31/19** | $1355231 | $1550016 | $1348215 |
| **9/30/19** | $1411165 | $1579018 | $1396319 |
| **10/31/19** | $1443146 | $1613219 | $1415839 |
| **11/30/19** | $1491118 | $1671777 | $1459617 |
| **12/31/19** | $1547216 | $1722235 | $1499771 |
| **1/31/20** | $1512679 | $1721559 | $1467511 |
| **2/29/20** | $1351511 | $1579842 | $1325383 |
| **3/31/20** | $1062243 | $1384711 | $1098888 |
| **4/30/20** | $1207724 | $1562223 | $1222425 |
| **5/31/20** | $1258527 | $1636628 | $1264317 |
| **6/30/20** | $1283501 | $1669176 | $1255922 |
| **7/31/20** | $1337967 | $1763293 | $1305569 |
| **8/31/20** | $1409010 | $1890039 | $1359554 |
| **9/30/20** | $1371046 | $1818224 | $1326164 |
| **10/31/20** | $1351633 | $1769870 | $1308738 |
| **11/30/20** | $1548190 | $1963607 | $1484776 |
| **12/31/20** | $1614607 | $2039105 | $1541703 |
| **1/31/21** | $1694587 | $2018518 | $1527581 |
| **2/28/21** | $1739576 | $2074179 | $1619892 |
| **3/31/21** | $1858129 | $2165019 | $1715207 |
| **4/30/21** | $1906813 | $2280563 | $1783798 |
| **5/31/21** | $1966317 | $2296491 | $1825432 |
| **6/30/21** | $1970485 | $2350103 | $1804530 |
| **7/31/21** | $1956430 | $2405929 | $1818949 |
| **8/31/21** | $2009838 | $2479083 | $1855018 |
| **9/30/21** | $1912701 | $2363781 | $1790445 |
| **10/31/21** | $1951014 | $2529392 | $1881364 |
| **11/30/21** | $1927437 | $2511866 | $1815065 |
| **12/31/21** | $2054883 | $2624438 | $1929577 |
| **1/31/22** | $2028119 | $2488631 | $1884637 |
| **2/28/22** | $1989460 | $2414118 | $1862776 |
| **3/31/22** | $2040762 | $2503753 | $1915362 |
| **4/30/22** | $1936579 | $2285421 | $1807335 |
| **5/31/22** | $1979478 | $2289614 | $1842470 |
| **6/30/22** | $1712502 | $2100621 | $1681493 |
| **7/31/22** | $1839469 | $2294307 | $1792993 |
| **8/31/22** | $1820889 | $2200741 | $1739562 |
| **9/30/22** | $1640375 | $1998056 | $1587020 |
| **10/31/22** | $1875161 | $2159821 | $1749737 |
| **11/30/22** | $1987859 | $2280521 | $1859078 |
| **12/31/22** | $1877912 | $2149130 | $1784138 |
| **1/31/23** | $1984209 | $2284168 | $1876593 |
| **2/28/23** | $1902715 | $2228437 | $1810424 |
| **3/31/23** | $1919058 | $2310252 | $1802078 |
| **4/30/23** | $1894258 | $2346311 | $1829235 |
| **5/31/23** | $1838753 | $2356510 | $1758682 |
| **6/30/23** | $1959211 | $2512217 | $1875511 |
| **7/31/23** | $2037154 | $2592922 | $1941454 |
| **8/31/23** | $2015897 | $2551639 | $1889034 |
| **9/30/23** | $1968741 | $2429982 | $1816137 |
| **10/31/23** | $1918536 | $2378888 | $1752063 |
| **11/30/23** | $2077518 | $2596140 | $1884257 |
| **12/31/23** | $2221299 | $2714085 | $1988625 |
| **1/31/24** | $2241911 | $2759693 | $1990694 |
| **2/29/24** | $2327999 | $2907048 | $2064130 |
| **3/31/24** | $2491850 | $3000582 | $2167316 |
| **4/30/24** | $2301783 | $2878024 | $2074728 |
| **5/31/24** | $2422735 | $3020730 | $2140497 |
| **6/30/24** | $2451967 | $3129120 | $2120355 |
| **7/31/24** | $2537603 | $3167209 | $2228748 |
| **8/31/24** | $2516194 | $3244035 | $2288545 |
| **9/30/24** | $2562867 | $3313318 | $2320310 |
| **10/31/24** | $2466470 | $3283271 | $2294764 |
| **11/30/24** | $2629702 | $3476003 | $2441307 |
| **12/31/24** | $2476427 | $3393141 | $2274346 |
| **1/31/25** | $2598412 | $3487632 | $2379603 |
| **2/28/25** | $2615463 | $3442124 | $2389264 |
| **3/31/25** | $2506432 | $3248180 | $2322914 |

---

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 | 0.59% | 18.73% | 9.62% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| Russell 1000<sup>®</sup> Value Index | 7.18% | 16.15% | 8.79% |

---

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 | $1076701 |
| # of Portfolio Holdings | 1462 |
| Portfolio Turnover Rate | 632% |
| Total Net Advisory Fees Paid During the Reporting Period | $6083 |

---

---

| | |
|:---|:---|
| 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 | 58.4% |
| Asset-Backed Securities | 29.3% |
| Non-Agency Mortgage-Backed Securities | 8.3% |
| Sovereign Issues | 7.6% |
| Corporate Bonds & Notes | 7.3% |
| U.S. Treasury Obligations | 6.4% |
| Common Stocks | 1.4% |
| Loan Participations and Assignments | 0.1% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 35.9% |
| Affiliated Investments | 8.6% |
| Financial Derivative Instruments | (2.6%) |
| Other Assets and Liabilities, Net | (60.7%) |
| Total | 100.0% |

---

---

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

---

## 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](g932242ia208f5a1820733359ae7.jpg)

# I-2: PIXPX
![Image](g932242i67073b345faae17987ad.jpg)

# PIMCO RAE PLUS Fund
Annual Shareholder Report \|

March 31, 2025

PIMS1926TSRAR_033125

# Class A: PTSOX

# PIMCO RAE PLUS International Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g932242i572229cb99157f8c2553.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO RAE PLUS International 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 | $136 | 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:

* The Fund's exposure to the RAE International Model Portfolio detracted from performance relative to the MSCI EAFE Value Index (the "Index"). Highlights of the drivers include:

* Selection in the consumer staples sector contributed to relative performance, as the Fund's holdings outperformed the Index. 

* Selection in the industrials sector contributed to relative returns, as the Fund's holdings outperformed the Index. 

* Underweight exposure to, and selection, in the financials sector detracted from relative performance, as the sector outperformed the Index and the Fund's holdings underperformed the Index. 

* Overweight exposure to the consumer discretionary sector detracted from relative performance, as the sector underperformed the Index. 

* The Fund's bond alpha strategy contributed to performance. Highlights of the drivers include:

* Holdings of non-agency mortgage-backed securities contributed to performance, as excess yield was earned.

* Long exposure to U.K. interest rates detracted from performance, as interest rates increased.

## 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 EAFE 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](g932242i57438007168ee400d0d2.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A (including sales charge)** | **MSCI EAFE Index** | **MSCI EAFE Value Index** |
| **3/31/15** | $9624 | $10000 | $10000 |
| **4/30/15** | $10129 | $10408 | $10442 |
| **5/31/15** | $10032 | $10355 | $10341 |
| **6/30/15** | $9677 | $10062 | $10022 |
| **7/31/15** | $9785 | $10271 | $10196 |
| **8/31/15** | $8897 | $9515 | $9429 |
| **9/30/15** | $8132 | $9032 | $8842 |
| **10/31/15** | $8844 | $9738 | $9493 |
| **11/30/15** | $8669 | $9586 | $9257 |
| **12/31/15** | $8428 | $9457 | $9079 |
| **1/31/16** | $7689 | $8773 | $8340 |
| **2/29/16** | $7557 | $8613 | $8179 |
| **3/31/16** | $8241 | $9173 | $8718 |
| **4/30/16** | $8737 | $9439 | $9062 |
| **5/31/16** | $8550 | $9353 | $8918 |
| **6/30/16** | $8227 | $9039 | $8475 |
| **7/31/16** | $8647 | $9497 | $8921 |
| **8/31/16** | $8714 | $9504 | $9065 |
| **9/30/16** | $8874 | $9620 | $9153 |
| **10/31/16** | $8974 | $9424 | $9174 |
| **11/30/16** | $8918 | $9236 | $9118 |
| **12/31/16** | $9352 | $9552 | $9535 |
| **1/31/17** | $9707 | $9829 | $9770 |
| **2/28/17** | $9785 | $9969 | $9837 |
| **3/31/17** | $10055 | $10244 | $10112 |
| **4/30/17** | $10211 | $10505 | $10324 |
| **5/31/17** | $10511 | $10890 | $10563 |
| **6/30/17** | $10616 | $10871 | $10595 |
| **7/31/17** | $11057 | $11184 | $10949 |
| **8/31/17** | $11102 | $11180 | $10881 |
| **9/30/17** | $11487 | $11458 | $11216 |
| **10/31/17** | $11647 | $11632 | $11303 |
| **11/30/17** | $11750 | $11754 | $11405 |
| **12/31/17** | $11975 | $11943 | $11579 |
| **1/31/18** | $12599 | $12542 | $12205 |
| **2/28/18** | $12035 | $11976 | $11625 |
| **3/31/18** | $11708 | $11760 | $11345 |
| **4/30/18** | $12110 | $12029 | $11694 |
| **5/31/18** | $11659 | $11758 | $11187 |
| **6/30/18** | $11442 | $11615 | $11045 |
| **7/31/18** | $11825 | $11901 | $11363 |
| **8/31/18** | $11403 | $11671 | $10949 |
| **9/30/18** | $11612 | $11772 | $11176 |
| **10/31/18** | $10744 | $10835 | $10434 |
| **11/30/18** | $10663 | $10821 | $10376 |
| **12/31/18** | $9987 | $10296 | $9868 |
| **1/31/19** | $10749 | $10973 | $10529 |
| **2/28/19** | $10901 | $11252 | $10704 |
| **3/31/19** | $10852 | $11323 | $10649 |
| **4/30/19** | $11098 | $11642 | $10897 |
| **5/31/19** | $10438 | $11083 | $10267 |
| **6/30/19** | $11013 | $11740 | $10814 |
| **7/31/19** | $10828 | $11591 | $10570 |
| **8/31/19** | $10397 | $11291 | $10136 |
| **9/30/19** | $10837 | $11614 | $10625 |
| **10/31/19** | $11270 | $12032 | $11009 |
| **11/30/19** | $11347 | $12167 | $11052 |
| **12/31/19** | $11763 | $12563 | $11456 |
| **1/31/20** | $11401 | $12300 | $11042 |
| **2/29/20** | $10300 | $11188 | $9997 |
| **3/31/20** | $7989 | $9695 | $8226 |
| **4/30/20** | $8523 | $10321 | $8666 |
| **5/31/20** | $8885 | $10771 | $8929 |
| **6/30/20** | $9271 | $11138 | $9248 |
| **7/31/20** | $9352 | $11397 | $9266 |
| **8/31/20** | $10015 | $11983 | $9808 |
| **9/30/20** | $9624 | $11672 | $9358 |
| **10/31/20** | $9358 | $11206 | $8981 |
| **11/30/20** | $11103 | $12943 | $10682 |
| **12/31/20** | $11793 | $13545 | $11155 |
| **1/31/21** | $11947 | $13400 | $11068 |
| **2/28/21** | $12543 | $13701 | $11595 |
| **3/31/21** | $12906 | $14016 | $11985 |
| **4/30/21** | $13189 | $14438 | $12214 |
| **5/31/21** | $13812 | $14908 | $12637 |
| **6/30/21** | $13445 | $14741 | $12346 |
| **7/31/21** | $13347 | $14852 | $12316 |
| **8/31/21** | $13366 | $15114 | $12455 |
| **9/30/21** | $13114 | $14675 | $12227 |
| **10/31/21** | $12990 | $15036 | $12422 |
| **11/30/21** | $12148 | $14336 | $11674 |
| **12/31/21** | $12971 | $15070 | $12370 |
| **1/31/22** | $12971 | $14342 | $12499 |
| **2/28/22** | $12859 | $14088 | $12329 |
| **3/31/22** | $12767 | $14179 | $12411 |
| **4/30/22** | $12025 | $13262 | $11783 |
| **5/31/22** | $12336 | $13361 | $12073 |
| **6/30/22** | $11003 | $12121 | $10871 |
| **7/31/22** | $11340 | $12725 | $11098 |
| **8/31/22** | $10919 | $12121 | $10723 |
| **9/30/22** | $9751 | $10987 | $9762 |
| **10/31/22** | $10318 | $11578 | $10391 |
| **11/30/22** | $11382 | $12882 | $11533 |
| **12/31/22** | $11455 | $12892 | $11679 |
| **1/31/23** | $12366 | $13936 | $12581 |
| **2/28/23** | $12176 | $13645 | $12404 |
| **3/31/23** | $12207 | $13984 | $12372 |
| **4/30/23** | $12531 | $14378 | $12771 |
| **5/31/23** | $11844 | $13770 | $12083 |
| **6/30/23** | $12591 | $14397 | $12763 |
| **7/31/23** | $13244 | $14862 | $13343 |
| **8/31/23** | $12879 | $14293 | $12947 |
| **9/30/23** | $12627 | $13805 | $12837 |
| **10/31/23** | $12002 | $13245 | $12273 |
| **11/30/23** | $13057 | $14475 | $13245 |
| **12/31/23** | $13698 | $15244 | $13892 |
| **1/31/24** | $13658 | $15331 | $13883 |
| **2/29/24** | $13658 | $15612 | $13908 |
| **3/31/24** | $14147 | $16125 | $14515 |
| **4/30/24** | $13945 | $15712 | $14366 |
| **5/31/24** | $14653 | $16321 | $14933 |
| **6/30/24** | $14061 | $16058 | $14517 |
| **7/31/24** | $14788 | $16529 | $15197 |
| **8/31/24** | $15079 | $17066 | $15586 |
| **9/30/24** | $15501 | $17224 | $15808 |
| **10/31/24** | $14524 | $16287 | $15065 |
| **11/30/24** | $14503 | $16195 | $14949 |
| **12/31/24** | $14159 | $15826 | $14682 |
| **1/31/25** | $14761 | $16658 | $15431 |
| **2/28/25** | $15233 | $16981 | $16007 |
| **3/31/25** | $15373 | $16913 | $16380 |

---

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) | 8.66% | 13.99% | 4.80% |
| Class A (including sales charge) | 4.62% | 13.11% | 4.39% |
| MSCI EAFE Index | 4.88% | 11.77% | 5.40% |
| MSCI EAFE Value Index | 12.85% | 14.77% | 5.06% |

---

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 | $131358 |
| # of Portfolio Holdings | 984 |
| Portfolio Turnover Rate | 680% |
| Total Net Advisory Fees Paid During the Reporting Period | $783 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 56.0% |
| Asset-Backed Securities | 23.7% |
| Non-Agency Mortgage-Backed Securities | 13.2% |
| Sovereign Issues | 9.3% |
| Corporate Bonds & Notes | 4.7% |
| U.S. Treasury Obligations | 2.9% |
| Common Stocks | 1.4% |
| Short-Term Instruments | 27.7% |
| Affiliated Investments | 9.1% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (48.0%) |
| Total | 100.0% |

---

---

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

---

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

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses decreased during the year by 0.27% as a result of lower expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g932242ia208f5a1820733359ae7.jpg)

# Class A: PTSOX
![Image](g932242i67073b345faae17987ad.jpg)

# PIMCO RAE PLUS International Fund
Annual Shareholder Report \|

March 31, 2025

PIMS8002TSRAR_033125

# Institutional Class: PTSIX

# PIMCO RAE PLUS International Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g932242i572229cb99157f8c2553.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO RAE PLUS International 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 | $99 | 0.95% |

---

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

* The Fund's exposure to the RAE International Model Portfolio detracted from performance relative to the MSCI EAFE Value Index (the "Index"). Highlights of the drivers include:

* Selection in the consumer staples sector contributed to relative performance, as the Fund's holdings outperformed the Index. 

* Selection in the industrials sector contributed to relative returns, as the Fund's holdings outperformed the Index. 

* Underweight exposure to, and selection, in the financials sector detracted from relative performance, as the sector outperformed the Index and the Fund's holdings underperformed the Index. 

* Overweight exposure to the consumer discretionary sector detracted from relative performance, as the sector underperformed the Index. 

* The Fund's bond alpha strategy contributed to performance. Highlights of the drivers include:

* Holdings of non-agency mortgage-backed securities contributed to performance, as excess yield was earned.

* Long exposure to U.K. interest rates detracted from performance, as interest rates increased.

## 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 EAFE 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](g932242i62219e64cef0f0dba7a2.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **MSCI EAFE Index** | **MSCI EAFE Value Index** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $1052514 | $1040829 | $1044218 |
| **5/31/15** | $1042458 | $1035501 | $1034125 |
| **6/30/15** | $1006091 | $1006162 | $1002152 |
| **7/31/15** | $1017344 | $1027053 | $1019587 |
| **8/31/15** | $925063 | $951500 | $942940 |
| **9/30/15** | $846180 | $903187 | $884186 |
| **10/31/15** | $921447 | $973789 | $949262 |
| **11/30/15** | $902060 | $958639 | $925710 |
| **12/31/15** | $877756 | $945723 | $907878 |
| **1/31/16** | $800780 | $877334 | $834025 |
| **2/29/16** | $788142 | $861260 | $817901 |
| **3/31/16** | $859374 | $917300 | $871845 |
| **4/30/16** | $911074 | $943857 | $906223 |
| **5/31/16** | $891543 | $935283 | $891813 |
| **6/30/16** | $858331 | $903888 | $847543 |
| **7/31/16** | $902170 | $949698 | $892081 |
| **8/31/16** | $909092 | $950372 | $906520 |
| **9/30/16** | $926619 | $962047 | $915284 |
| **10/31/16** | $937030 | $942368 | $917420 |
| **11/30/16** | $932403 | $923600 | $911757 |
| **12/31/16** | $977440 | $955182 | $953495 |
| **1/31/17** | $1014544 | $982889 | $976973 |
| **2/28/17** | $1022660 | $996944 | $983653 |
| **3/31/17** | $1051572 | $1024389 | $1011164 |
| **4/30/17** | $1069020 | $1050454 | $1032379 |
| **5/31/17** | $1099265 | $1089010 | $1056287 |
| **6/30/17** | $1110889 | $1087084 | $1059478 |
| **7/31/17** | $1158161 | $1118442 | $1094917 |
| **8/31/17** | $1162888 | $1118020 | $1088086 |
| **9/30/17** | $1204259 | $1145837 | $1121644 |
| **10/31/17** | $1221002 | $1163237 | $1130331 |
| **11/30/17** | $1231765 | $1175438 | $1140462 |
| **12/31/17** | $1254868 | $1194305 | $1157945 |
| **1/31/18** | $1322630 | $1254211 | $1220467 |
| **2/28/18** | $1262397 | $1197601 | $1162471 |
| **3/31/18** | $1229748 | $1176016 | $1134463 |
| **4/30/18** | $1271888 | $1202867 | $1169412 |
| **5/31/18** | $1224640 | $1175829 | $1118729 |
| **6/30/18** | $1202486 | $1161464 | $1104543 |
| **7/31/18** | $1243951 | $1190054 | $1136251 |
| **8/31/18** | $1198474 | $1167071 | $1094922 |
| **9/30/18** | $1220147 | $1177200 | $1117558 |
| **10/31/18** | $1130556 | $1083504 | $1043356 |
| **11/30/18** | $1122023 | $1082138 | $1037550 |
| **12/31/18** | $1050951 | $1029607 | $986822 |
| **1/31/19** | $1132408 | $1097273 | $1052870 |
| **2/28/19** | $1148380 | $1125244 | $1070379 |
| **3/31/19** | $1142377 | $1132340 | $1064937 |
| **4/30/19** | $1169768 | $1164176 | $1089749 |
| **5/31/19** | $1100485 | $1108265 | $1026668 |
| **6/30/19** | $1161812 | $1174014 | $1081367 |
| **7/31/19** | $1142395 | $1159107 | $1057047 |
| **8/31/19** | $1097088 | $1129080 | $1013624 |
| **9/30/19** | $1144502 | $1161435 | $1062537 |
| **10/31/19** | $1190022 | $1203164 | $1100872 |
| **11/30/19** | $1199776 | $1216727 | $1105228 |
| **12/31/19** | $1243117 | $1256270 | $1145588 |
| **1/31/20** | $1205046 | $1230030 | $1104163 |
| **2/29/20** | $1089176 | $1118838 | $999670 |
| **3/31/20** | $844194 | $969509 | $822555 |
| **4/30/20** | $902129 | $1032141 | $866581 |
| **5/31/20** | $940201 | $1077086 | $892941 |
| **6/30/20** | $981434 | $1113760 | $924779 |
| **7/31/20** | $989953 | $1139721 | $926574 |
| **8/31/20** | $1059812 | $1198315 | $980816 |
| **9/30/20** | $1019133 | $1167178 | $935778 |
| **10/31/20** | $992867 | $1120574 | $898095 |
| **11/30/20** | $1176731 | $1294278 | $1068172 |
| **12/31/20** | $1250480 | $1354457 | $1115488 |
| **1/31/21** | $1266650 | $1340027 | $1106791 |
| **2/28/21** | $1331330 | $1370083 | $1159516 |
| **3/31/21** | $1369340 | $1401585 | $1198536 |
| **4/30/21** | $1401231 | $1443758 | $1221420 |
| **5/31/21** | $1467007 | $1490841 | $1263721 |
| **6/30/21** | $1429099 | $1474063 | $1234608 |
| **7/31/21** | $1418773 | $1485162 | $1231594 |
| **8/31/21** | $1420838 | $1511359 | $1245543 |
| **9/30/21** | $1395159 | $1467498 | $1222681 |
| **10/31/21** | $1382140 | $1503592 | $1242180 |
| **11/30/21** | $1293180 | $1433609 | $1167444 |
| **12/31/21** | $1378946 | $1507015 | $1236980 |
| **1/31/22** | $1378946 | $1434190 | $1249871 |
| **2/28/22** | $1367260 | $1408832 | $1232883 |
| **3/31/22** | $1360927 | $1417887 | $1241108 |
| **4/30/22** | $1281239 | $1326157 | $1178318 |
| **5/31/22** | $1314857 | $1336099 | $1207325 |
| **6/30/22** | $1173251 | $1212126 | $1087111 |
| **7/31/22** | $1209563 | $1272526 | $1109753 |
| **8/31/22** | $1165738 | $1212088 | $1072307 |
| **9/30/22** | $1040218 | $1098700 | $976172 |
| **10/31/22** | $1101852 | $1157783 | $1039134 |
| **11/30/22** | $1216313 | $1288191 | $1153348 |
| **12/31/22** | $1225244 | $1289226 | $1167918 |
| **1/31/23** | $1320845 | $1393623 | $1258070 |
| **2/28/23** | $1301334 | $1364543 | $1240441 |
| **3/31/23** | $1305295 | $1398362 | $1237230 |
| **4/30/23** | $1342589 | $1437842 | $1277098 |
| **5/31/23** | $1268001 | $1376995 | $1208325 |
| **6/30/23** | $1347656 | $1439662 | $1276258 |
| **7/31/23** | $1418689 | $1486244 | $1334292 |
| **8/31/23** | $1379226 | $1429303 | $1294732 |
| **9/30/23** | $1352446 | $1380481 | $1283747 |
| **10/31/23** | $1286130 | $1324514 | $1227284 |
| **11/30/23** | $1400676 | $1447452 | $1324541 |
| **12/31/23** | $1467916 | $1524354 | $1389244 |
| **1/31/24** | $1463833 | $1533126 | $1388311 |
| **2/29/24** | $1465874 | $1561189 | $1390834 |
| **3/31/24** | $1519299 | $1612536 | $1451493 |
| **4/30/24** | $1498486 | $1571241 | $1436649 |
| **5/31/24** | $1573411 | $1632103 | $1493255 |
| **6/30/24** | $1509284 | $1605755 | $1451684 |
| **7/31/24** | $1590406 | $1652862 | $1519736 |
| **8/31/24** | $1622427 | $1706607 | $1558640 |
| **9/30/24** | $1667222 | $1722366 | $1580760 |
| **10/31/24** | $1562475 | $1628702 | $1506514 |
| **11/30/24** | $1560293 | $1619462 | $1494909 |
| **12/31/24** | $1523689 | $1582632 | $1468206 |
| **1/31/25** | $1589937 | $1665802 | $1543108 |
| **2/28/25** | $1640726 | $1698108 | $1600652 |
| **3/31/25** | $1656210 | $1691257 | $1637972 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 9.01% | 14.43% | 5.17% |
| MSCI EAFE Index | 4.88% | 11.77% | 5.40% |
| MSCI EAFE Value Index | 12.85% | 14.77% | 5.06% |

---

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 | $131358 |
| # of Portfolio Holdings | 984 |
| Portfolio Turnover Rate | 680% |
| Total Net Advisory Fees Paid During the Reporting Period | $783 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 56.0% |
| Asset-Backed Securities | 23.7% |
| Non-Agency Mortgage-Backed Securities | 13.2% |
| Sovereign Issues | 9.3% |
| Corporate Bonds & Notes | 4.7% |
| U.S. Treasury Obligations | 2.9% |
| Common Stocks | 1.4% |
| Short-Term Instruments | 27.7% |
| Affiliated Investments | 9.1% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (48.0%) |
| Total | 100.0% |

---

---

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

---

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

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses decreased during the year by 0.27% as a result of lower expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g932242ia208f5a1820733359ae7.jpg)

# Institutional Class: PTSIX
![Image](g932242i67073b345faae17987ad.jpg)

# PIMCO RAE PLUS International Fund
Annual Shareholder Report \|

March 31, 2025

PIMS2013TSRAR_033125

# I-2: PTIPX

# PIMCO RAE PLUS International Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g932242i572229cb99157f8c2553.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO RAE PLUS International 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 | $110 | 1.05% |

---

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

* The Fund's exposure to the RAE International Model Portfolio detracted from performance relative to the MSCI EAFE Value Index (the "Index"). Highlights of the drivers include:

* Selection in the consumer staples sector contributed to relative performance, as the Fund's holdings outperformed the Index. 

* Selection in the industrials sector contributed to relative returns, as the Fund's holdings outperformed the Index. 

* Underweight exposure to, and selection, in the financials sector detracted from relative performance, as the sector outperformed the Index and the Fund's holdings underperformed the Index. 

* Overweight exposure to the consumer discretionary sector detracted from relative performance, as the sector underperformed the Index. 

* The Fund's bond alpha strategy contributed to performance. Highlights of the drivers include:

* Holdings of non-agency mortgage-backed securities contributed to performance, as excess yield was earned.

* Long exposure to U.K. interest rates detracted from performance, as interest rates increased.

## 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 EAFE 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](g932242i551c938971c9b17d6209.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I-2** | **MSCI EAFE Index** | **MSCI EAFE Value Index** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $1052632 | $1040829 | $1044218 |
| **5/31/15** | $1043673 | $1035501 | $1034125 |
| **6/30/15** | $1007052 | $1006162 | $1002152 |
| **7/31/15** | $1017202 | $1027053 | $1019587 |
| **8/31/15** | $925857 | $951500 | $942940 |
| **9/30/15** | $846854 | $903187 | $884186 |
| **10/31/15** | $921040 | $973789 | $949262 |
| **11/30/15** | $902779 | $958639 | $925710 |
| **12/31/15** | $878091 | $945723 | $907878 |
| **1/31/16** | $799936 | $877334 | $834025 |
| **2/29/16** | $787293 | $861260 | $817901 |
| **3/31/16** | $858552 | $917300 | $871845 |
| **4/30/16** | $911421 | $943857 | $906223 |
| **5/31/16** | $891883 | $935283 | $891813 |
| **6/30/16** | $857510 | $903888 | $847543 |
| **7/31/16** | $901366 | $949698 | $892081 |
| **8/31/16** | $908291 | $950372 | $906520 |
| **9/30/16** | $925535 | $962047 | $915284 |
| **10/31/16** | $935947 | $942368 | $917420 |
| **11/30/16** | $931320 | $923600 | $911757 |
| **12/31/16** | $976103 | $955182 | $953495 |
| **1/31/17** | $1013200 | $982889 | $976973 |
| **2/28/17** | $1021315 | $996944 | $983653 |
| **3/31/17** | $1050035 | $1024389 | $1011164 |
| **4/30/17** | $1067478 | $1050454 | $1032379 |
| **5/31/17** | $1097711 | $1089010 | $1056287 |
| **6/30/17** | $1109096 | $1087084 | $1059478 |
| **7/31/17** | $1156342 | $1118442 | $1094917 |
| **8/31/17** | $1161067 | $1118020 | $1088086 |
| **9/30/17** | $1202134 | $1145837 | $1121644 |
| **10/31/17** | $1218863 | $1163237 | $1130331 |
| **11/30/17** | $1228423 | $1175438 | $1140462 |
| **12/31/17** | $1252448 | $1194305 | $1157945 |
| **1/31/18** | $1318894 | $1254211 | $1220467 |
| **2/28/18** | $1259970 | $1197601 | $1162471 |
| **3/31/18** | $1227279 | $1176016 | $1134463 |
| **4/30/18** | $1268103 | $1202867 | $1169412 |
| **5/31/18** | $1222176 | $1175829 | $1118729 |
| **6/30/18** | $1200093 | $1161464 | $1104543 |
| **7/31/18** | $1240185 | $1190054 | $1136251 |
| **8/31/18** | $1196083 | $1167071 | $1094922 |
| **9/30/18** | $1217732 | $1177200 | $1117558 |
| **10/31/18** | $1126793 | $1083504 | $1043356 |
| **11/30/18** | $1118267 | $1082138 | $1037550 |
| **12/31/18** | $1047997 | $1029607 | $986822 |
| **1/31/19** | $1127754 | $1097273 | $1052870 |
| **2/28/19** | $1145300 | $1125244 | $1070379 |
| **3/31/19** | $1139121 | $1132340 | $1064937 |
| **4/30/19** | $1166472 | $1164176 | $1089749 |
| **5/31/19** | $1095680 | $1108265 | $1026668 |
| **6/30/19** | $1158243 | $1174014 | $1081367 |
| **7/31/19** | $1137243 | $1159107 | $1057047 |
| **8/31/19** | $1092012 | $1129080 | $1013624 |
| **9/30/19** | $1140495 | $1161435 | $1062537 |
| **10/31/19** | $1185920 | $1203164 | $1100872 |
| **11/30/19** | $1194031 | $1216727 | $1105228 |
| **12/31/19** | $1238649 | $1256270 | $1145588 |
| **1/31/20** | $1199012 | $1230030 | $1104163 |
| **2/29/20** | $1083405 | $1118838 | $999670 |
| **3/31/20** | $838978 | $969509 | $822555 |
| **4/30/20** | $896782 | $1032141 | $866581 |
| **5/31/20** | $934767 | $1077086 | $892941 |
| **6/30/20** | $974017 | $1113760 | $924779 |
| **7/31/20** | $984216 | $1139721 | $926574 |
| **8/31/20** | $1052210 | $1198315 | $980816 |
| **9/30/20** | $1011497 | $1167178 | $935778 |
| **10/31/20** | $983545 | $1120574 | $898095 |
| **11/30/20** | $1168725 | $1294278 | $1068172 |
| **12/31/20** | $1240389 | $1354457 | $1115488 |
| **1/31/21** | $1256521 | $1340027 | $1106791 |
| **2/28/21** | $1321050 | $1370083 | $1159516 |
| **3/31/21** | $1356816 | $1401585 | $1198536 |
| **4/30/21** | $1388648 | $1443758 | $1221420 |
| **5/31/21** | $1454300 | $1490841 | $1263721 |
| **6/30/21** | $1416292 | $1474063 | $1234608 |
| **7/31/21** | $1405984 | $1485162 | $1231594 |
| **8/31/21** | $1408046 | $1511359 | $1245543 |
| **9/30/21** | $1382675 | $1467498 | $1222681 |
| **10/31/21** | $1369671 | $1503592 | $1242180 |
| **11/30/21** | $1280816 | $1433609 | $1167444 |
| **12/31/21** | $1368234 | $1507015 | $1236980 |
| **1/31/22** | $1368234 | $1434190 | $1249871 |
| **2/28/22** | $1356388 | $1408832 | $1232883 |
| **3/31/22** | $1348423 | $1417887 | $1241108 |
| **4/30/22** | $1270070 | $1326157 | $1178318 |
| **5/31/22** | $1302928 | $1336099 | $1207325 |
| **6/30/22** | $1162783 | $1212126 | $1087111 |
| **7/31/22** | $1198366 | $1272526 | $1109753 |
| **8/31/22** | $1155159 | $1212088 | $1072307 |
| **9/30/22** | $1031400 | $1098700 | $976172 |
| **10/31/22** | $1091395 | $1157783 | $1039134 |
| **11/30/22** | $1203726 | $1288191 | $1153348 |
| **12/31/22** | $1211980 | $1289226 | $1167918 |
| **1/31/23** | $1308297 | $1393623 | $1258070 |
| **2/28/23** | $1288231 | $1364543 | $1240441 |
| **3/31/23** | $1293912 | $1398362 | $1237230 |
| **4/30/23** | $1328227 | $1437842 | $1277098 |
| **5/31/23** | $1255558 | $1376995 | $1208325 |
| **6/30/23** | $1335225 | $1439662 | $1276258 |
| **7/31/23** | $1404219 | $1486244 | $1334292 |
| **8/31/23** | $1365664 | $1429303 | $1294732 |
| **9/30/23** | $1337853 | $1380481 | $1283747 |
| **10/31/23** | $1273752 | $1324514 | $1227284 |
| **11/30/23** | $1385412 | $1447452 | $1324541 |
| **12/31/23** | $1452211 | $1524354 | $1389244 |
| **1/31/24** | $1448007 | $1533126 | $1388311 |
| **2/29/24** | $1450109 | $1561189 | $1390834 |
| **3/31/24** | $1502695 | $1612536 | $1451493 |
| **4/30/24** | $1481259 | $1571241 | $1436649 |
| **5/31/24** | $1556287 | $1632103 | $1493255 |
| **6/30/24** | $1494242 | $1605755 | $1451684 |
| **7/31/24** | $1571265 | $1652862 | $1519736 |
| **8/31/24** | $1604275 | $1706607 | $1558640 |
| **9/30/24** | $1647892 | $1722366 | $1580760 |
| **10/31/24** | $1544336 | $1628702 | $1506514 |
| **11/30/24** | $1542085 | $1619462 | $1494909 |
| **12/31/24** | $1506237 | $1582632 | $1468206 |
| **1/31/25** | $1570042 | $1665802 | $1543108 |
| **2/28/25** | $1620174 | $1698108 | $1600652 |
| **3/31/25** | $1638081 | $1691257 | $1637972 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| I-2 | 9.01% | 14.32% | 5.06% |
| MSCI EAFE Index | 4.88% | 11.77% | 5.40% |
| MSCI EAFE Value Index | 12.85% | 14.77% | 5.06% |

---

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 | $131358 |
| # of Portfolio Holdings | 984 |
| Portfolio Turnover Rate | 680% |
| Total Net Advisory Fees Paid During the Reporting Period | $783 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 56.0% |
| Asset-Backed Securities | 23.7% |
| Non-Agency Mortgage-Backed Securities | 13.2% |
| Sovereign Issues | 9.3% |
| Corporate Bonds & Notes | 4.7% |
| U.S. Treasury Obligations | 2.9% |
| Common Stocks | 1.4% |
| Short-Term Instruments | 27.7% |
| Affiliated Investments | 9.1% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (48.0%) |
| Total | 100.0% |

---

---

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

---

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

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses decreased during the year by 0.27% as a result of lower expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g932242ia208f5a1820733359ae7.jpg)

# I-2: PTIPX
![Image](g932242i67073b345faae17987ad.jpg)

# PIMCO RAE PLUS International Fund
Annual Shareholder Report \|

March 31, 2025

PIMS2015TSRAR_033125

# Class A: PCFAX

# PIMCO RAE PLUS Small Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g932242i572229cb99157f8c2553.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO RAE PLUS Small 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 | $144 | 1.42% |

---

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

* The Fund's exposure to the RAE US Small Model Portfolio contributed to performance relative to the Russell 2000 Value Index (the "Index"). Highlights of the drivers include:

* Overweight exposure to, and selection in, the consumer staples sector contributed to relative performance, as the sector and the Fund's holdings outperformed the Index. 

* Selection in the industrials sector contributed to relative performance, as the Fund's holdings outperformed the Index. 

* Overweight exposure to, and selection in, the consumer discretionary sector detracted from relative performance, as the sector and Fund's holdings underperformed the Index. 

* Underweight exposure to the financials sector detracted from relative performance, as the sector outperformed the Index. 

* The Fund's bond alpha strategy contributed to performance. Highlights of the drivers include:

* Long exposure to U.S. interest rates contributed to performance, as interest rates decreased. 

* Long exposure to U.K. interest rates detracted from performance, as interest rates increased.

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

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

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g932242i2aabb62e195e20c40f7a.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A (including sales charge)** | **S&P 500 Index** | **Russell 2000<sup>®</sup> Value Index** | **Russell 2000<sup>®</sup> Index** |
| **3/31/15** | $9626 | $10000 | $10000 | $10000 |
| **4/30/15** | $9477 | $10096 | $9786 | $9745 |
| **5/31/15** | $9571 | $10226 | $9868 | $9967 |
| **6/30/15** | $9607 | $10028 | $9880 | $10042 |
| **7/31/15** | $9418 | $10238 | $9608 | $9925 |
| **8/31/15** | $8812 | $9620 | $9136 | $9302 |
| **9/30/15** | $8203 | $9382 | $8820 | $8845 |
| **10/31/15** | $8762 | $10174 | $9314 | $9344 |
| **11/30/15** | $8977 | $10204 | $9578 | $9648 |
| **12/31/15** | $8515 | $10043 | $9073 | $9163 |
| **1/31/16** | $7857 | $9545 | $8464 | $8358 |
| **2/29/16** | $7877 | $9532 | $8522 | $8357 |
| **3/31/16** | $8603 | $10178 | $9228 | $9024 |
| **4/30/16** | $8828 | $10218 | $9423 | $9166 |
| **5/31/16** | $8848 | $10401 | $9596 | $9372 |
| **6/30/16** | $8995 | $10428 | $9625 | $9366 |
| **7/31/16** | $9564 | $10813 | $10145 | $9926 |
| **8/31/16** | $9711 | $10828 | $10397 | $10101 |
| **9/30/16** | $9849 | $10830 | $10479 | $10214 |
| **10/31/16** | $9584 | $10632 | $10134 | $9728 |
| **11/30/16** | $10761 | $11026 | $11479 | $10813 |
| **12/31/16** | $11232 | $11244 | $11953 | $11116 |
| **1/31/17** | $11232 | $11457 | $11868 | $11160 |
| **2/28/17** | $11340 | $11912 | $12040 | $11375 |
| **3/31/17** | $11332 | $11926 | $11938 | $11390 |
| **4/30/17** | $11500 | $12049 | $11985 | $11515 |
| **5/31/17** | $11155 | $12218 | $11611 | $11281 |
| **6/30/17** | $11455 | $12294 | $12018 | $11671 |
| **7/31/17** | $11544 | $12547 | $12094 | $11757 |
| **8/31/17** | $11306 | $12586 | $11796 | $11608 |
| **9/30/17** | $12164 | $12845 | $12632 | $12332 |
| **10/31/17** | $12274 | $13145 | $12648 | $12437 |
| **11/30/17** | $12697 | $13548 | $13014 | $12796 |
| **12/31/17** | $12637 | $13699 | $12890 | $12744 |
| **1/31/18** | $12819 | $14483 | $13049 | $13077 |
| **2/28/18** | $12198 | $13949 | $12396 | $12571 |
| **3/31/18** | $12454 | $13595 | $12550 | $12733 |
| **4/30/18** | $12627 | $13647 | $12767 | $12843 |
| **5/31/18** | $13331 | $13976 | $13510 | $13623 |
| **6/30/18** | $13559 | $14062 | $13592 | $13721 |
| **7/31/18** | $13832 | $14585 | $13832 | $13960 |
| **8/31/18** | $14170 | $15060 | $14161 | $14562 |
| **9/30/18** | $13842 | $15146 | $13810 | $14211 |
| **10/31/18** | $12566 | $14111 | $12574 | $12668 |
| **11/30/18** | $12665 | $14398 | $12776 | $12869 |
| **12/31/18** | $11056 | $13098 | $11232 | $11340 |
| **1/31/19** | $12297 | $14148 | $12460 | $12616 |
| **2/28/19** | $12762 | $14602 | $12945 | $13272 |
| **3/31/19** | $12367 | $14886 | $12572 | $12994 |
| **4/30/19** | $12811 | $15489 | $13047 | $13436 |
| **5/31/19** | $11599 | $14504 | $11981 | $12391 |
| **6/30/19** | $12455 | $15526 | $12744 | $13266 |
| **7/31/19** | $12599 | $15750 | $12765 | $13343 |
| **8/31/19** | $11816 | $15500 | $12053 | $12684 |
| **9/30/19** | $12392 | $15790 | $12671 | $12948 |
| **10/31/19** | $12682 | $16132 | $12978 | $13289 |
| **11/30/19** | $12984 | $16718 | $13282 | $13836 |
| **12/31/19** | $13397 | $17222 | $13747 | $14235 |
| **1/31/20** | $12871 | $17216 | $13006 | $13779 |
| **2/29/20** | $11455 | $15798 | $11742 | $12619 |
| **3/31/20** | $7999 | $13847 | $8845 | $9877 |
| **4/30/20** | $9244 | $15622 | $9936 | $11234 |
| **5/31/20** | $9831 | $16366 | $10221 | $11965 |
| **6/30/20** | $10242 | $16692 | $10517 | $12388 |
| **7/31/20** | $10693 | $17633 | $10734 | $12731 |
| **8/31/20** | $11363 | $18900 | $11312 | $13448 |
| **9/30/20** | $10746 | $18182 | $10786 | $12999 |
| **10/31/20** | $10977 | $17699 | $11172 | $13271 |
| **11/30/20** | $13440 | $19636 | $13329 | $15717 |
| **12/31/20** | $14711 | $20391 | $14384 | $17076 |
| **1/31/21** | $16017 | $20185 | $15141 | $17936 |
| **2/28/21** | $17665 | $20742 | $16564 | $19054 |
| **3/31/21** | $18405 | $21650 | $17429 | $19245 |
| **4/30/21** | $18712 | $22806 | $17782 | $19649 |
| **5/31/21** | $20079 | $22965 | $18335 | $19690 |
| **6/30/21** | $20897 | $23501 | $18224 | $20071 |
| **7/31/21** | $19352 | $24059 | $17572 | $19346 |
| **8/31/21** | $19756 | $24791 | $18043 | $19779 |
| **9/30/21** | $19929 | $23638 | $17681 | $19196 |
| **10/31/21** | $20653 | $25294 | $18355 | $20012 |
| **11/30/21** | $19536 | $25119 | $17728 | $19179 |
| **12/31/21** | $20200 | $26244 | $18451 | $19607 |
| **1/31/22** | $19852 | $24886 | $17376 | $17719 |
| **2/28/22** | $20449 | $24141 | $17663 | $17909 |
| **3/31/22** | $20874 | $25038 | $18009 | $18131 |
| **4/30/22** | $19585 | $22854 | $16611 | $16334 |
| **5/31/22** | $19746 | $22896 | $16930 | $16359 |
| **6/30/22** | $16878 | $21006 | $15257 | $15014 |
| **7/31/22** | $18566 | $22943 | $16735 | $16581 |
| **8/31/22** | $18144 | $22007 | $16205 | $16242 |
| **9/30/22** | $15756 | $19981 | $14554 | $14685 |
| **10/31/22** | $18372 | $21598 | $16386 | $16302 |
| **11/30/22** | $19116 | $22805 | $16887 | $16683 |
| **12/31/22** | $17619 | $21491 | $15779 | $15600 |
| **1/31/23** | $19321 | $22842 | $17285 | $17121 |
| **2/28/23** | $18330 | $22284 | $16886 | $16831 |
| **3/31/23** | $17382 | $23103 | $15675 | $16027 |
| **4/30/23** | $16796 | $23463 | $15284 | $15739 |
| **5/31/23** | $16280 | $23565 | $14984 | $15594 |
| **6/30/23** | $18065 | $25122 | $16174 | $16861 |
| **7/31/23** | $19349 | $25929 | $17395 | $17893 |
| **8/31/23** | $18805 | $25516 | $16558 | $16997 |
| **9/30/23** | $18442 | $24300 | $15696 | $15997 |
| **10/31/23** | $17451 | $23789 | $14759 | $14906 |
| **11/30/23** | $18735 | $25961 | $16088 | $16255 |
| **12/31/23** | $20724 | $27141 | $18090 | $18241 |
| **1/31/24** | $20639 | $27597 | $17268 | $17532 |
| **2/29/24** | $21834 | $29070 | $17833 | $18523 |
| **3/31/24** | $23061 | $30006 | $18615 | $19186 |
| **4/30/24** | $21760 | $28780 | $17429 | $17836 |
| **5/31/24** | $22959 | $30207 | $18244 | $18730 |
| **6/30/24** | $22526 | $31291 | $17936 | $18557 |
| **7/31/24** | $24453 | $31672 | $20122 | $20443 |
| **8/31/24** | $24139 | $32440 | $19745 | $20137 |
| **9/30/24** | $24689 | $33133 | $19757 | $20278 |
| **10/31/24** | $24385 | $32833 | $19448 | $19985 |
| **11/30/24** | $27216 | $34760 | $21324 | $22177 |
| **12/31/24** | $25397 | $33931 | $19547 | $20346 |
| **1/31/25** | $26435 | $34876 | $19949 | $20879 |
| **2/28/25** | $24700 | $34421 | $19185 | $19762 |
| **3/31/25** | $23667 | $32482 | $18034 | $18417 |

---

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) | 2.62% | 24.23% | 9.41% |
| Class A (including sales charge) | (1.20%) | 23.27% | 9.00% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| Russell 2000<sup>®</sup> Value Index | (3.12%) | 15.31% | 6.07% |
| Russell 2000<sup>®</sup> Index | (4.01%) | 13.27% | 6.30% |

---

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 | $185355 |
| # of Portfolio Holdings | 1056 |
| Portfolio Turnover Rate | 623% |
| Total Net Advisory Fees Paid During the Reporting Period | $1121 |

---

---

| | |
|:---|:---|
| 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 | 54.0% |
| Asset-Backed Securities | 31.1% |
| Non-Agency Mortgage-Backed Securities | 10.4% |
| Sovereign Issues | 8.0% |
| U.S. Treasury Obligations | 5.9% |
| Corporate Bonds & Notes | 4.5% |
| Common Stocks | 1.1% |
| Short-Term Instruments | 20.6% |
| Affiliated Investments | 9.0% |
| Financial Derivative Instruments | (2.8%) |
| Other Assets and Liabilities, Net | (41.8%) |
| 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. |

---

## 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](g932242ia208f5a1820733359ae7.jpg)

# Class A: PCFAX
![Image](g932242i67073b345faae17987ad.jpg)

# PIMCO RAE PLUS Small Fund
Annual Shareholder Report \|

March 31, 2025

PIMS8001TSRAR_033125

# Class C: PCFEX

# PIMCO RAE PLUS Small Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g932242i572229cb99157f8c2553.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO RAE PLUS Small 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 | $219 | 2.17% |

---

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

* The Fund's exposure to the RAE US Small Model Portfolio contributed to performance relative to the Russell 2000 Value Index (the "Index"). Highlights of the drivers include:

* Overweight exposure to, and selection in, the consumer staples sector contributed to relative performance, as the sector and the Fund's holdings outperformed the Index. 

* Selection in the industrials sector contributed to relative performance, as the Fund's holdings outperformed the Index. 

* Overweight exposure to, and selection in, the consumer discretionary sector detracted from relative performance, as the sector and Fund's holdings underperformed the Index. 

* Underweight exposure to the financials sector detracted from relative performance, as the sector outperformed the Index. 

* The Fund's bond alpha strategy contributed to performance. Highlights of the drivers include:

* Long exposure to U.S. interest rates contributed to performance, as interest rates decreased. 

* Long exposure to U.K. interest rates detracted from performance, as interest rates increased.

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

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

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g932242iab733fc7282076a52b05.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C (excluding sales charge)** | **S&P 500 Index** | **Russell 2000<sup>®</sup> Value Index** | **Russell 2000<sup>®</sup> Index** |
| **3/31/15** | $10000 | $10000 | $10000 | $10000 |
| **4/30/15** | $9837 | $10096 | $9786 | $9745 |
| **5/31/15** | $9935 | $10226 | $9868 | $9967 |
| **6/30/15** | $9959 | $10028 | $9880 | $10042 |
| **7/31/15** | $9762 | $10238 | $9608 | $9925 |
| **8/31/15** | $9130 | $9620 | $9136 | $9302 |
| **9/30/15** | $8500 | $9382 | $8820 | $8845 |
| **10/31/15** | $9065 | $10174 | $9314 | $9344 |
| **11/30/15** | $9290 | $10204 | $9578 | $9648 |
| **12/31/15** | $8804 | $10043 | $9073 | $9163 |
| **1/31/16** | $8109 | $9545 | $8464 | $8358 |
| **2/29/16** | $8129 | $9532 | $8522 | $8357 |
| **3/31/16** | $8876 | $10178 | $9228 | $9024 |
| **4/30/16** | $9101 | $10218 | $9423 | $9166 |
| **5/31/16** | $9121 | $10401 | $9596 | $9372 |
| **6/30/16** | $9264 | $10428 | $9625 | $9366 |
| **7/31/16** | $9837 | $10813 | $10145 | $9926 |
| **8/31/16** | $9990 | $10828 | $10397 | $10101 |
| **9/30/16** | $10123 | $10830 | $10479 | $10214 |
| **10/31/16** | $9847 | $10632 | $10134 | $9728 |
| **11/30/16** | $11043 | $11026 | $11479 | $10813 |
| **12/31/16** | $11524 | $11244 | $11953 | $11116 |
| **1/31/17** | $11514 | $11457 | $11868 | $11160 |
| **2/28/17** | $11616 | $11912 | $12040 | $11375 |
| **3/31/17** | $11596 | $11926 | $11938 | $11390 |
| **4/30/17** | $11769 | $12049 | $11985 | $11515 |
| **5/31/17** | $11401 | $12218 | $11611 | $11281 |
| **6/30/17** | $11715 | $12294 | $12018 | $11671 |
| **7/31/17** | $11787 | $12547 | $12094 | $11757 |
| **8/31/17** | $11550 | $12586 | $11796 | $11608 |
| **9/30/17** | $12405 | $12845 | $12632 | $12332 |
| **10/31/17** | $12509 | $13145 | $12648 | $12437 |
| **11/30/17** | $12937 | $13548 | $13014 | $12796 |
| **12/31/17** | $12873 | $13699 | $12890 | $12744 |
| **1/31/18** | $13039 | $14483 | $13049 | $13077 |
| **2/28/18** | $12407 | $13949 | $12396 | $12571 |
| **3/31/18** | $12663 | $13595 | $12550 | $12733 |
| **4/30/18** | $12831 | $13647 | $12767 | $12843 |
| **5/31/18** | $13524 | $13976 | $13510 | $13623 |
| **6/30/18** | $13752 | $14062 | $13592 | $13721 |
| **7/31/18** | $14022 | $14585 | $13832 | $13960 |
| **8/31/18** | $14360 | $15060 | $14161 | $14562 |
| **9/30/18** | $14019 | $15146 | $13810 | $14211 |
| **10/31/18** | $12714 | $14111 | $12574 | $12668 |
| **11/30/18** | $12816 | $14398 | $12776 | $12869 |
| **12/31/18** | $11172 | $13098 | $11232 | $11340 |
| **1/31/19** | $12413 | $14148 | $12460 | $12616 |
| **2/28/19** | $12880 | $14602 | $12945 | $13272 |
| **3/31/19** | $12479 | $14886 | $12572 | $12994 |
| **4/30/19** | $12911 | $15489 | $13047 | $13436 |
| **5/31/19** | $11689 | $14504 | $11981 | $12391 |
| **6/30/19** | $12540 | $15526 | $12744 | $13266 |
| **7/31/19** | $12676 | $15750 | $12765 | $13343 |
| **8/31/19** | $11884 | $15500 | $12053 | $12684 |
| **9/30/19** | $12451 | $15790 | $12671 | $12948 |
| **10/31/19** | $12737 | $16132 | $12978 | $13289 |
| **11/30/19** | $13034 | $16718 | $13282 | $13836 |
| **12/31/19** | $13432 | $17222 | $13747 | $14235 |
| **1/31/20** | $12906 | $17216 | $13006 | $13779 |
| **2/29/20** | $11468 | $15798 | $11742 | $12619 |
| **3/31/20** | $8004 | $13847 | $8845 | $9877 |
| **4/30/20** | $9242 | $15622 | $9936 | $11234 |
| **5/31/20** | $9830 | $16366 | $10221 | $11965 |
| **6/30/20** | $10238 | $16692 | $10517 | $12388 |
| **7/31/20** | $10687 | $17633 | $10734 | $12731 |
| **8/31/20** | $11346 | $18900 | $11312 | $13448 |
| **9/30/20** | $10721 | $18182 | $10786 | $12999 |
| **10/31/20** | $10943 | $17699 | $11172 | $13271 |
| **11/30/20** | $13394 | $19636 | $13329 | $15717 |
| **12/31/20** | $14649 | $20391 | $14384 | $17076 |
| **1/31/21** | $15942 | $20185 | $15141 | $17936 |
| **2/28/21** | $17570 | $20742 | $16564 | $19054 |
| **3/31/21** | $18300 | $21650 | $17429 | $19245 |
| **4/30/21** | $18581 | $22806 | $17782 | $19649 |
| **5/31/21** | $19934 | $22965 | $18335 | $19690 |
| **6/30/21** | $20731 | $23501 | $18224 | $20071 |
| **7/31/21** | $19179 | $24059 | $17572 | $19346 |
| **8/31/21** | $19577 | $24791 | $18043 | $19779 |
| **9/30/21** | $19733 | $23638 | $17681 | $19196 |
| **10/31/21** | $20437 | $25294 | $18355 | $20012 |
| **11/30/21** | $19327 | $25119 | $17728 | $19179 |
| **12/31/21** | $19990 | $26244 | $18451 | $19607 |
| **1/31/22** | $19608 | $24886 | $17376 | $17719 |
| **2/28/22** | $20154 | $24141 | $17663 | $17909 |
| **3/31/22** | $20603 | $25038 | $18009 | $18131 |
| **4/30/22** | $19327 | $22854 | $16611 | $16334 |
| **5/31/22** | $19460 | $22896 | $16930 | $16359 |
| **6/30/22** | $16613 | $21006 | $15257 | $15014 |
| **7/31/22** | $18270 | $22943 | $16735 | $16581 |
| **8/31/22** | $17849 | $22007 | $16205 | $16242 |
| **9/30/22** | $15486 | $19981 | $14554 | $14685 |
| **10/31/22** | $18047 | $21598 | $16386 | $16302 |
| **11/30/22** | $18779 | $22805 | $16887 | $16683 |
| **12/31/22** | $17294 | $21491 | $15779 | $15600 |
| **1/31/23** | $18946 | $22842 | $17285 | $17121 |
| **2/28/23** | $17958 | $22284 | $16886 | $16831 |
| **3/31/23** | $17032 | $23103 | $15675 | $16027 |
| **4/30/23** | $16445 | $23463 | $15284 | $15739 |
| **5/31/23** | $15935 | $23565 | $14984 | $15594 |
| **6/30/23** | $17665 | $25122 | $16174 | $16861 |
| **7/31/23** | $18915 | $25929 | $17395 | $17893 |
| **8/31/23** | $18359 | $25516 | $16558 | $16997 |
| **9/30/23** | $18004 | $24300 | $15696 | $15997 |
| **10/31/23** | $17016 | $23789 | $14759 | $14906 |
| **11/30/23** | $18267 | $25961 | $16088 | $16255 |
| **12/31/23** | $20178 | $27141 | $18090 | $18241 |
| **1/31/24** | $20084 | $27597 | $17268 | $17532 |
| **2/29/24** | $21247 | $29070 | $17833 | $18523 |
| **3/31/24** | $22414 | $30006 | $18615 | $19186 |
| **4/30/24** | $21151 | $28780 | $17429 | $17836 |
| **5/31/24** | $22284 | $30207 | $18244 | $18730 |
| **6/30/24** | $21852 | $31291 | $17936 | $18557 |
| **7/31/24** | $23724 | $31672 | $20122 | $20443 |
| **8/31/24** | $23393 | $32440 | $19745 | $20137 |
| **9/30/24** | $23914 | $33133 | $19757 | $20278 |
| **10/31/24** | $23610 | $32833 | $19448 | $19985 |
| **11/30/24** | $26331 | $34760 | $21324 | $22177 |
| **12/31/24** | $24554 | $33931 | $19547 | $20346 |
| **1/31/25** | $25535 | $34876 | $19949 | $20879 |
| **2/28/25** | $23866 | $34421 | $19185 | $19762 |
| **3/31/25** | $22835 | $32482 | $18034 | $18417 |

---

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) | 1.88% | 23.33% | 8.61% |
| Class C (including sales charge) | 0.94% | 23.33% | 8.61% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| Russell 2000<sup>®</sup> Value Index | (3.12%) | 15.31% | 6.07% |
| Russell 2000<sup>®</sup> Index | (4.01%) | 13.27% | 6.30% |

---

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 | $185355 |
| # of Portfolio Holdings | 1056 |
| Portfolio Turnover Rate | 623% |
| Total Net Advisory Fees Paid During the Reporting Period | $1121 |

---

---

| | |
|:---|:---|
| 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 | 54.0% |
| Asset-Backed Securities | 31.1% |
| Non-Agency Mortgage-Backed Securities | 10.4% |
| Sovereign Issues | 8.0% |
| U.S. Treasury Obligations | 5.9% |
| Corporate Bonds & Notes | 4.5% |
| Common Stocks | 1.1% |
| Short-Term Instruments | 20.6% |
| Affiliated Investments | 9.0% |
| Financial Derivative Instruments | (2.8%) |
| Other Assets and Liabilities, Net | (41.8%) |
| 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. |

---

## 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](g932242ia208f5a1820733359ae7.jpg)

# Class C: PCFEX
![Image](g932242i67073b345faae17987ad.jpg)

# PIMCO RAE PLUS Small Fund
Annual Shareholder Report \|

March 31, 2025

PIMS8201TSRAR_033125

# Institutional Class: PCFIX

# PIMCO RAE PLUS Small Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g932242i572229cb99157f8c2553.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO RAE PLUS Small 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 | $109 | 1.07% |

---

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

* The Fund's exposure to the RAE US Small Model Portfolio contributed to performance relative to the Russell 2000 Value Index (the "Index"). Highlights of the drivers include:

* Overweight exposure to, and selection in, the consumer staples sector contributed to relative performance, as the sector and the Fund's holdings outperformed the Index. 

* Selection in the industrials sector contributed to relative performance, as the Fund's holdings outperformed the Index. 

* Overweight exposure to, and selection in, the consumer discretionary sector detracted from relative performance, as the sector and Fund's holdings underperformed the Index. 

* Underweight exposure to the financials sector detracted from relative performance, as the sector outperformed the Index. 

* The Fund's bond alpha strategy contributed to performance. Highlights of the drivers include:

* Long exposure to U.S. interest rates contributed to performance, as interest rates decreased. 

* Long exposure to U.K. interest rates detracted from performance, as interest rates increased.

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g932242i100e7b464d7e29d3ee2c.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Institutional Class** | **S&P 500 Index** | **Russell 2000<sup>®</sup> Value Index** | **Russell 2000<sup>®</sup> Index** |
| **3/31/15** | $1000000 | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $984665 | $1009593 | $978641 | $974500 |
| **5/31/15** | $995157 | $1022576 | $986753 | $996748 |
| **6/30/15** | $998643 | $1002781 | $988042 | $1004213 |
| **7/31/15** | $979909 | $1023790 | $960788 | $992545 |
| **8/31/15** | $917188 | $962021 | $913604 | $930173 |
| **9/30/15** | $854726 | $938217 | $881978 | $884539 |
| **10/31/15** | $912645 | $1017360 | $931359 | $934374 |
| **11/30/15** | $934985 | $1020385 | $957835 | $964769 |
| **12/31/15** | $887142 | $1004292 | $907344 | $916328 |
| **1/31/16** | $818979 | $954455 | $846389 | $835755 |
| **2/29/16** | $821014 | $953167 | $852162 | $835722 |
| **3/31/16** | $897316 | $1017828 | $922794 | $902421 |
| **4/30/16** | $920716 | $1021774 | $942338 | $916580 |
| **5/31/16** | $923768 | $1040123 | $959612 | $937221 |
| **6/30/16** | $939028 | $1042818 | $962529 | $936630 |
| **7/31/16** | $998035 | $1081265 | $1014457 | $992557 |
| **8/31/16** | $1014313 | $1082784 | $1039666 | $1010105 |
| **9/30/16** | $1028556 | $1082988 | $1047859 | $1021358 |
| **10/31/16** | $1001087 | $1063233 | $1013416 | $972802 |
| **11/30/16** | $1124189 | $1102610 | $1147927 | $1081279 |
| **12/31/16** | $1175057 | $1124405 | $1195325 | $1111577 |
| **1/31/17** | $1174039 | $1145730 | $1186790 | $1115957 |
| **2/28/17** | $1186248 | $1191223 | $1203963 | $1137495 |
| **3/31/17** | $1185774 | $1192612 | $1193765 | $1138985 |
| **4/30/17** | $1203152 | $1204860 | $1198469 | $1151479 |
| **5/31/17** | $1167374 | $1221816 | $1161148 | $1128058 |
| **6/30/17** | $1200216 | $1229442 | $1201765 | $1167055 |
| **7/31/17** | $1209528 | $1254723 | $1209372 | $1175726 |
| **8/31/17** | $1185731 | $1258564 | $1179646 | $1160771 |
| **9/30/17** | $1275004 | $1284525 | $1263165 | $1233215 |
| **10/31/17** | $1286518 | $1314500 | $1264820 | $1243722 |
| **11/30/17** | $1332578 | $1354816 | $1301424 | $1279566 |
| **12/31/17** | $1326513 | $1369880 | $1289008 | $1274397 |
| **1/31/18** | $1345479 | $1448311 | $1304889 | $1307696 |
| **2/28/18** | $1280771 | $1394930 | $1239644 | $1257062 |
| **3/31/18** | $1308554 | $1359480 | $1254979 | $1273316 |
| **4/30/18** | $1326587 | $1364697 | $1276727 | $1284330 |
| **5/31/18** | $1399848 | $1397561 | $1350995 | $1362289 |
| **6/30/18** | $1425320 | $1406163 | $1359182 | $1372057 |
| **7/31/18** | $1453758 | $1458492 | $1383185 | $1395972 |
| **8/31/18** | $1491297 | $1506017 | $1416132 | $1456152 |
| **9/30/18** | $1457088 | $1514589 | $1380998 | $1421132 |
| **10/31/18** | $1322852 | $1411067 | $1257357 | $1266768 |
| **11/30/18** | $1333178 | $1439822 | $1277626 | $1286897 |
| **12/31/18** | $1163538 | $1309819 | $1123186 | $1134027 |
| **1/31/19** | $1294203 | $1414783 | $1246041 | $1261605 |
| **2/28/19** | $1343980 | $1460209 | $1294474 | $1327196 |
| **3/31/19** | $1303703 | $1488583 | $1257154 | $1299418 |
| **4/30/19** | $1350040 | $1548856 | $1304700 | $1343559 |
| **5/31/19** | $1223552 | $1450428 | $1198132 | $1239070 |
| **6/30/19** | $1313741 | $1552649 | $1274441 | $1326648 |
| **7/31/19** | $1330100 | $1574964 | $1276493 | $1334289 |
| **8/31/19** | $1247047 | $1550016 | $1205252 | $1268415 |
| **9/30/19** | $1308326 | $1579018 | $1267142 | $1294811 |
| **10/31/19** | $1338664 | $1613219 | $1297832 | $1328916 |
| **11/30/19** | $1371530 | $1671777 | $1328214 | $1383615 |
| **12/31/19** | $1414056 | $1722235 | $1374715 | $1423504 |
| **1/31/20** | $1360357 | $1721559 | $1300563 | $1377852 |
| **2/29/20** | $1210769 | $1579842 | $1174187 | $1261865 |
| **3/31/20** | $845109 | $1384711 | $884492 | $987712 |
| **4/30/20** | $976798 | $1562223 | $993603 | $1123374 |
| **5/31/20** | $1039446 | $1636628 | $1022119 | $1196472 |
| **6/30/20** | $1084124 | $1669176 | $1051709 | $1238768 |
| **7/31/20** | $1132667 | $1763293 | $1073406 | $1273057 |
| **8/31/20** | $1202784 | $1890039 | $1131230 | $1344781 |
| **9/30/20** | $1139402 | $1818224 | $1078594 | $1299865 |
| **10/31/20** | $1163494 | $1769870 | $1117176 | $1327084 |
| **11/30/20** | $1424253 | $1963607 | $1332869 | $1571692 |
| **12/31/20** | $1559975 | $2039105 | $1438445 | $1707644 |
| **1/31/21** | $1698260 | $2018518 | $1514122 | $1793572 |
| **2/28/21** | $1873834 | $2074179 | $1656373 | $1905366 |
| **3/31/21** | $1953517 | $2165019 | $1742936 | $1924495 |
| **4/30/21** | $1985659 | $2280563 | $1778195 | $1964910 |
| **5/31/21** | $2132083 | $2296491 | $1833533 | $1968958 |
| **6/30/21** | $2218015 | $2350103 | $1822421 | $2007096 |
| **7/31/21** | $2056705 | $2405929 | $1757197 | $1934620 |
| **8/31/21** | $2100873 | $2479083 | $1804255 | $1977898 |
| **9/30/21** | $2118439 | $2363781 | $1768115 | $1919589 |
| **10/31/21** | $2196101 | $2529392 | $1835534 | $2001248 |
| **11/30/21** | $2077451 | $2511866 | $1772832 | $1917856 |
| **12/31/21** | $2150526 | $2624438 | $1845128 | $1960701 |
| **1/31/22** | $2115189 | $2488631 | $1737557 | $1771945 |
| **2/28/22** | $2175767 | $2414118 | $1766313 | $1790851 |
| **3/31/22** | $2222931 | $2503753 | $1800880 | $1813147 |
| **4/30/22** | $2087138 | $2285421 | $1661114 | $1633446 |
| **5/31/22** | $2104791 | $2289614 | $1692991 | $1635913 |
| **6/30/22** | $1798078 | $2100621 | $1525740 | $1501375 |
| **7/31/22** | $1979814 | $2294307 | $1673462 | $1658119 |
| **8/31/22** | $1934380 | $2200741 | $1620548 | $1624194 |
| **9/30/22** | $1681857 | $1998056 | $1455414 | $1468531 |
| **10/31/22** | $1960541 | $2159821 | $1638636 | $1630202 |
| **11/30/22** | $2041360 | $2280521 | $1688696 | $1668283 |
| **12/31/22** | $1881933 | $2149130 | $1577901 | $1560012 |
| **1/31/23** | $2062644 | $2284168 | $1728480 | $1712066 |
| **2/28/23** | $1958170 | $2228437 | $1688621 | $1683149 |
| **3/31/23** | $1857932 | $2310252 | $1567530 | $1602728 |
| **4/30/23** | $1795813 | $2346311 | $1528436 | $1573911 |
| **5/31/23** | $1740753 | $2356510 | $1498371 | $1559368 |
| **6/30/23** | $1932758 | $2512217 | $1617402 | $1686145 |
| **7/31/23** | $2071114 | $2592922 | $1739451 | $1789253 |
| **8/31/23** | $2011819 | $2551639 | $1655784 | $1699736 |
| **9/30/23** | $1975112 | $2429982 | $1569550 | $1599673 |
| **10/31/23** | $1869227 | $2378888 | $1475927 | $1490575 |
| **11/30/23** | $2007583 | $2596140 | $1608775 | $1625487 |
| **12/31/23** | $2221141 | $2714085 | $1809003 | $1824089 |
| **1/31/24** | $2211052 | $2759693 | $1726838 | $1753150 |
| **2/29/24** | $2340775 | $2907048 | $1783323 | $1852273 |
| **3/31/24** | $2472651 | $3000582 | $1861486 | $1918585 |
| **4/30/24** | $2334953 | $2878024 | $1742872 | $1783555 |
| **5/31/24** | $2463767 | $3020730 | $1824386 | $1873036 |
| **6/30/24** | $2416967 | $3129120 | $1793645 | $1855710 |
| **7/31/24** | $2627072 | $3167209 | $2012237 | $2044250 |
| **8/31/24** | $2592307 | $3244035 | $1974467 | $2013709 |
| **9/30/24** | $2653109 | $3313318 | $1975731 | $2027785 |
| **10/31/24** | $2620773 | $3283271 | $1944831 | $1998504 |
| **11/30/24** | $2925658 | $3476003 | $2132429 | $2217720 |
| **12/31/24** | $2731755 | $3393141 | $1954734 | $2034558 |
| **1/31/25** | $2842968 | $3487632 | $1994884 | $2087904 |
| **2/28/25** | $2658136 | $3442124 | $1918520 | $1976222 |
| **3/31/25** | $2546128 | $3248180 | $1803389 | $1841701 |

---

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 | 2.97% | 24.68% | 9.80% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| Russell 2000<sup>®</sup> Value Index | (3.12%) | 15.31% | 6.07% |
| Russell 2000<sup>®</sup> Index | (4.01%) | 13.27% | 6.30% |

---

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 | $185355 |
| # of Portfolio Holdings | 1056 |
| Portfolio Turnover Rate | 623% |
| Total Net Advisory Fees Paid During the Reporting Period | $1121 |

---

---

| | |
|:---|:---|
| 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 | 54.0% |
| Asset-Backed Securities | 31.1% |
| Non-Agency Mortgage-Backed Securities | 10.4% |
| Sovereign Issues | 8.0% |
| U.S. Treasury Obligations | 5.9% |
| Corporate Bonds & Notes | 4.5% |
| Common Stocks | 1.1% |
| Short-Term Instruments | 20.6% |
| Affiliated Investments | 9.0% |
| Financial Derivative Instruments | (2.8%) |
| Other Assets and Liabilities, Net | (41.8%) |
| 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. |

---

## 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](g932242ia208f5a1820733359ae7.jpg)

# Institutional Class: PCFIX
![Image](g932242i67073b345faae17987ad.jpg)

# PIMCO RAE PLUS Small Fund
Annual Shareholder Report \|

March 31, 2025

PIMS2010TSRAR_033125

# I-2: PCCPX

# PIMCO RAE PLUS Small Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g932242i572229cb99157f8c2553.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO RAE PLUS Small 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 | $119 | 1.17% |

---

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

* The Fund's exposure to the RAE US Small Model Portfolio contributed to performance relative to the Russell 2000 Value Index (the "Index"). Highlights of the drivers include:

* Overweight exposure to, and selection in, the consumer staples sector contributed to relative performance, as the sector and the Fund's holdings outperformed the Index. 

* Selection in the industrials sector contributed to relative performance, as the Fund's holdings outperformed the Index. 

* Overweight exposure to, and selection in, the consumer discretionary sector detracted from relative performance, as the sector and Fund's holdings underperformed the Index. 

* Underweight exposure to the financials sector detracted from relative performance, as the sector outperformed the Index. 

* The Fund's bond alpha strategy contributed to performance. Highlights of the drivers include:

* Long exposure to U.S. interest rates contributed to performance, as interest rates decreased. 

* Long exposure to U.K. interest rates detracted from performance, as interest rates increased.

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g932242i11f8f6bd82663cc0c34e.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **I-2** | **S&P 500 Index** | **Russell 2000<sup>®</sup> Value Index** | **Russell 2000<sup>®</sup> Index** |
| **3/31/15** | $1000000 | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $984653 | $1009593 | $978641 | $974500 |
| **5/31/15** | $994346 | $1022576 | $986753 | $996748 |
| **6/30/15** | $997769 | $1002781 | $988042 | $1004213 |
| **7/31/15** | $979020 | $1023790 | $960788 | $992545 |
| **8/31/15** | $916252 | $962021 | $913604 | $930173 |
| **9/30/15** | $853941 | $938217 | $881978 | $884539 |
| **10/31/15** | $911036 | $1017360 | $931359 | $934374 |
| **11/30/15** | $934205 | $1020385 | $957835 | $964769 |
| **12/31/15** | $885843 | $1004292 | $907344 | $916328 |
| **1/31/16** | $817701 | $954455 | $846389 | $835755 |
| **2/29/16** | $819735 | $953167 | $852162 | $835722 |
| **3/31/16** | $896013 | $1017828 | $922794 | $902421 |
| **4/30/16** | $919405 | $1021774 | $942338 | $916580 |
| **5/31/16** | $922456 | $1040123 | $959612 | $937221 |
| **6/30/16** | $937712 | $1042818 | $962529 | $936630 |
| **7/31/16** | $996700 | $1081265 | $1014457 | $992557 |
| **8/31/16** | $1012973 | $1082784 | $1039666 | $1010105 |
| **9/30/16** | $1027211 | $1082988 | $1047859 | $1021358 |
| **10/31/16** | $999751 | $1063233 | $1013416 | $972802 |
| **11/30/16** | $1122813 | $1102610 | $1147927 | $1081279 |
| **12/31/16** | $1171631 | $1124405 | $1195325 | $1111577 |
| **1/31/17** | $1171631 | $1145730 | $1186790 | $1115957 |
| **2/28/17** | $1183836 | $1191223 | $1203963 | $1137495 |
| **3/31/17** | $1182769 | $1192612 | $1193765 | $1138985 |
| **4/30/17** | $1200147 | $1204860 | $1198469 | $1151479 |
| **5/31/17** | $1164368 | $1221816 | $1161148 | $1128058 |
| **6/30/17** | $1196891 | $1229442 | $1201765 | $1167055 |
| **7/31/17** | $1206202 | $1254723 | $1209372 | $1175726 |
| **8/31/17** | $1182409 | $1258564 | $1179646 | $1160771 |
| **9/30/17** | $1271109 | $1284525 | $1263165 | $1233215 |
| **10/31/17** | $1282617 | $1314500 | $1264820 | $1243722 |
| **11/30/17** | $1328649 | $1354816 | $1301424 | $1279566 |
| **12/31/17** | $1322269 | $1369880 | $1289008 | $1274397 |
| **1/31/18** | $1341223 | $1448311 | $1304889 | $1307696 |
| **2/28/18** | $1276558 | $1394930 | $1239644 | $1257062 |
| **3/31/18** | $1304121 | $1359480 | $1254979 | $1273316 |
| **4/30/18** | $1322140 | $1364697 | $1276727 | $1284330 |
| **5/31/18** | $1395342 | $1397561 | $1350995 | $1362289 |
| **6/30/18** | $1419635 | $1406163 | $1359182 | $1372057 |
| **7/31/18** | $1449187 | $1458492 | $1383185 | $1395972 |
| **8/31/18** | $1485558 | $1506017 | $1416132 | $1456152 |
| **9/30/18** | $1451099 | $1514589 | $1380998 | $1421132 |
| **10/31/18** | $1316992 | $1411067 | $1257357 | $1266768 |
| **11/30/18** | $1328454 | $1439822 | $1277626 | $1286897 |
| **12/31/18** | $1159741 | $1309819 | $1123186 | $1134027 |
| **1/31/19** | $1289016 | $1414783 | $1246041 | $1261605 |
| **2/28/19** | $1338737 | $1460209 | $1294474 | $1327196 |
| **3/31/19** | $1298134 | $1488583 | $1257154 | $1299418 |
| **4/30/19** | $1344406 | $1548856 | $1304700 | $1343559 |
| **5/31/19** | $1218095 | $1450428 | $1198132 | $1239070 |
| **6/30/19** | $1307860 | $1552649 | $1274441 | $1326648 |
| **7/31/19** | $1324193 | $1574964 | $1276493 | $1334289 |
| **8/31/19** | $1241274 | $1550016 | $1205252 | $1268415 |
| **9/30/19** | $1302118 | $1579018 | $1267142 | $1294811 |
| **10/31/19** | $1332400 | $1613219 | $1297832 | $1328916 |
| **11/30/19** | $1365205 | $1671777 | $1328214 | $1383615 |
| **12/31/19** | $1407352 | $1722235 | $1374715 | $1423504 |
| **1/31/20** | $1353763 | $1721559 | $1300563 | $1377852 |
| **2/29/20** | $1204479 | $1579842 | $1174187 | $1261865 |
| **3/31/20** | $840839 | $1384711 | $884492 | $987712 |
| **4/30/20** | $972260 | $1562223 | $993603 | $1123374 |
| **5/31/20** | $1034780 | $1636628 | $1022119 | $1196472 |
| **6/30/20** | $1078224 | $1669176 | $1051709 | $1238768 |
| **7/31/20** | $1126684 | $1763293 | $1073406 | $1273057 |
| **8/31/20** | $1196681 | $1890039 | $1131230 | $1344781 |
| **9/30/20** | $1132960 | $1818224 | $1078594 | $1299865 |
| **10/31/20** | $1157005 | $1769870 | $1117176 | $1327084 |
| **11/30/20** | $1415846 | $1963607 | $1332869 | $1571692 |
| **12/31/20** | $1549535 | $2039105 | $1438445 | $1707644 |
| **1/31/21** | $1689133 | $2018518 | $1514122 | $1793572 |
| **2/28/21** | $1862855 | $2074179 | $1656373 | $1905366 |
| **3/31/21** | $1941041 | $2165019 | $1742936 | $1924495 |
| **4/30/21** | $1973154 | $2280563 | $1778195 | $1964910 |
| **5/31/21** | $2119446 | $2296491 | $1833533 | $1968958 |
| **6/30/21** | $2205214 | $2350103 | $1822421 | $2007096 |
| **7/31/21** | $2042078 | $2405929 | $1757197 | $1934620 |
| **8/31/21** | $2086221 | $2479083 | $1804255 | $1977898 |
| **9/30/21** | $2103986 | $2363781 | $1768115 | $1919589 |
| **10/31/21** | $2181672 | $2529392 | $1835534 | $2001248 |
| **11/30/21** | $2062985 | $2511866 | $1772832 | $1917856 |
| **12/31/21** | $2135926 | $2624438 | $1845128 | $1960701 |
| **1/31/22** | $2100243 | $2488631 | $1737557 | $1771945 |
| **2/28/22** | $2161415 | $2414118 | $1766313 | $1790851 |
| **3/31/22** | $2207315 | $2503753 | $1800880 | $1813147 |
| **4/30/22** | $2072790 | $2285421 | $1661114 | $1633446 |
| **5/31/22** | $2089262 | $2289614 | $1692991 | $1635913 |
| **6/30/22** | $1785596 | $2100621 | $1525740 | $1501375 |
| **7/31/22** | $1965129 | $2294307 | $1673462 | $1658119 |
| **8/31/22** | $1920594 | $2200741 | $1620548 | $1624194 |
| **9/30/22** | $1669032 | $1998056 | $1455414 | $1468531 |
| **10/31/22** | $1945091 | $2159821 | $1638636 | $1630202 |
| **11/30/22** | $2025373 | $2280521 | $1688696 | $1668283 |
| **12/31/22** | $1867033 | $2149130 | $1577901 | $1560012 |
| **1/31/23** | $2046885 | $2284168 | $1728480 | $1712066 |
| **2/28/23** | $1942685 | $2228437 | $1688621 | $1683149 |
| **3/31/23** | $1842768 | $2310252 | $1567530 | $1602728 |
| **4/30/23** | $1781390 | $2346311 | $1528436 | $1573911 |
| **5/31/23** | $1727149 | $2356510 | $1498371 | $1559368 |
| **6/30/23** | $1916992 | $2512217 | $1617402 | $1686145 |
| **7/31/23** | $2054022 | $2592922 | $1739451 | $1789253 |
| **8/31/23** | $1995499 | $2551639 | $1655784 | $1699736 |
| **9/30/23** | $1958387 | $2429982 | $1569550 | $1599673 |
| **10/31/23** | $1852760 | $2378888 | $1475927 | $1490575 |
| **11/30/23** | $1991217 | $2596140 | $1608775 | $1625487 |
| **12/31/23** | $2201854 | $2714085 | $1809003 | $1824089 |
| **1/31/24** | $2193116 | $2759693 | $1726838 | $1753150 |
| **2/29/24** | $2319810 | $2907048 | $1783323 | $1852273 |
| **3/31/24** | $2451040 | $3000582 | $1861486 | $1918585 |
| **4/30/24** | $2313374 | $2878024 | $1742872 | $1783555 |
| **5/31/24** | $2440565 | $3020730 | $1824386 | $1873036 |
| **6/30/24** | $2395802 | $3129120 | $1793645 | $1855710 |
| **7/31/24** | $2602073 | $3167209 | $2012237 | $2044250 |
| **8/31/24** | $2568459 | $3244035 | $1974467 | $2013709 |
| **9/30/24** | $2628363 | $3313318 | $1975731 | $2027785 |
| **10/31/24** | $2597221 | $3283271 | $1944831 | $1998504 |
| **11/30/24** | $2897739 | $3476003 | $2132429 | $2217720 |
| **12/31/24** | $2705753 | $3393141 | $1954734 | $2034558 |
| **1/31/25** | $2815060 | $3487632 | $1994884 | $2087904 |
| **2/28/25** | $2632881 | $3442124 | $1918520 | $1976222 |
| **3/31/25** | $2521916 | $3248180 | $1803389 | $1841701 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| I-2 | 2.89% | 24.57% | 9.69% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| Russell 2000<sup>®</sup> Value Index | (3.12%) | 15.31% | 6.07% |
| Russell 2000<sup>®</sup> Index | (4.01%) | 13.27% | 6.30% |

---

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 | $185355 |
| # of Portfolio Holdings | 1056 |
| Portfolio Turnover Rate | 623% |
| Total Net Advisory Fees Paid During the Reporting Period | $1121 |

---

---

| | |
|:---|:---|
| 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 | 54.0% |
| Asset-Backed Securities | 31.1% |
| Non-Agency Mortgage-Backed Securities | 10.4% |
| Sovereign Issues | 8.0% |
| U.S. Treasury Obligations | 5.9% |
| Corporate Bonds & Notes | 4.5% |
| Common Stocks | 1.1% |
| Short-Term Instruments | 20.6% |
| Affiliated Investments | 9.0% |
| Financial Derivative Instruments | (2.8%) |
| Other Assets and Liabilities, Net | (41.8%) |
| 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. |

---

## 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](g932242ia208f5a1820733359ae7.jpg)

# I-2: PCCPX
![Image](g932242i67073b345faae17987ad.jpg)

# PIMCO RAE PLUS Small Fund
Annual Shareholder Report \|

March 31, 2025

PIMS2012TSRAR_033125

# Class A: PWLBX

# PIMCO RAE Worldwide Long/Short PLUS Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g932242i572229cb99157f8c2553.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO RAE Worldwide Long/Short PLUS Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/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 | $185 | 1.72% |

---

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

* The Fund's net long exposure to the RAE Low Volatility US Model Portfolio, RAE Low Volatility International Model Portfolio and the RAE Low Volatility Emerging Markets Model Portfolio (each, a "RAE Model Portfolio," and collectively, the "RAE Model Portfolios") contributed to performance. Highlights of the drivers include:

* Net long exposure to the RAE Model Portfolios contributed to performance, as the RAE Model Portfolios all had positive returns. 

* Hedging non-U.S. currency risk in the Fund's long/short equity strategy contributed to performance, as the U.S. dollar strengthened relative to most emerging market currencies and had higher interest rate levels than most developed market currencies. 

* The Fund's bond alpha strategy contributed to performance. Highlights of the drivers include:

* Long exposure to U.S. interest rates contributed to performance, as interest rates decreased.

* Long exposure to U.K. interest rates detracted from performance, as interest rates increased.

## 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. For periods prior to the inception date of Class A shares (8/23/2019), performance information shown in the graph and table for these shares is based on the performance of the Fund's Institutional Class shares, adjusted to reflect the fees and other expenses paid by Class A 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](g932242i115628ae2683bae35d17.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A (including sales charge)** | **MSCI All Country World Index** | **ICE BofA SOFR Overnight Rate Index<sup>Footnote Reference(1)</sup><sup>Footnote Reference(2)</sup>** |
| **3/31/15** | $9451 | $10000 | $10000 |
| **4/30/15** | $9650 | $10290 | $10002 |
| **5/31/15** | $9599 | $10277 | $10005 |
| **6/30/15** | $9316 | $10035 | $10007 |
| **7/31/15** | $9506 | $10122 | $10009 |
| **8/31/15** | $8893 | $9428 | $10012 |
| **9/30/15** | $8601 | $9087 | $10014 |
| **10/31/15** | $8960 | $9800 | $10017 |
| **11/30/15** | $8830 | $9719 | $10019 |
| **12/31/15** | $8860 | $9543 | $10022 |
| **1/31/16** | $8917 | $8968 | $10027 |
| **2/29/16** | $8815 | $8906 | $10032 |
| **3/31/16** | $9248 | $9566 | $10037 |
| **4/30/16** | $9394 | $9707 | $10043 |
| **5/31/16** | $9371 | $9720 | $10048 |
| **6/30/16** | $9815 | $9661 | $10053 |
| **7/31/16** | $9852 | $10077 | $10058 |
| **8/31/16** | $9660 | $10111 | $10064 |
| **9/30/16** | $9708 | $10173 | $10069 |
| **10/31/16** | $9705 | $10000 | $10076 |
| **11/30/16** | $9612 | $10076 | $10083 |
| **12/31/16** | $10021 | $10294 | $10090 |
| **1/31/17** | $9986 | $10575 | $10099 |
| **2/28/17** | $10272 | $10872 | $10107 |
| **3/31/17** | $10309 | $11005 | $10115 |
| **4/30/17** | $10193 | $11177 | $10125 |
| **5/31/17** | $10498 | $11423 | $10135 |
| **6/30/17** | $10393 | $11475 | $10144 |
| **7/31/17** | $10484 | $11796 | $10155 |
| **8/31/17** | $10512 | $11841 | $10166 |
| **9/30/17** | $10636 | $12070 | $10177 |
| **10/31/17** | $10791 | $12321 | $10189 |
| **11/30/17** | $10999 | $12559 | $10200 |
| **12/31/17** | $11159 | $12762 | $10211 |
| **1/31/18** | $11292 | $13482 | $10226 |
| **2/28/18** | $10799 | $12915 | $10240 |
| **3/31/18** | $10818 | $12639 | $10255 |
| **4/30/18** | $11144 | $12760 | $10274 |
| **5/31/18** | $11061 | $12776 | $10294 |
| **6/30/18** | $11182 | $12706 | $10314 |
| **7/31/18** | $11508 | $13090 | $10334 |
| **8/31/18** | $11538 | $13192 | $10354 |
| **9/30/18** | $11807 | $13250 | $10374 |
| **10/31/18** | $11496 | $12257 | $10395 |
| **11/30/18** | $11663 | $12436 | $10415 |
| **12/31/18** | $11157 | $11560 | $10436 |
| **1/31/19** | $11472 | $12473 | $10460 |
| **2/28/19** | $11650 | $12807 | $10485 |
| **3/31/19** | $11738 | $12968 | $10509 |
| **4/30/19** | $11677 | $13406 | $10532 |
| **5/31/19** | $11512 | $12610 | $10555 |
| **6/30/19** | $11818 | $13436 | $10578 |
| **7/31/19** | $11849 | $13475 | $10598 |
| **8/31/19** | $11730 | $13156 | $10619 |
| **9/30/19** | $12035 | $13433 | $10639 |
| **10/31/19** | $11988 | $13800 | $10658 |
| **11/30/19** | $12023 | $14137 | $10677 |
| **12/31/19** | $12180 | $14635 | $10696 |
| **1/31/20** | $12083 | $14473 | $10713 |
| **2/29/20** | $11208 | $13304 | $10730 |
| **3/31/20** | $9944 | $11508 | $10748 |
| **4/30/20** | $10442 | $12741 | $10761 |
| **5/31/20** | $10478 | $13295 | $10774 |
| **6/30/20** | $10218 | $13720 | $10787 |
| **7/31/20** | $10218 | $14446 | $10789 |
| **8/31/20** | $10372 | $15330 | $10792 |
| **9/30/20** | $10260 | $14835 | $10795 |
| **10/31/20** | $10000 | $14475 | $10797 |
| **11/30/20** | $10495 | $16259 | $10799 |
| **12/31/20** | $10612 | $17014 | $10801 |
| **1/31/21** | $10534 | $16937 | $10803 |
| **2/28/21** | $10560 | $17329 | $10805 |
| **3/31/21** | $11266 | $17792 | $10808 |
| **4/30/21** | $11345 | $18570 | $10810 |
| **5/31/21** | $11597 | $18859 | $10811 |
| **6/30/21** | $11578 | $19107 | $10813 |
| **7/31/21** | $11686 | $19239 | $10815 |
| **8/31/21** | $11847 | $19720 | $10816 |
| **9/30/21** | $11799 | $18906 | $10817 |
| **10/31/21** | $11743 | $19871 | $10818 |
| **11/30/21** | $11520 | $19392 | $10820 |
| **12/31/21** | $12167 | $20168 | $10821 |
| **1/31/22** | $12386 | $19177 | $10823 |
| **2/28/22** | $12211 | $18682 | $10825 |
| **3/31/22** | $12372 | $19087 | $10827 |
| **4/30/22** | $12631 | $17559 | $10836 |
| **5/31/22** | $12706 | $17579 | $10845 |
| **6/30/22** | $12328 | $16098 | $10854 |
| **7/31/22** | $12266 | $17222 | $10869 |
| **8/31/22** | $12095 | $16588 | $10890 |
| **9/30/22** | $11655 | $15000 | $10912 |
| **10/31/22** | $12319 | $15905 | $10941 |
| **11/30/22** | $12556 | $17139 | $10975 |
| **12/31/22** | $12644 | $16464 | $11013 |
| **1/31/23** | $12527 | $17644 | $11054 |
| **2/28/23** | $12460 | $17139 | $11093 |
| **3/31/23** | $12477 | $17667 | $11137 |
| **4/30/23** | $12962 | $17921 | $11182 |
| **5/31/23** | $12410 | $17729 | $11230 |
| **6/30/23** | $12690 | $18758 | $11278 |
| **7/31/23** | $12724 | $19445 | $11327 |
| **8/31/23** | $12791 | $18902 | $11379 |
| **9/30/23** | $12886 | $18120 | $11429 |
| **10/31/23** | $12802 | $17575 | $11482 |
| **11/30/23** | $12953 | $19197 | $11533 |
| **12/31/23** | $13108 | $20120 | $11586 |
| **1/31/24** | $13655 | $20237 | $11639 |
| **2/29/24** | $13708 | $21106 | $11689 |
| **3/31/24** | $14079 | $21769 | $11742 |
| **4/30/24** | $13761 | $21050 | $11795 |
| **5/31/24** | $13920 | $21905 | $11849 |
| **6/30/24** | $13852 | $22393 | $11898 |
| **7/31/24** | $14643 | $22754 | $11956 |
| **8/31/24** | $14948 | $23332 | $12011 |
| **9/30/24** | $15009 | $23874 | $12063 |
| **10/31/24** | $14843 | $23338 | $12114 |
| **11/30/24** | $15230 | $24211 | $12161 |
| **12/31/24** | $14892 | $23638 | $12208 |
| **1/31/25** | $15252 | $24432 | $12254 |
| **2/28/25** | $15812 | $24284 | $12295 |
| **3/31/25** | $16148 | $23325 | $12341 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class A (excluding sales charge) | 14.70% | 10.18% | 5.50% |
| Class A (including sales charge) | 8.45% | 8.93% | 4.91% |
| MSCI All Country World Index | 7.15% | 15.18% | 8.84% |
| ICE BofA SOFR Overnight Rate Index<sup>Footnote Reference(1)</sup><sup>Footnote Reference(2)</sup> | 5.10% | 2.66% | -% |

---

---

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

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $483875 |
| # of Portfolio Holdings | 1179 |
| Portfolio Turnover Rate | 576% |
| Total Net Advisory Fees Paid During the Reporting Period | $4850 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 57.2% |
| Asset-Backed Securities | 26.2% |
| Non-Agency Mortgage-Backed Securities | 12.4% |
| Corporate Bonds & Notes | 9.4% |
| U.S. Treasury Obligations | 7.8% |
| Sovereign Issues | 7.7% |
| Common Stocks | 1.3% |
| Short-Term Instruments | 26.2% |
| Affiliated Investments | 0.0%<sup>Footnote Reference^</sup> |
| Financial Derivative Instruments | (0.4%) |
| Other Assets and Liabilities, Net | (47.8%) |
| Total | 100.0% |

---

---

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

---

## 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](g932242ia208f5a1820733359ae7.jpg)

# Class A: PWLBX
![Image](g932242i67073b345faae17987ad.jpg)

# PIMCO RAE Worldwide Long/Short PLUS Fund
Annual Shareholder Report \|

March 31, 2025

PIMS8085TSRAR_033125

# Class C: PWLEX

# PIMCO RAE Worldwide Long/Short PLUS Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g932242i572229cb99157f8c2553.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO RAE Worldwide Long/Short PLUS Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/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 | $264 | 2.47% |

---

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

* The Fund's net long exposure to the RAE Low Volatility US Model Portfolio, RAE Low Volatility International Model Portfolio and the RAE Low Volatility Emerging Markets Model Portfolio (each, a "RAE Model Portfolio," and collectively, the "RAE Model Portfolios") contributed to performance. Highlights of the drivers include:

* Net long exposure to the RAE Model Portfolios contributed to performance, as the RAE Model Portfolios all had positive returns. 

* Hedging non-U.S. currency risk in the Fund's long/short equity strategy contributed to performance, as the U.S. dollar strengthened relative to most emerging market currencies and had higher interest rate levels than most developed market currencies. 

* The Fund's bond alpha strategy contributed to performance. Highlights of the drivers include:

* Long exposure to U.S. interest rates contributed to performance, as interest rates decreased.

* Long exposure to U.K. interest rates detracted from performance, as interest rates increased.

## 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. For periods prior to the inception date of Class C shares (8/23/2019), performance information shown in the graph and table for these shares is based on the performance of the Fund's Institutional Class shares, adjusted to reflect the fees and other expenses paid by Class C shares. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g932242i34a976fead07de60aefd.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C (excluding sales charge)** | **MSCI All Country World Index** | **ICE BofA SOFR Overnight Rate Index<sup>Footnote Reference(1)</sup><sup>Footnote Reference(2)</sup>** |
| **3/31/15** | $10000 | $10000 | $10000 |
| **4/30/15** | $10204 | $10290 | $10002 |
| **5/31/15** | $10143 | $10277 | $10005 |
| **6/30/15** | $9838 | $10035 | $10007 |
| **7/31/15** | $10033 | $10122 | $10009 |
| **8/31/15** | $9380 | $9428 | $10012 |
| **9/30/15** | $9066 | $9087 | $10014 |
| **10/31/15** | $9439 | $9800 | $10017 |
| **11/30/15** | $9296 | $9719 | $10019 |
| **12/31/15** | $9321 | $9543 | $10022 |
| **1/31/16** | $9375 | $8968 | $10027 |
| **2/29/16** | $9262 | $8906 | $10032 |
| **3/31/16** | $9712 | $9566 | $10037 |
| **4/30/16** | $9859 | $9707 | $10043 |
| **5/31/16** | $9828 | $9720 | $10048 |
| **6/30/16** | $10288 | $9661 | $10053 |
| **7/31/16** | $10320 | $10077 | $10058 |
| **8/31/16** | $10112 | $10111 | $10064 |
| **9/30/16** | $10157 | $10173 | $10069 |
| **10/31/16** | $10147 | $10000 | $10076 |
| **11/30/16** | $10044 | $10076 | $10083 |
| **12/31/16** | $10464 | $10294 | $10090 |
| **1/31/17** | $10422 | $10575 | $10099 |
| **2/28/17** | $10713 | $10872 | $10107 |
| **3/31/17** | $10745 | $11005 | $10115 |
| **4/30/17** | $10617 | $11177 | $10125 |
| **5/31/17** | $10928 | $11423 | $10135 |
| **6/30/17** | $10813 | $11475 | $10144 |
| **7/31/17** | $10900 | $11796 | $10155 |
| **8/31/17** | $10922 | $11841 | $10166 |
| **9/30/17** | $11044 | $12070 | $10177 |
| **10/31/17** | $11198 | $12321 | $10189 |
| **11/30/17** | $11407 | $12559 | $10200 |
| **12/31/17** | $11566 | $12762 | $10211 |
| **1/31/18** | $11696 | $13482 | $10226 |
| **2/28/18** | $11179 | $12915 | $10240 |
| **3/31/18** | $11192 | $12639 | $10255 |
| **4/30/18** | $11522 | $12760 | $10274 |
| **5/31/18** | $11429 | $12776 | $10294 |
| **6/30/18** | $11547 | $12706 | $10314 |
| **7/31/18** | $11876 | $13090 | $10334 |
| **8/31/18** | $11899 | $13192 | $10354 |
| **9/30/18** | $12169 | $13250 | $10374 |
| **10/31/18** | $11841 | $12257 | $10395 |
| **11/30/18** | $12006 | $12436 | $10415 |
| **12/31/18** | $11478 | $11560 | $10436 |
| **1/31/19** | $11794 | $12473 | $10460 |
| **2/28/19** | $11971 | $12807 | $10485 |
| **3/31/19** | $12053 | $12968 | $10509 |
| **4/30/19** | $11983 | $13406 | $10532 |
| **5/31/19** | $11807 | $12610 | $10555 |
| **6/30/19** | $12113 | $13436 | $10578 |
| **7/31/19** | $12137 | $13475 | $10598 |
| **8/31/19** | $11997 | $13156 | $10619 |
| **9/30/19** | $12307 | $13433 | $10639 |
| **10/31/19** | $12259 | $13800 | $10658 |
| **11/30/19** | $12295 | $14137 | $10677 |
| **12/31/19** | $12450 | $14635 | $10696 |
| **1/31/20** | $12338 | $14473 | $10713 |
| **2/29/20** | $11433 | $13304 | $10730 |
| **3/31/20** | $10143 | $11508 | $10748 |
| **4/30/20** | $10652 | $12741 | $10761 |
| **5/31/20** | $10677 | $13295 | $10774 |
| **6/30/20** | $10409 | $13720 | $10787 |
| **7/31/20** | $10396 | $14446 | $10789 |
| **8/31/20** | $10553 | $15330 | $10792 |
| **9/30/20** | $10431 | $14835 | $10795 |
| **10/31/20** | $10153 | $14475 | $10797 |
| **11/30/20** | $10657 | $16259 | $10799 |
| **12/31/20** | $10763 | $17014 | $10801 |
| **1/31/21** | $10670 | $16937 | $10803 |
| **2/28/21** | $10710 | $17329 | $10805 |
| **3/31/21** | $11405 | $17792 | $10808 |
| **4/30/21** | $11472 | $18570 | $10810 |
| **5/31/21** | $11726 | $18859 | $10811 |
| **6/30/21** | $11705 | $19107 | $10813 |
| **7/31/21** | $11800 | $19239 | $10815 |
| **8/31/21** | $11949 | $19720 | $10816 |
| **9/30/21** | $11904 | $18906 | $10817 |
| **10/31/21** | $11848 | $19871 | $10818 |
| **11/30/21** | $11595 | $19392 | $10820 |
| **12/31/21** | $12243 | $20168 | $10821 |
| **1/31/22** | $12463 | $19177 | $10823 |
| **2/28/22** | $12272 | $18682 | $10825 |
| **3/31/22** | $12422 | $19087 | $10827 |
| **4/30/22** | $12680 | $17559 | $10836 |
| **5/31/22** | $12757 | $17579 | $10845 |
| **6/30/22** | $12374 | $16098 | $10854 |
| **7/31/22** | $12296 | $17222 | $10869 |
| **8/31/22** | $12109 | $16588 | $10890 |
| **9/30/22** | $11660 | $15000 | $10912 |
| **10/31/22** | $12323 | $15905 | $10941 |
| **11/30/22** | $12544 | $17139 | $10975 |
| **12/31/22** | $12630 | $16464 | $11013 |
| **1/31/23** | $12514 | $17644 | $11054 |
| **2/28/23** | $12430 | $17139 | $11093 |
| **3/31/23** | $12447 | $17667 | $11137 |
| **4/30/23** | $12930 | $17921 | $11182 |
| **5/31/23** | $12364 | $17729 | $11230 |
| **6/30/23** | $12630 | $18758 | $11278 |
| **7/31/23** | $12647 | $19445 | $11327 |
| **8/31/23** | $12713 | $18902 | $11379 |
| **9/30/23** | $12796 | $18120 | $11429 |
| **10/31/23** | $12713 | $17575 | $11482 |
| **11/30/23** | $12863 | $19197 | $11533 |
| **12/31/23** | $13015 | $20120 | $11586 |
| **1/31/24** | $13539 | $20237 | $11639 |
| **2/29/24** | $13574 | $21106 | $11689 |
| **3/31/24** | $13924 | $21769 | $11742 |
| **4/30/24** | $13609 | $21050 | $11795 |
| **5/31/24** | $13766 | $21905 | $11849 |
| **6/30/24** | $13692 | $22393 | $11898 |
| **7/31/24** | $14455 | $22754 | $11956 |
| **8/31/24** | $14740 | $23332 | $12011 |
| **9/30/24** | $14805 | $23874 | $12063 |
| **10/31/24** | $14623 | $23338 | $12114 |
| **11/30/24** | $15004 | $24211 | $12161 |
| **12/31/24** | $14646 | $23638 | $12208 |
| **1/31/25** | $15000 | $24432 | $12254 |
| **2/28/25** | $15531 | $24284 | $12295 |
| **3/31/25** | $15873 | $23325 | $12341 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class C (excluding sales charge) | 14.00% | 9.37% | 4.73% |
| Class C (including sales charge) | 13.00% | 9.37% | 4.73% |
| MSCI All Country World Index | 7.15% | 15.18% | 8.84% |
| ICE BofA SOFR Overnight Rate Index<sup>Footnote Reference(1)</sup><sup>Footnote Reference(2)</sup> | 5.10% | 2.66% | -% |

---

---

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

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $483875 |
| # of Portfolio Holdings | 1179 |
| Portfolio Turnover Rate | 576% |
| Total Net Advisory Fees Paid During the Reporting Period | $4850 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 57.2% |
| Asset-Backed Securities | 26.2% |
| Non-Agency Mortgage-Backed Securities | 12.4% |
| Corporate Bonds & Notes | 9.4% |
| U.S. Treasury Obligations | 7.8% |
| Sovereign Issues | 7.7% |
| Common Stocks | 1.3% |
| Short-Term Instruments | 26.2% |
| Affiliated Investments | 0.0%<sup>Footnote Reference^</sup> |
| Financial Derivative Instruments | (0.4%) |
| Other Assets and Liabilities, Net | (47.8%) |
| Total | 100.0% |

---

---

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

---

## 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](g932242ia208f5a1820733359ae7.jpg)

# Class C: PWLEX
![Image](g932242i67073b345faae17987ad.jpg)

# PIMCO RAE Worldwide Long/Short PLUS Fund
Annual Shareholder Report \|

March 31, 2025

PIMS8285TSRAR_033125

# I-2: PWLMX

# PIMCO RAE Worldwide Long/Short PLUS Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g932242i572229cb99157f8c2553.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO RAE Worldwide Long/Short PLUS Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/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 | $153 | 1.42% |

---

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

* The Fund's net long exposure to the RAE Low Volatility US Model Portfolio, RAE Low Volatility International Model Portfolio and the RAE Low Volatility Emerging Markets Model Portfolio (each, a "RAE Model Portfolio," and collectively, the "RAE Model Portfolios") contributed to performance. Highlights of the drivers include:

* Net long exposure to the RAE Model Portfolios contributed to performance, as the RAE Model Portfolios all had positive returns. 

* Hedging non-U.S. currency risk in the Fund's long/short equity strategy contributed to performance, as the U.S. dollar strengthened relative to most emerging market currencies and had higher interest rate levels than most developed market currencies. 

* The Fund's bond alpha strategy contributed to performance. Highlights of the drivers include:

* Long exposure to U.S. interest rates contributed to performance, as interest rates decreased.

* Long exposure to U.K. interest rates detracted from performance, as interest rates increased.

## 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. For periods prior to the inception date of I-2 shares (8/23/2019), performance information shown in the graph and table for these shares is based on the performance of the Fund's Institutional Class shares, adjusted to reflect the fees and other expenses paid by I-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 $1,000,000 Investment
![Growth of 10K Chart](g932242i4eb1c520bbe906f1fe25.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I-2** | **MSCI All Country World Index** | **ICE BofA SOFR Overnight Rate Index<sup>Footnote Reference(1)</sup><sup>Footnote Reference(2)</sup>** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $1021301 | $1029017 | $1000229 |
| **5/31/15** | $1016123 | $1027675 | $1000460 |
| **6/30/15** | $986386 | $1003480 | $1000689 |
| **7/31/15** | $1006808 | $1012195 | $1000924 |
| **8/31/15** | $942133 | $942809 | $1001159 |
| **9/30/15** | $911453 | $908652 | $1001394 |
| **10/31/15** | $949739 | $979964 | $1001666 |
| **11/30/15** | $936183 | $971873 | $1001940 |
| **12/31/15** | $939596 | $954348 | $1002212 |
| **1/31/16** | $945831 | $896791 | $1002719 |
| **2/29/16** | $935236 | $890617 | $1003226 |
| **3/31/16** | $981443 | $956620 | $1003732 |
| **4/30/16** | $997140 | $970742 | $1004260 |
| **5/31/16** | $994952 | $971968 | $1004788 |
| **6/30/16** | $1042406 | $966080 | $1005317 |
| **7/31/16** | $1046537 | $1007715 | $1005845 |
| **8/31/16** | $1026405 | $1011104 | $1006374 |
| **9/30/16** | $1031814 | $1017300 | $1006904 |
| **10/31/16** | $1031727 | $1000035 | $1007607 |
| **11/30/16** | $1022120 | $1007633 | $1008310 |
| **12/31/16** | $1065811 | $1029401 | $1009013 |
| **1/31/17** | $1062434 | $1057548 | $1009853 |
| **2/28/17** | $1093019 | $1087214 | $1010693 |
| **3/31/17** | $1097307 | $1100514 | $1011533 |
| **4/30/17** | $1085171 | $1117665 | $1012501 |
| **5/31/17** | $1117928 | $1142346 | $1013468 |
| **6/30/17** | $1107094 | $1147541 | $1014436 |
| **7/31/17** | $1117014 | $1179610 | $1015532 |
| **8/31/17** | $1120256 | $1184130 | $1016629 |
| **9/30/17** | $1133752 | $1207008 | $1017727 |
| **10/31/17** | $1150576 | $1232071 | $1018858 |
| **11/30/17** | $1173042 | $1255922 | $1019989 |
| **12/31/17** | $1190418 | $1276170 | $1021122 |
| **1/31/18** | $1204892 | $1348166 | $1022563 |
| **2/28/18** | $1152575 | $1291546 | $1024006 |
| **3/31/18** | $1154906 | $1263898 | $1025451 |
| **4/30/18** | $1190028 | $1275968 | $1027418 |
| **5/31/18** | $1181427 | $1277561 | $1029389 |
| **6/30/18** | $1194685 | $1270643 | $1031364 |
| **7/31/18** | $1229792 | $1308960 | $1033370 |
| **8/31/18** | $1233329 | $1319244 | $1035380 |
| **9/30/18** | $1262387 | $1324986 | $1037394 |
| **10/31/18** | $1229445 | $1225693 | $1039457 |
| **11/30/18** | $1247584 | $1243620 | $1041524 |
| **12/31/18** | $1193793 | $1156026 | $1043595 |
| **1/31/19** | $1227799 | $1247305 | $1046033 |
| **2/28/19** | $1247193 | $1280667 | $1048476 |
| **3/31/19** | $1256907 | $1296772 | $1050925 |
| **4/30/19** | $1250662 | $1340558 | $1053203 |
| **5/31/19** | $1233356 | $1261038 | $1055486 |
| **6/30/19** | $1266430 | $1343610 | $1057774 |
| **7/31/19** | $1270076 | $1347548 | $1059827 |
| **8/31/19** | $1257483 | $1315580 | $1061885 |
| **9/30/19** | $1290358 | $1343262 | $1063947 |
| **10/31/19** | $1285288 | $1380026 | $1065813 |
| **11/30/19** | $1290358 | $1413715 | $1067682 |
| **12/31/19** | $1307780 | $1463498 | $1069554 |
| **1/31/20** | $1298662 | $1447332 | $1071288 |
| **2/29/20** | $1203574 | $1330432 | $1073023 |
| **3/31/20** | $1068107 | $1150819 | $1074762 |
| **4/30/20** | $1122815 | $1274100 | $1076061 |
| **5/31/20** | $1126723 | $1329513 | $1077361 |
| **6/30/20** | $1099459 | $1371994 | $1078663 |
| **7/31/20** | $1099459 | $1444554 | $1078940 |
| **8/31/20** | $1115910 | $1532968 | $1079217 |
| **9/30/20** | $1104839 | $1483540 | $1079494 |
| **10/31/20** | $1076869 | $1447478 | $1079692 |
| **11/30/20** | $1131411 | $1625898 | $1079890 |
| **12/31/20** | $1142600 | $1701387 | $1080089 |
| **1/31/21** | $1134208 | $1693650 | $1080317 |
| **2/28/21** | $1138404 | $1732880 | $1080546 |
| **3/31/21** | $1215268 | $1779165 | $1080774 |
| **4/30/21** | $1223796 | $1856954 | $1080957 |
| **5/31/21** | $1250802 | $1885853 | $1081139 |
| **6/30/21** | $1249406 | $1910706 | $1081321 |
| **7/31/21** | $1260961 | $1923871 | $1081454 |
| **8/31/21** | $1278294 | $1972023 | $1081587 |
| **9/30/21** | $1274303 | $1890559 | $1081719 |
| **10/31/21** | $1268299 | $1987061 | $1081838 |
| **11/30/21** | $1244284 | $1939212 | $1081957 |
| **12/31/21** | $1314825 | $2016780 | $1082075 |
| **1/31/22** | $1338360 | $1917731 | $1082277 |
| **2/28/22** | $1319532 | $1868202 | $1082479 |
| **3/31/22** | $1337690 | $1908665 | $1082681 |
| **4/30/22** | $1365456 | $1755892 | $1083588 |
| **5/31/22** | $1373623 | $1757946 | $1084497 |
| **6/30/22** | $1333566 | $1609758 | $1085406 |
| **7/31/22** | $1328540 | $1722172 | $1086882 |
| **8/31/22** | $1308436 | $1658770 | $1089024 |
| **9/30/22** | $1261752 | $1499978 | $1091245 |
| **10/31/22** | $1334971 | $1590496 | $1094093 |
| **11/30/22** | $1360512 | $1713861 | $1097463 |
| **12/31/22** | $1369477 | $1646419 | $1101293 |
| **1/31/23** | $1358666 | $1764429 | $1105379 |
| **2/28/23** | $1349656 | $1713861 | $1109281 |
| **3/31/23** | $1353260 | $1766703 | $1113695 |
| **4/30/23** | $1407318 | $1792095 | $1118173 |
| **5/31/23** | $1347854 | $1772900 | $1123014 |
| **6/30/23** | $1376941 | $1875838 | $1127753 |
| **7/31/23** | $1380550 | $1944507 | $1132705 |
| **8/31/23** | $1389573 | $1890171 | $1137880 |
| **9/30/23** | $1398579 | $1812010 | $1142922 |
| **10/31/23** | $1391351 | $1757529 | $1148156 |
| **11/30/23** | $1407614 | $1919742 | $1153254 |
| **12/31/23** | $1425258 | $2011955 | $1158559 |
| **1/31/24** | $1484247 | $2023748 | $1163888 |
| **2/29/24** | $1491859 | $2110595 | $1168881 |
| **3/31/24** | $1529916 | $2176861 | $1174247 |
| **4/30/24** | $1497567 | $2105039 | $1179460 |
| **5/31/24** | $1514693 | $2190534 | $1184862 |
| **6/30/24** | $1508324 | $2239321 | $1189779 |
| **7/31/24** | $1593628 | $2275436 | $1195621 |
| **8/31/24** | $1626586 | $2333224 | $1201121 |
| **9/30/24** | $1636220 | $2387427 | $1206310 |
| **10/31/24** | $1616339 | $2333837 | $1211352 |
| **11/30/24** | $1660078 | $2421131 | $1216089 |
| **12/31/24** | $1623014 | $2363818 | $1220844 |
| **1/31/25** | $1661914 | $2443163 | $1225398 |
| **2/28/25** | $1724587 | $2428445 | $1229539 |
| **3/31/25** | $1762128 | $2332509 | $1234125 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| I-2 | 15.18% | 10.53% | 5.83% |
| MSCI All Country World Index | 7.15% | 15.18% | 8.84% |
| ICE BofA SOFR Overnight Rate Index<sup>Footnote Reference(1)</sup><sup>Footnote Reference(2)</sup> | 5.10% | 2.66% | -% |

---

---

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

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $483875 |
| # of Portfolio Holdings | 1179 |
| Portfolio Turnover Rate | 576% |
| Total Net Advisory Fees Paid During the Reporting Period | $4850 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 57.2% |
| Asset-Backed Securities | 26.2% |
| Non-Agency Mortgage-Backed Securities | 12.4% |
| Corporate Bonds & Notes | 9.4% |
| U.S. Treasury Obligations | 7.8% |
| Sovereign Issues | 7.7% |
| Common Stocks | 1.3% |
| Short-Term Instruments | 26.2% |
| Affiliated Investments | 0.0%<sup>Footnote Reference^</sup> |
| Financial Derivative Instruments | (0.4%) |
| Other Assets and Liabilities, Net | (47.8%) |
| Total | 100.0% |

---

---

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

---

## 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](g932242ia208f5a1820733359ae7.jpg)

# I-2: PWLMX
![Image](g932242i67073b345faae17987ad.jpg)

# PIMCO RAE Worldwide Long/Short PLUS Fund
Annual Shareholder Report \|

March 31, 2025

PIMS2212TSRAR_033125

# Institutional Class: PWLIX

# PIMCO RAE Worldwide Long/Short PLUS Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g932242i572229cb99157f8c2553.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO RAE Worldwide Long/Short PLUS Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/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 | $142 | 1.32% |

---

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

* The Fund's net long exposure to the RAE Low Volatility US Model Portfolio, RAE Low Volatility International Model Portfolio and the RAE Low Volatility Emerging Markets Model Portfolio (each, a "RAE Model Portfolio," and collectively, the "RAE Model Portfolios") contributed to performance. Highlights of the drivers include:

* Net long exposure to the RAE Model Portfolios contributed to performance, as the RAE Model Portfolios all had positive returns. 

* Hedging non-U.S. currency risk in the Fund's long/short equity strategy contributed to performance, as the U.S. dollar strengthened relative to most emerging market currencies and had higher interest rate levels than most developed market currencies. 

* The Fund's bond alpha strategy contributed to performance. Highlights of the drivers include:

* Long exposure to U.S. interest rates contributed to performance, as interest rates decreased.

* Long exposure to U.K. interest rates detracted from performance, as interest rates increased.

## 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](g932242i47a3b20020b449f32098.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **MSCI All Country World Index** | **ICE BofA SOFR Overnight Rate Index<sup>Footnote Reference(1)</sup><sup>Footnote Reference(2)</sup>** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $1021385 | $1029017 | $1000229 |
| **5/31/15** | $1016293 | $1027675 | $1000460 |
| **6/30/15** | $986633 | $1003480 | $1000689 |
| **7/31/15** | $1007145 | $1012195 | $1000924 |
| **8/31/15** | $942532 | $942809 | $1001159 |
| **9/30/15** | $911915 | $908652 | $1001394 |
| **10/31/15** | $950300 | $979964 | $1001666 |
| **11/30/15** | $936814 | $971873 | $1001940 |
| **12/31/15** | $940308 | $954348 | $1002212 |
| **1/31/16** | $946626 | $896791 | $1002719 |
| **2/29/16** | $936096 | $890617 | $1003226 |
| **3/31/16** | $982427 | $956620 | $1003732 |
| **4/30/16** | $998222 | $970742 | $1004260 |
| **5/31/16** | $996116 | $971968 | $1004788 |
| **6/30/16** | $1043708 | $966080 | $1005317 |
| **7/31/16** | $1047933 | $1007715 | $1005845 |
| **8/31/16** | $1027862 | $1011104 | $1006374 |
| **9/30/16** | $1033363 | $1017300 | $1006904 |
| **10/31/16** | $1033363 | $1000035 | $1007607 |
| **11/30/16** | $1023824 | $1007633 | $1008310 |
| **12/31/16** | $1067677 | $1029401 | $1009013 |
| **1/31/17** | $1064385 | $1057548 | $1009853 |
| **2/28/17** | $1095109 | $1087214 | $1010693 |
| **3/31/17** | $1099499 | $1100514 | $1011533 |
| **4/30/17** | $1087428 | $1117665 | $1012501 |
| **5/31/17** | $1120347 | $1142346 | $1013468 |
| **6/30/17** | $1109582 | $1147541 | $1014436 |
| **7/31/17** | $1119619 | $1179610 | $1015532 |
| **8/31/17** | $1122964 | $1184130 | $1016629 |
| **9/30/17** | $1136585 | $1207008 | $1017727 |
| **10/31/17** | $1153549 | $1232071 | $1018858 |
| **11/30/17** | $1176168 | $1255922 | $1019989 |
| **12/31/17** | $1193690 | $1276170 | $1021122 |
| **1/31/18** | $1208307 | $1348166 | $1022563 |
| **2/28/18** | $1155931 | $1291546 | $1024006 |
| **3/31/18** | $1158367 | $1263898 | $1025451 |
| **4/30/18** | $1193690 | $1275968 | $1027418 |
| **5/31/18** | $1185164 | $1277561 | $1029389 |
| **6/30/18** | $1198562 | $1270643 | $1031364 |
| **7/31/18** | $1233886 | $1308960 | $1033370 |
| **8/31/18** | $1237540 | $1319244 | $1035380 |
| **9/30/18** | $1266800 | $1324986 | $1037394 |
| **10/31/18** | $1233849 | $1225693 | $1039457 |
| **11/30/18** | $1252155 | $1243620 | $1041524 |
| **12/31/18** | $1198271 | $1156026 | $1043595 |
| **1/31/19** | $1232507 | $1247305 | $1046033 |
| **2/28/19** | $1252070 | $1280667 | $1048476 |
| **3/31/19** | $1261930 | $1296772 | $1050925 |
| **4/30/19** | $1255762 | $1340558 | $1053203 |
| **5/31/19** | $1238492 | $1261038 | $1055486 |
| **6/30/19** | $1271807 | $1343610 | $1057774 |
| **7/31/19** | $1275578 | $1347548 | $1059827 |
| **8/31/19** | $1261754 | $1315580 | $1061885 |
| **9/30/19** | $1295325 | $1343262 | $1063947 |
| **10/31/19** | $1291508 | $1380026 | $1065813 |
| **11/30/19** | $1296598 | $1413715 | $1067682 |
| **12/31/19** | $1314451 | $1463498 | $1069554 |
| **1/31/20** | $1303988 | $1447332 | $1071288 |
| **2/29/20** | $1209818 | $1330432 | $1073023 |
| **3/31/20** | $1073796 | $1150819 | $1074762 |
| **4/30/20** | $1128728 | $1274100 | $1076061 |
| **5/31/20** | $1131344 | $1329513 | $1077361 |
| **6/30/20** | $1104208 | $1371994 | $1078663 |
| **7/31/20** | $1104208 | $1444554 | $1078940 |
| **8/31/20** | $1122107 | $1532968 | $1079217 |
| **9/30/20** | $1110181 | $1483540 | $1079494 |
| **10/31/20** | $1082076 | $1447478 | $1079692 |
| **11/30/20** | $1136882 | $1625898 | $1079890 |
| **12/31/20** | $1149530 | $1701387 | $1080089 |
| **1/31/21** | $1141098 | $1693650 | $1080317 |
| **2/28/21** | $1145314 | $1732880 | $1080546 |
| **3/31/21** | $1221161 | $1779165 | $1080774 |
| **4/30/21** | $1229740 | $1856954 | $1080957 |
| **5/31/21** | $1258339 | $1885853 | $1081139 |
| **6/30/21** | $1257171 | $1910706 | $1081321 |
| **7/31/21** | $1268798 | $1923871 | $1081454 |
| **8/31/21** | $1286239 | $1972023 | $1081587 |
| **9/30/21** | $1282371 | $1890559 | $1081719 |
| **10/31/21** | $1276329 | $1987061 | $1081838 |
| **11/30/21** | $1252162 | $1939212 | $1081957 |
| **12/31/21** | $1323641 | $2016780 | $1082075 |
| **1/31/22** | $1347334 | $1917731 | $1082277 |
| **2/28/22** | $1328380 | $1868202 | $1082479 |
| **3/31/22** | $1345276 | $1908665 | $1082681 |
| **4/30/22** | $1374878 | $1755892 | $1083588 |
| **5/31/22** | $1383101 | $1757946 | $1084497 |
| **6/30/22** | $1342887 | $1609758 | $1085406 |
| **7/31/22** | $1337826 | $1722172 | $1086882 |
| **8/31/22** | $1317582 | $1658770 | $1089024 |
| **9/30/22** | $1271267 | $1499978 | $1091245 |
| **10/31/22** | $1345038 | $1590496 | $1094093 |
| **11/30/22** | $1370772 | $1713861 | $1097463 |
| **12/31/22** | $1380361 | $1646419 | $1101293 |
| **1/31/23** | $1369464 | $1764429 | $1105379 |
| **2/28/23** | $1360383 | $1713861 | $1109281 |
| **3/31/23** | $1364015 | $1766703 | $1113695 |
| **4/30/23** | $1416687 | $1792095 | $1118173 |
| **5/31/23** | $1358566 | $1772900 | $1123014 |
| **6/30/23** | $1388185 | $1875838 | $1127753 |
| **7/31/23** | $1391824 | $1944507 | $1132705 |
| **8/31/23** | $1400921 | $1890171 | $1137880 |
| **9/30/23** | $1410805 | $1812010 | $1142922 |
| **10/31/23** | $1403515 | $1757529 | $1148156 |
| **11/30/23** | $1419919 | $1919742 | $1153254 |
| **12/31/23** | $1438644 | $2011955 | $1158559 |
| **1/31/24** | $1498187 | $2023748 | $1163888 |
| **2/29/24** | $1503950 | $2110595 | $1168881 |
| **3/31/24** | $1544285 | $2176861 | $1174247 |
| **4/30/24** | $1509712 | $2105039 | $1179460 |
| **5/31/24** | $1528919 | $2190534 | $1184862 |
| **6/30/24** | $1522804 | $2239321 | $1189779 |
| **7/31/24** | $1608927 | $2275436 | $1195621 |
| **8/31/24** | $1642201 | $2333224 | $1201121 |
| **9/30/24** | $1650321 | $2387427 | $1206310 |
| **10/31/24** | $1632252 | $2333837 | $1211352 |
| **11/30/24** | $1676421 | $2421131 | $1216089 |
| **12/31/24** | $1637262 | $2363818 | $1220844 |
| **1/31/25** | $1678740 | $2443163 | $1225398 |
| **2/28/25** | $1739864 | $2428445 | $1229539 |
| **3/31/25** | $1780017 | $2332509 | $1234125 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 15.26% | 10.64% | 5.94% |
| MSCI All Country World Index | 7.15% | 15.18% | 8.84% |
| ICE BofA SOFR Overnight Rate Index<sup>Footnote Reference(1)</sup><sup>Footnote Reference(2)</sup> | 5.10% | 2.66% | -% |

---

---

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

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $483875 |
| # of Portfolio Holdings | 1179 |
| Portfolio Turnover Rate | 576% |
| Total Net Advisory Fees Paid During the Reporting Period | $4850 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 57.2% |
| Asset-Backed Securities | 26.2% |
| Non-Agency Mortgage-Backed Securities | 12.4% |
| Corporate Bonds & Notes | 9.4% |
| U.S. Treasury Obligations | 7.8% |
| Sovereign Issues | 7.7% |
| Common Stocks | 1.3% |
| Short-Term Instruments | 26.2% |
| Affiliated Investments | 0.0%<sup>Footnote Reference^</sup> |
| Financial Derivative Instruments | (0.4%) |
| Other Assets and Liabilities, Net | (47.8%) |
| Total | 100.0% |

---

---

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

---

## 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](g932242ia208f5a1820733359ae7.jpg)

# Institutional Class: PWLIX
![Image](g932242i67073b345faae17987ad.jpg)

# PIMCO RAE Worldwide Long/Short PLUS Fund
Annual Shareholder Report \|

March 31, 2025

PIMS2118TSRAR_033125

# Class A: PTOAX

# PIMCO StocksPLUS<sup>®</sup> Absolute Return Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g932242i572229cb99157f8c2553.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $144 | 1.38% |

---

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

* The Fund's exposure to equity index derivatives linked to the S&P 500 Index contributed to absolute performance, as the S&P 500 Index returned 8.25%. 

* The Fund's bond alpha strategy contributed to performance.Highlights about the drivers of performance include the following:

* Long exposure to U.S. interest rates contributed to performance, as interest rates decreased.

* Holdings of non-agency mortgage-backed securities contributed to performance, as excess yield was earned.

* Long exposure to U.K. interest rates detracted from performance, as interest rates increased.

* Long exposure to Australian interest rates detracted from performance, as interest rates increased.

## 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](g932242ia2507825089564a08fca.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A (including sales charge)** | **S&P 500 Index** |
| **3/31/15** | $9625 | $10000 |
| **4/30/15** | $9715 | $10096 |
| **5/31/15** | $9875 | $10226 |
| **6/30/15** | $9629 | $10028 |
| **7/31/15** | $9830 | $10238 |
| **8/31/15** | $9048 | $9620 |
| **9/30/15** | $8619 | $9382 |
| **10/31/15** | $9412 | $10174 |
| **11/30/15** | $9462 | $10204 |
| **12/31/15** | $9300 | $10043 |
| **1/31/16** | $8710 | $9545 |
| **2/29/16** | $8615 | $9532 |
| **3/31/16** | $9342 | $10178 |
| **4/30/16** | $9469 | $10218 |
| **5/31/16** | $9627 | $10401 |
| **6/30/16** | $9680 | $10428 |
| **7/31/16** | $10080 | $10813 |
| **8/31/16** | $10091 | $10828 |
| **9/30/16** | $10133 | $10830 |
| **10/31/16** | $10017 | $10632 |
| **11/30/16** | $10354 | $11026 |
| **12/31/16** | $10619 | $11244 |
| **1/31/17** | $10883 | $11457 |
| **2/28/17** | $11368 | $11912 |
| **3/31/17** | $11401 | $11926 |
| **4/30/17** | $11518 | $12049 |
| **5/31/17** | $11677 | $12218 |
| **6/30/17** | $11744 | $12294 |
| **7/31/17** | $11999 | $12547 |
| **8/31/17** | $12041 | $12586 |
| **9/30/17** | $12317 | $12845 |
| **10/31/17** | $12626 | $13145 |
| **11/30/17** | $12999 | $13548 |
| **12/31/17** | $13105 | $13699 |
| **1/31/18** | $13852 | $14483 |
| **2/28/18** | $13354 | $13949 |
| **3/31/18** | $13004 | $13595 |
| **4/30/18** | $13066 | $13647 |
| **5/31/18** | $13390 | $13976 |
| **6/30/18** | $13463 | $14062 |
| **7/31/18** | $13975 | $14585 |
| **8/31/18** | $14337 | $15060 |
| **9/30/18** | $14437 | $15146 |
| **10/31/18** | $13436 | $14111 |
| **11/30/18** | $13636 | $14398 |
| **12/31/18** | $12307 | $13098 |
| **1/31/19** | $13367 | $14148 |
| **2/28/19** | $13794 | $14602 |
| **3/31/19** | $14071 | $14886 |
| **4/30/19** | $14667 | $15489 |
| **5/31/19** | $13696 | $14504 |
| **6/30/19** | $14700 | $15526 |
| **7/31/19** | $14898 | $15750 |
| **8/31/19** | $14559 | $15500 |
| **9/30/19** | $14838 | $15790 |
| **10/31/19** | $15200 | $16132 |
| **11/30/19** | $15778 | $16718 |
| **12/31/19** | $16319 | $17222 |
| **1/31/20** | $16349 | $17216 |
| **2/29/20** | $14954 | $15798 |
| **3/31/20** | $12413 | $13847 |
| **4/30/20** | $14280 | $15622 |
| **5/31/20** | $15069 | $16366 |
| **6/30/20** | $15490 | $16692 |
| **7/31/20** | $16440 | $17633 |
| **8/31/20** | $17712 | $18900 |
| **9/30/20** | $17039 | $18182 |
| **10/31/20** | $16603 | $17699 |
| **11/30/20** | $18517 | $19636 |
| **12/31/20** | $19308 | $20391 |
| **1/31/21** | $19166 | $20185 |
| **2/28/21** | $19638 | $20742 |
| **3/31/21** | $20516 | $21650 |
| **4/30/21** | $21627 | $22806 |
| **5/31/21** | $21789 | $22965 |
| **6/30/21** | $22263 | $23501 |
| **7/31/21** | $22773 | $24059 |
| **8/31/21** | $23465 | $24791 |
| **9/30/21** | $22329 | $23638 |
| **10/31/21** | $23718 | $25294 |
| **11/30/21** | $23478 | $25119 |
| **12/31/21** | $24584 | $26244 |
| **1/31/22** | $23189 | $24886 |
| **2/28/22** | $22343 | $24141 |
| **3/31/22** | $23076 | $25038 |
| **4/30/22** | $20897 | $22854 |
| **5/31/22** | $20854 | $22896 |
| **6/30/22** | $18896 | $21006 |
| **7/31/22** | $20736 | $22943 |
| **8/31/22** | $19795 | $22007 |
| **9/30/22** | $17703 | $19981 |
| **10/31/22** | $19118 | $21598 |
| **11/30/22** | $20254 | $22805 |
| **12/31/22** | $19077 | $21491 |
| **1/31/23** | $20443 | $22842 |
| **2/28/23** | $19914 | $22284 |
| **3/31/23** | $20421 | $23103 |
| **4/30/23** | $20773 | $23463 |
| **5/31/23** | $20861 | $23565 |
| **6/30/23** | $22222 | $25122 |
| **7/31/23** | $22971 | $25929 |
| **8/31/23** | $22574 | $25516 |
| **9/30/23** | $21438 | $24300 |
| **10/31/23** | $20881 | $23789 |
| **11/30/23** | $22929 | $25961 |
| **12/31/23** | $24117 | $27141 |
| **1/31/24** | $24546 | $27597 |
| **2/29/24** | $25856 | $29070 |
| **3/31/24** | $26755 | $30006 |
| **4/30/24** | $25565 | $28780 |
| **5/31/24** | $26915 | $30207 |
| **6/30/24** | $27856 | $31291 |
| **7/31/24** | $28296 | $31672 |
| **8/31/24** | $28946 | $32440 |
| **9/30/24** | $29627 | $33133 |
| **10/31/24** | $29156 | $32833 |
| **11/30/24** | $31040 | $34760 |
| **12/31/24** | $30208 | $33931 |
| **1/31/25** | $31159 | $34876 |
| **2/28/25** | $30884 | $34421 |
| **3/31/25** | $29096 | $32482 |

---

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) | 8.75% | 18.57% | 11.70% |
| Class A (including sales charge) | 4.67% | 17.67% | 11.27% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $1582689 |
| # of Portfolio Holdings | 1306 |
| Portfolio Turnover Rate | 664% |
| Total Net Advisory Fees Paid During the Reporting Period | $7141 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 59.0% |
| Asset-Backed Securities | 31.7% |
| Sovereign Issues | 9.6% |
| Corporate Bonds & Notes | 9.0% |
| Non-Agency Mortgage-Backed Securities | 8.2% |
| U.S. Treasury Obligations | 4.6% |
| Common Stocks | 1.4% |
| Other Investments | 0.2% |
| Short-Term Instruments | 22.5% |
| Affiliated Investments | 10.5% |
| Financial Derivative Instruments | (2.4%) |
| Other Assets and Liabilities, Net | (54.3%) |
| 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](g932242ia208f5a1820733359ae7.jpg)

# Class A: PTOAX
![Image](g932242i67073b345faae17987ad.jpg)

# PIMCO StocksPLUS<sup>®</sup> Absolute Return Fund
Annual Shareholder Report \|

March 31, 2025

PIMS4062TSRAR_033125

# Class C: PSOCX

# PIMCO StocksPLUS<sup>®</sup> Absolute Return Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g932242i572229cb99157f8c2553.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $222 | 2.13% |

---

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

* The Fund's exposure to equity index derivatives linked to the S&P 500 Index contributed to absolute performance, as the S&P 500 Index returned 8.25%. 

* The Fund's bond alpha strategy contributed to performance.Highlights about the drivers of performance include the following:

* Long exposure to U.S. interest rates contributed to performance, as interest rates decreased.

* Holdings of non-agency mortgage-backed securities contributed to performance, as excess yield was earned.

* Long exposure to U.K. interest rates detracted from performance, as interest rates increased.

* Long exposure to Australian interest rates detracted from performance, as interest rates increased.

## 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](g932242i77883e3dc9dbd7e8166a.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C (excluding sales charge)** | **S&P 500 Index** |
| **3/31/15** | $10000 | $10000 |
| **4/30/15** | $10089 | $10096 |
| **5/31/15** | $10244 | $10226 |
| **6/30/15** | $9980 | $10028 |
| **7/31/15** | $10190 | $10238 |
| **8/31/15** | $9370 | $9620 |
| **9/30/15** | $8924 | $9382 |
| **10/31/15** | $9733 | $10174 |
| **11/30/15** | $9777 | $10204 |
| **12/31/15** | $9601 | $10043 |
| **1/31/16** | $8984 | $9545 |
| **2/29/16** | $8891 | $9532 |
| **3/31/16** | $9636 | $10178 |
| **4/30/16** | $9753 | $10218 |
| **5/31/16** | $9916 | $10401 |
| **6/30/16** | $9951 | $10428 |
| **7/31/16** | $10370 | $10813 |
| **8/31/16** | $10370 | $10828 |
| **9/30/16** | $10405 | $10830 |
| **10/31/16** | $10277 | $10632 |
| **11/30/16** | $10615 | $11026 |
| **12/31/16** | $10895 | $11244 |
| **1/31/17** | $11139 | $11457 |
| **2/28/17** | $11640 | $11912 |
| **3/31/17** | $11662 | $11926 |
| **4/30/17** | $11779 | $12049 |
| **5/31/17** | $11931 | $12218 |
| **6/30/17** | $11989 | $12294 |
| **7/31/17** | $12247 | $12547 |
| **8/31/17** | $12282 | $12586 |
| **9/30/17** | $12551 | $12845 |
| **10/31/17** | $12868 | $13145 |
| **11/30/17** | $13231 | $13548 |
| **12/31/17** | $13327 | $13699 |
| **1/31/18** | $14090 | $14483 |
| **2/28/18** | $13563 | $13949 |
| **3/31/18** | $13202 | $13595 |
| **4/30/18** | $13258 | $13647 |
| **5/31/18** | $13577 | $13976 |
| **6/30/18** | $13641 | $14062 |
| **7/31/18** | $14155 | $14585 |
| **8/31/18** | $14516 | $15060 |
| **9/30/18** | $14605 | $15146 |
| **10/31/18** | $13576 | $14111 |
| **11/30/18** | $13771 | $14398 |
| **12/31/18** | $12436 | $13098 |
| **1/31/19** | $13499 | $14148 |
| **2/28/19** | $13900 | $14602 |
| **3/31/19** | $14189 | $14886 |
| **4/30/19** | $14779 | $15489 |
| **5/31/19** | $13785 | $14504 |
| **6/30/19** | $14782 | $15526 |
| **7/31/19** | $14988 | $15750 |
| **8/31/19** | $14624 | $15500 |
| **9/30/19** | $14894 | $15790 |
| **10/31/19** | $15251 | $16132 |
| **11/30/19** | $15818 | $16718 |
| **12/31/19** | $16343 | $17222 |
| **1/31/20** | $16360 | $17216 |
| **2/29/20** | $14962 | $15798 |
| **3/31/20** | $12422 | $13847 |
| **4/30/20** | $14262 | $15622 |
| **5/31/20** | $15063 | $16366 |
| **6/30/20** | $15467 | $16692 |
| **7/31/20** | $16414 | $17633 |
| **8/31/20** | $17670 | $18900 |
| **9/30/20** | $16986 | $18182 |
| **10/31/20** | $16532 | $17699 |
| **11/30/20** | $18437 | $19636 |
| **12/31/20** | $19202 | $20391 |
| **1/31/21** | $19043 | $20185 |
| **2/28/21** | $19520 | $20742 |
| **3/31/21** | $20359 | $21650 |
| **4/30/21** | $21463 | $22806 |
| **5/31/21** | $21608 | $22965 |
| **6/30/21** | $22059 | $23501 |
| **7/31/21** | $22560 | $24059 |
| **8/31/21** | $23228 | $24791 |
| **9/30/21** | $22079 | $23638 |
| **10/31/21** | $23436 | $25294 |
| **11/30/21** | $23203 | $25119 |
| **12/31/21** | $24285 | $26244 |
| **1/31/22** | $22879 | $24886 |
| **2/28/22** | $22039 | $24141 |
| **3/31/22** | $22737 | $25038 |
| **4/30/22** | $20591 | $22854 |
| **5/31/22** | $20541 | $22896 |
| **6/30/22** | $18580 | $21006 |
| **7/31/22** | $20379 | $22943 |
| **8/31/22** | $19430 | $22007 |
| **9/30/22** | $17386 | $19981 |
| **10/31/22** | $18760 | $21598 |
| **11/30/22** | $19859 | $22805 |
| **12/31/22** | $18705 | $21491 |
| **1/31/23** | $20019 | $22842 |
| **2/28/23** | $19478 | $22284 |
| **3/31/23** | $19968 | $23103 |
| **4/30/23** | $20302 | $23463 |
| **5/31/23** | $20380 | $23565 |
| **6/30/23** | $21694 | $25122 |
| **7/31/23** | $22415 | $25929 |
| **8/31/23** | $22003 | $25516 |
| **9/30/23** | $20898 | $24300 |
| **10/31/23** | $20351 | $23789 |
| **11/30/23** | $22329 | $25961 |
| **12/31/23** | $23466 | $27141 |
| **1/31/24** | $23863 | $27597 |
| **2/29/24** | $25105 | $29070 |
| **3/31/24** | $25962 | $30006 |
| **4/30/24** | $24810 | $28780 |
| **5/31/24** | $26096 | $30207 |
| **6/30/24** | $27005 | $31291 |
| **7/31/24** | $27386 | $31672 |
| **8/31/24** | $28012 | $32440 |
| **9/30/24** | $28657 | $33133 |
| **10/31/24** | $28186 | $32833 |
| **11/30/24** | $29986 | $34760 |
| **12/31/24** | $29153 | $33931 |
| **1/31/25** | $30047 | $34876 |
| **2/28/25** | $29779 | $34421 |
| **3/31/25** | $28057 | $32482 |

---

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) | 8.07% | 17.70% | 10.87% |
| Class C (including sales charge) | 7.11% | 17.70% | 10.87% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $1582689 |
| # of Portfolio Holdings | 1306 |
| Portfolio Turnover Rate | 664% |
| Total Net Advisory Fees Paid During the Reporting Period | $7141 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 59.0% |
| Asset-Backed Securities | 31.7% |
| Sovereign Issues | 9.6% |
| Corporate Bonds & Notes | 9.0% |
| Non-Agency Mortgage-Backed Securities | 8.2% |
| U.S. Treasury Obligations | 4.6% |
| Common Stocks | 1.4% |
| Other Investments | 0.2% |
| Short-Term Instruments | 22.5% |
| Affiliated Investments | 10.5% |
| Financial Derivative Instruments | (2.4%) |
| Other Assets and Liabilities, Net | (54.3%) |
| 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](g932242ia208f5a1820733359ae7.jpg)

# Class C: PSOCX
![Image](g932242i67073b345faae17987ad.jpg)

# PIMCO StocksPLUS<sup>®</sup> Absolute Return Fund
Annual Shareholder Report \|

March 31, 2025

PIMS4262TSRAR_033125

# I-3: PSPNX

# PIMCO StocksPLUS<sup>®</sup> Absolute Return Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g932242i572229cb99157f8c2553.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-3 | $118 | 1.13% |

---

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

* The Fund's exposure to equity index derivatives linked to the S&P 500 Index contributed to absolute performance, as the S&P 500 Index returned 8.25%. 

* The Fund's bond alpha strategy contributed to performance.Highlights about the drivers of performance include the following:

* Long exposure to U.S. interest rates contributed to performance, as interest rates decreased.

* Holdings of non-agency mortgage-backed securities contributed to performance, as excess yield was earned.

* Long exposure to U.K. interest rates detracted from performance, as interest rates increased.

* Long exposure to Australian interest rates detracted from performance, as interest rates increased.

## 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](g932242i5bc3ca66fe895584a62a.jpg)

---

| | | |
|:---|:---|:---|
| | **I-3** | **S&P 500 Index** |
| **3/31/15** | $1000000 | $1000000 |
| **4/30/15** | $1010163 | $1009593 |
| **5/31/15** | $1026491 | $1022576 |
| **6/30/15** | $1000813 | $1002781 |
| **7/31/15** | $1022328 | $1023790 |
| **8/31/15** | $940787 | $962021 |
| **9/30/15** | $896464 | $938217 |
| **10/31/15** | $979061 | $1017360 |
| **11/30/15** | $985143 | $1020385 |
| **12/31/15** | $967265 | $1004292 |
| **1/31/16** | $906357 | $954455 |
| **2/29/16** | $897568 | $953167 |
| **3/31/16** | $973421 | $1017828 |
| **4/30/16** | $986322 | $1021774 |
| **5/31/16** | $1003557 | $1040123 |
| **6/30/16** | $1008859 | $1042818 |
| **7/31/16** | $1051035 | $1081265 |
| **8/31/16** | $1051985 | $1082784 |
| **9/30/16** | $1057279 | $1082988 |
| **10/31/16** | $1045218 | $1063233 |
| **11/30/16** | $1079783 | $1102610 |
| **12/31/16** | $1108513 | $1124405 |
| **1/31/17** | $1135512 | $1145730 |
| **2/28/17** | $1187485 | $1191223 |
| **3/31/17** | $1190555 | $1192612 |
| **4/30/17** | $1203491 | $1204860 |
| **5/31/17** | $1219689 | $1221816 |
| **6/30/17** | $1227287 | $1229442 |
| **7/31/17** | $1253404 | $1254723 |
| **8/31/17** | $1258718 | $1258564 |
| **9/30/17** | $1287139 | $1284525 |
| **10/31/17** | $1320988 | $1314500 |
| **11/30/17** | $1359225 | $1354816 |
| **12/31/17** | $1371375 | $1369880 |
| **1/31/18** | $1450581 | $1448311 |
| **2/28/18** | $1396648 | $1394930 |
| **3/31/18** | $1361553 | $1359480 |
| **4/30/18** | $1368954 | $1364697 |
| **5/31/18** | $1402691 | $1397561 |
| **6/30/18** | $1410364 | $1406163 |
| **7/31/18** | $1463757 | $1458492 |
| **8/31/18** | $1502825 | $1506017 |
| **9/30/18** | $1513697 | $1514589 |
| **10/31/18** | $1407908 | $1411067 |
| **11/30/18** | $1430111 | $1439822 |
| **12/31/18** | $1291020 | $1309819 |
| **1/31/19** | $1403158 | $1414783 |
| **2/28/19** | $1446288 | $1460209 |
| **3/31/19** | $1477386 | $1488583 |
| **4/30/19** | $1539729 | $1548856 |
| **5/31/19** | $1438240 | $1450428 |
| **6/30/19** | $1543904 | $1552649 |
| **7/31/19** | $1566044 | $1574964 |
| **8/31/19** | $1530620 | $1550016 |
| **9/30/19** | $1559364 | $1579018 |
| **10/31/19** | $1598689 | $1613219 |
| **11/30/19** | $1657675 | $1671777 |
| **12/31/19** | $1715333 | $1722235 |
| **1/31/20** | $1718471 | $1721559 |
| **2/29/20** | $1572519 | $1579842 |
| **3/31/20** | $1306021 | $1384711 |
| **4/30/20** | $1501447 | $1562223 |
| **5/31/20** | $1587244 | $1636628 |
| **6/30/20** | $1630828 | $1669176 |
| **7/31/20** | $1731852 | $1763293 |
| **8/31/20** | $1866552 | $1890039 |
| **9/30/20** | $1795045 | $1818224 |
| **10/31/20** | $1749436 | $1769870 |
| **11/30/20** | $1951419 | $1963607 |
| **12/31/20** | $2036637 | $2039105 |
| **1/31/21** | $2020146 | $2018518 |
| **2/28/21** | $2071268 | $2074179 |
| **3/31/21** | $2162414 | $2165019 |
| **4/30/21** | $2282173 | $2280563 |
| **5/31/21** | $2299041 | $2296491 |
| **6/30/21** | $2348558 | $2350103 |
| **7/31/21** | $2403778 | $2405929 |
| **8/31/21** | $2477979 | $2479083 |
| **9/30/21** | $2360066 | $2363781 |
| **10/31/21** | $2505660 | $2529392 |
| **11/30/21** | $2482293 | $2511866 |
| **12/31/21** | $2600460 | $2624438 |
| **1/31/22** | $2452304 | $2488631 |
| **2/28/22** | $2363853 | $2414118 |
| **3/31/22** | $2441821 | $2503753 |
| **4/30/22** | $2211503 | $2285421 |
| **5/31/22** | $2207030 | $2289614 |
| **6/30/22** | $1998588 | $2100621 |
| **7/31/22** | $2195758 | $2294307 |
| **8/31/22** | $2094932 | $2200741 |
| **9/30/22** | $1874764 | $1998056 |
| **10/31/22** | $2025194 | $2159821 |
| **11/30/22** | $2146436 | $2280521 |
| **12/31/22** | $2022381 | $2149130 |
| **1/31/23** | $2167826 | $2284168 |
| **2/28/23** | $2110110 | $2228437 |
| **3/31/23** | $2165518 | $2310252 |
| **4/30/23** | $2202456 | $2346311 |
| **5/31/23** | $2211691 | $2356510 |
| **6/30/23** | $2357586 | $2512217 |
| **7/31/23** | $2438484 | $2592922 |
| **8/31/23** | $2396879 | $2551639 |
| **9/30/23** | $2277311 | $2429982 |
| **10/31/23** | $2218918 | $2378888 |
| **11/30/23** | $2436139 | $2596140 |
| **12/31/23** | $2562650 | $2714085 |
| **1/31/24** | $2610063 | $2759693 |
| **2/29/24** | $2747559 | $2907048 |
| **3/31/24** | $2846200 | $3000582 |
| **4/30/24** | $2718901 | $2878024 |
| **5/31/24** | $2863013 | $3020730 |
| **6/30/24** | $2965710 | $3129120 |
| **7/31/24** | $3012011 | $3167209 |
| **8/31/24** | $3080245 | $3244035 |
| **9/30/24** | $3153709 | $3313318 |
| **10/31/24** | $3104200 | $3283271 |
| **11/30/24** | $3307186 | $3476003 |
| **12/31/24** | $3217201 | $3393141 |
| **1/31/25** | $3319793 | $3487632 |
| **2/28/25** | $3290857 | $3442124 |
| **3/31/25** | $3104697 | $3248180 |

---

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 | 9.08% | 18.91% | 12.00% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $1582689 |
| # of Portfolio Holdings | 1306 |
| Portfolio Turnover Rate | 664% |
| Total Net Advisory Fees Paid During the Reporting Period | $7141 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 59.0% |
| Asset-Backed Securities | 31.7% |
| Sovereign Issues | 9.6% |
| Corporate Bonds & Notes | 9.0% |
| Non-Agency Mortgage-Backed Securities | 8.2% |
| U.S. Treasury Obligations | 4.6% |
| Common Stocks | 1.4% |
| Other Investments | 0.2% |
| Short-Term Instruments | 22.5% |
| Affiliated Investments | 10.5% |
| Financial Derivative Instruments | (2.4%) |
| Other Assets and Liabilities, Net | (54.3%) |
| 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](g932242ia208f5a1820733359ae7.jpg)

# I-3: PSPNX
![Image](g932242i67073b345faae17987ad.jpg)

# PIMCO StocksPLUS<sup>®</sup> Absolute Return Fund
Annual Shareholder Report \|

March 31, 2025

PIMS2198TSRAR_033125

# Institutional Class: PSPTX

# PIMCO StocksPLUS<sup>®</sup> Absolute Return Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g932242i572229cb99157f8c2553.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $103 | 0.98% |

---

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

* The Fund's exposure to equity index derivatives linked to the S&P 500 Index contributed to absolute performance, as the S&P 500 Index returned 8.25%. 

* The Fund's bond alpha strategy contributed to performance.Highlights about the drivers of performance include the following:

* Long exposure to U.S. interest rates contributed to performance, as interest rates decreased.

* Holdings of non-agency mortgage-backed securities contributed to performance, as excess yield was earned.

* Long exposure to U.K. interest rates detracted from performance, as interest rates increased.

* Long exposure to Australian interest rates detracted from performance, as interest rates increased.

## 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](g932242ie2088b66a5149c65cc89.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Class** | **S&P 500 Index** |
| **3/31/15** | $1000000 | $1000000 |
| **4/30/15** | $1010288 | $1009593 |
| **5/31/15** | $1026749 | $1022576 |
| **6/30/15** | $1001190 | $1002781 |
| **7/31/15** | $1022843 | $1023790 |
| **8/31/15** | $941387 | $962021 |
| **9/30/15** | $897148 | $938217 |
| **10/31/15** | $979930 | $1017360 |
| **11/30/15** | $986138 | $1020385 |
| **12/31/15** | $968366 | $1004292 |
| **1/31/16** | $907503 | $954455 |
| **2/29/16** | $898808 | $953167 |
| **3/31/16** | $974887 | $1017828 |
| **4/30/16** | $987929 | $1021774 |
| **5/31/16** | $1005318 | $1040123 |
| **6/30/16** | $1010752 | $1042818 |
| **7/31/16** | $1053138 | $1081265 |
| **8/31/16** | $1054225 | $1082784 |
| **9/30/16** | $1059659 | $1082988 |
| **10/31/16** | $1047704 | $1063233 |
| **11/30/16** | $1082483 | $1102610 |
| **12/31/16** | $1111426 | $1124405 |
| **1/31/17** | $1138640 | $1145730 |
| **2/28/17** | $1190891 | $1191223 |
| **3/31/17** | $1194122 | $1192612 |
| **4/30/17** | $1207244 | $1204860 |
| **5/31/17** | $1223646 | $1221816 |
| **6/30/17** | $1231421 | $1229442 |
| **7/31/17** | $1257785 | $1254723 |
| **8/31/17** | $1263278 | $1258564 |
| **9/30/17** | $1291958 | $1284525 |
| **10/31/17** | $1326102 | $1314500 |
| **11/30/17** | $1364652 | $1354816 |
| **12/31/17** | $1377024 | $1369880 |
| **1/31/18** | $1456740 | $1448311 |
| **2/28/18** | $1402739 | $1394930 |
| **3/31/18** | $1367669 | $1359480 |
| **4/30/18** | $1375396 | $1364697 |
| **5/31/18** | $1408879 | $1397561 |
| **6/30/18** | $1417320 | $1406163 |
| **7/31/18** | $1470292 | $1458492 |
| **8/31/18** | $1510344 | $1506017 |
| **9/30/18** | $1520942 | $1514589 |
| **10/31/18** | $1416005 | $1411067 |
| **11/30/18** | $1436733 | $1439822 |
| **12/31/18** | $1298086 | $1309819 |
| **1/31/19** | $1410653 | $1414783 |
| **2/28/19** | $1454825 | $1460209 |
| **3/31/19** | $1486082 | $1488583 |
| **4/30/19** | $1549320 | $1548856 |
| **5/31/19** | $1445840 | $1450428 |
| **6/30/19** | $1553882 | $1552649 |
| **7/31/19** | $1575829 | $1574964 |
| **8/31/19** | $1540713 | $1550016 |
| **9/30/19** | $1569777 | $1579018 |
| **10/31/19** | $1608759 | $1613219 |
| **11/30/19** | $1668731 | $1671777 |
| **12/31/19** | $1728050 | $1722235 |
| **1/31/20** | $1731161 | $1721559 |
| **2/29/20** | $1584953 | $1579842 |
| **3/31/20** | $1316732 | $1384711 |
| **4/30/20** | $1513612 | $1562223 |
| **5/31/20** | $1598664 | $1636628 |
| **6/30/20** | $1643473 | $1669176 |
| **7/31/20** | $1745295 | $1763293 |
| **8/31/20** | $1880527 | $1890039 |
| **9/30/20** | $1809047 | $1818224 |
| **10/31/20** | $1763780 | $1769870 |
| **11/30/20** | $1969097 | $1963607 |
| **12/31/20** | $2053204 | $2039105 |
| **1/31/21** | $2038469 | $2018518 |
| **2/28/21** | $2089226 | $2074179 |
| **3/31/21** | $2182053 | $2165019 |
| **4/30/21** | $2302627 | $2280563 |
| **5/31/21** | $2321048 | $2296491 |
| **6/30/21** | $2370141 | $2350103 |
| **7/31/21** | $2426696 | $2405929 |
| **8/31/21** | $2502101 | $2479083 |
| **9/30/21** | $2381025 | $2363781 |
| **10/31/21** | $2529059 | $2529392 |
| **11/30/21** | $2505873 | $2511866 |
| **12/31/21** | $2625580 | $2624438 |
| **1/31/22** | $2476797 | $2488631 |
| **2/28/22** | $2387090 | $2414118 |
| **3/31/22** | $2465104 | $2503753 |
| **4/30/22** | $2234968 | $2285421 |
| **5/31/22** | $2230543 | $2289614 |
| **6/30/22** | $2020427 | $2100621 |
| **7/31/22** | $2217812 | $2294307 |
| **8/31/22** | $2118011 | $2200741 |
| **9/30/22** | $1894177 | $1998056 |
| **10/31/22** | $2047579 | $2159821 |
| **11/30/22** | $2169855 | $2280521 |
| **12/31/22** | $2045940 | $2149130 |
| **1/31/23** | $2192242 | $2284168 |
| **2/28/23** | $2135093 | $2228437 |
| **3/31/23** | $2192242 | $2310252 |
| **4/30/23** | $2228817 | $2346311 |
| **5/31/23** | $2237961 | $2356510 |
| **6/30/23** | $2385223 | $2512217 |
| **7/31/23** | $2467630 | $2592922 |
| **8/31/23** | $2426427 | $2551639 |
| **9/30/23** | $2306026 | $2429982 |
| **10/31/23** | $2245889 | $2378888 |
| **11/30/23** | $2467933 | $2596140 |
| **12/31/23** | $2596532 | $2714085 |
| **1/31/24** | $2643485 | $2759693 |
| **2/29/24** | $2784346 | $2907048 |
| **3/31/24** | $2882453 | $3000582 |
| **4/30/24** | $2754027 | $2878024 |
| **5/31/24** | $2901479 | $3020730 |
| **6/30/24** | $3003951 | $3129120 |
| **7/31/24** | $3052208 | $3167209 |
| **8/31/24** | $3122179 | $3244035 |
| **9/30/24** | $3196013 | $3313318 |
| **10/31/24** | $3146995 | $3283271 |
| **11/30/24** | $3352873 | $3476003 |
| **12/31/24** | $3264623 | $3393141 |
| **1/31/25** | $3366074 | $3487632 |
| **2/28/25** | $3337459 | $3442124 |
| **3/31/25** | $3149101 | $3248180 |

---

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 | 9.25% | 19.05% | 12.16% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $1582689 |
| # of Portfolio Holdings | 1306 |
| Portfolio Turnover Rate | 664% |
| Total Net Advisory Fees Paid During the Reporting Period | $7141 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 59.0% |
| Asset-Backed Securities | 31.7% |
| Sovereign Issues | 9.6% |
| Corporate Bonds & Notes | 9.0% |
| Non-Agency Mortgage-Backed Securities | 8.2% |
| U.S. Treasury Obligations | 4.6% |
| Common Stocks | 1.4% |
| Other Investments | 0.2% |
| Short-Term Instruments | 22.5% |
| Affiliated Investments | 10.5% |
| Financial Derivative Instruments | (2.4%) |
| Other Assets and Liabilities, Net | (54.3%) |
| 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](g932242ia208f5a1820733359ae7.jpg)

# Institutional Class: PSPTX
![Image](g932242i67073b345faae17987ad.jpg)

# PIMCO StocksPLUS<sup>®</sup> Absolute Return Fund
Annual Shareholder Report \|

March 31, 2025

PIMS0050TSRAR_033125

# I-2: PTOPX

# PIMCO StocksPLUS<sup>®</sup> Absolute Return Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g932242i572229cb99157f8c2553.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $113 | 1.08% |

---

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

* The Fund's exposure to equity index derivatives linked to the S&P 500 Index contributed to absolute performance, as the S&P 500 Index returned 8.25%. 

* The Fund's bond alpha strategy contributed to performance.Highlights about the drivers of performance include the following:

* Long exposure to U.S. interest rates contributed to performance, as interest rates decreased.

* Holdings of non-agency mortgage-backed securities contributed to performance, as excess yield was earned.

* Long exposure to U.K. interest rates detracted from performance, as interest rates increased.

* Long exposure to Australian interest rates detracted from performance, as interest rates increased.

## 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](g932242i2bdb49cd35861611ac52.jpg)

---

| | | |
|:---|:---|:---|
| | **I-2** | **S&P 500 Index** |
| **3/31/15** | $1000000 | $1000000 |
| **4/30/15** | $1010373 | $1009593 |
| **5/31/15** | $1025934 | $1022576 |
| **6/30/15** | $1000992 | $1002781 |
| **7/31/15** | $1022820 | $1023790 |
| **8/31/15** | $941743 | $962021 |
| **9/30/15** | $896888 | $938217 |
| **10/31/15** | $980319 | $1017360 |
| **11/30/15** | $985533 | $1020385 |
| **12/31/15** | $968430 | $1004292 |
| **1/31/16** | $907082 | $954455 |
| **2/29/16** | $897222 | $953167 |
| **3/31/16** | $973908 | $1017828 |
| **4/30/16** | $987054 | $1021774 |
| **5/31/16** | $1003487 | $1040123 |
| **6/30/16** | $1008964 | $1042818 |
| **7/31/16** | $1051689 | $1081265 |
| **8/31/16** | $1052785 | $1082784 |
| **9/30/16** | $1057167 | $1082988 |
| **10/31/16** | $1046212 | $1063233 |
| **11/30/16** | $1081268 | $1102610 |
| **12/31/16** | $1109345 | $1124405 |
| **1/31/17** | $1136777 | $1145730 |
| **2/28/17** | $1188349 | $1191223 |
| **3/31/17** | $1191352 | $1192612 |
| **4/30/17** | $1204577 | $1204860 |
| **5/31/17** | $1221108 | $1221816 |
| **6/30/17** | $1228799 | $1229442 |
| **7/31/17** | $1255367 | $1254723 |
| **8/31/17** | $1260902 | $1258564 |
| **9/30/17** | $1289519 | $1284525 |
| **10/31/17** | $1322811 | $1314500 |
| **11/30/17** | $1361652 | $1354816 |
| **12/31/17** | $1372796 | $1369880 |
| **1/31/18** | $1451946 | $1448311 |
| **2/28/18** | $1398746 | $1394930 |
| **3/31/18** | $1362982 | $1359480 |
| **4/30/18** | $1370778 | $1364697 |
| **5/31/18** | $1404560 | $1397561 |
| **6/30/18** | $1412888 | $1406163 |
| **7/31/18** | $1466327 | $1458492 |
| **8/31/18** | $1505430 | $1506017 |
| **9/30/18** | $1515659 | $1514589 |
| **10/31/18** | $1411131 | $1411067 |
| **11/30/18** | $1432036 | $1439822 |
| **12/31/18** | $1294530 | $1309819 |
| **1/31/19** | $1405284 | $1414783 |
| **2/28/19** | $1449874 | $1460209 |
| **3/31/19** | $1479779 | $1488583 |
| **4/30/19** | $1542162 | $1548856 |
| **5/31/19** | $1440609 | $1450428 |
| **6/30/19** | $1546571 | $1552649 |
| **7/31/19** | $1568728 | $1574964 |
| **8/31/19** | $1533276 | $1550016 |
| **9/30/19** | $1562249 | $1579018 |
| **10/31/19** | $1601608 | $1613219 |
| **11/30/19** | $1662160 | $1671777 |
| **12/31/19** | $1718673 | $1722235 |
| **1/31/20** | $1723386 | $1721559 |
| **2/29/20** | $1577283 | $1579842 |
| **3/31/20** | $1309037 | $1384711 |
| **4/30/20** | $1506267 | $1562223 |
| **5/31/20** | $1590567 | $1636628 |
| **6/30/20** | $1634020 | $1669176 |
| **7/31/20** | $1736849 | $1763293 |
| **8/31/20** | $1870206 | $1890039 |
| **9/30/20** | $1799233 | $1818224 |
| **10/31/20** | $1753518 | $1769870 |
| **11/30/20** | $1957605 | $1963607 |
| **12/31/20** | $2040576 | $2039105 |
| **1/31/21** | $2025693 | $2018518 |
| **2/28/21** | $2076955 | $2074179 |
| **3/31/21** | $2168613 | $2165019 |
| **4/30/21** | $2288716 | $2280563 |
| **5/31/21** | $2305632 | $2296491 |
| **6/30/21** | $2356556 | $2350103 |
| **7/31/21** | $2411964 | $2405929 |
| **8/31/21** | $2486418 | $2479083 |
| **9/30/21** | $2365309 | $2363781 |
| **10/31/21** | $2513141 | $2529392 |
| **11/30/21** | $2487902 | $2511866 |
| **12/31/21** | $2606211 | $2624438 |
| **1/31/22** | $2459695 | $2488631 |
| **2/28/22** | $2370898 | $2414118 |
| **3/31/22** | $2447308 | $2503753 |
| **4/30/22** | $2218294 | $2285421 |
| **5/31/22** | $2213803 | $2289614 |
| **6/30/22** | $2004593 | $2100621 |
| **7/31/22** | $2202577 | $2294307 |
| **8/31/22** | $2101335 | $2200741 |
| **9/30/22** | $1880529 | $1998056 |
| **10/31/22** | $2031602 | $2159821 |
| **11/30/22** | $2153363 | $2280521 |
| **12/31/22** | $2029314 | $2149130 |
| **1/31/23** | $2175425 | $2284168 |
| **2/28/23** | $2117444 | $2228437 |
| **3/31/23** | $2173106 | $2310252 |
| **4/30/23** | $2210213 | $2346311 |
| **5/31/23** | $2219490 | $2356510 |
| **6/30/23** | $2366253 | $2512217 |
| **7/31/23** | $2447528 | $2592922 |
| **8/31/23** | $2405729 | $2551639 |
| **9/30/23** | $2285346 | $2429982 |
| **10/31/23** | $2226687 | $2378888 |
| **11/30/23** | $2444898 | $2596140 |
| **12/31/23** | $2572199 | $2714085 |
| **1/31/24** | $2619832 | $2759693 |
| **2/29/24** | $2757969 | $2907048 |
| **3/31/24** | $2856923 | $3000582 |
| **4/30/24** | $2729037 | $2878024 |
| **5/31/24** | $2873814 | $3020730 |
| **6/30/24** | $2977269 | $3129120 |
| **7/31/24** | $3023789 | $3167209 |
| **8/31/24** | $3092345 | $3244035 |
| **9/30/24** | $3166443 | $3313318 |
| **10/31/24** | $3116695 | $3283271 |
| **11/30/24** | $3320661 | $3476003 |
| **12/31/24** | $3230554 | $3393141 |
| **1/31/25** | $3333657 | $3487632 |
| **2/28/25** | $3304576 | $3442124 |
| **3/31/25** | $3115071 | $3248180 |

---

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 | 9.04% | 18.93% | 12.03% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $1582689 |
| # of Portfolio Holdings | 1306 |
| Portfolio Turnover Rate | 664% |
| Total Net Advisory Fees Paid During the Reporting Period | $7141 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 59.0% |
| Asset-Backed Securities | 31.7% |
| Sovereign Issues | 9.6% |
| Corporate Bonds & Notes | 9.0% |
| Non-Agency Mortgage-Backed Securities | 8.2% |
| U.S. Treasury Obligations | 4.6% |
| Common Stocks | 1.4% |
| Other Investments | 0.2% |
| Short-Term Instruments | 22.5% |
| Affiliated Investments | 10.5% |
| Financial Derivative Instruments | (2.4%) |
| Other Assets and Liabilities, Net | (54.3%) |
| 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](g932242ia208f5a1820733359ae7.jpg)

# I-2: PTOPX
![Image](g932242i67073b345faae17987ad.jpg)

# PIMCO StocksPLUS<sup>®</sup> Absolute Return Fund
Annual Shareholder Report \|

March 31, 2025

PIMS1925TSRAR_033125

# Class A: PSPAX

# PIMCO StocksPLUS<sup>®</sup> Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g932242i572229cb99157f8c2553.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO StocksPLUS<sup>®</sup> 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 | $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:

* The Fund's exposure to equity index derivatives linked to the S&P 500 Index contributed to absolute performance, as the S&P 500 Index returned 8.25%. 

* The Fund's bond alpha strategy contributed to performance. Highlights about the drivers of performance include the following:

* Long exposure to U.S. interest rates contributed to performance, as interest rates decreased. 

* Holdings of non-agency mortgage-backed securities contributed to performance, as excess yield was earned. 

* There were no material detractors for this Fund.

## Fund Performance
In addition to the Fund's performance, the tables in this section include performance of 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](g932242if7676255078534ef9033.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A (including sales charge)** | **S&P 500 Index** |
| **3/31/15** | $9625 | $10000 |
| **4/30/15** | $9700 | $10096 |
| **5/31/15** | $9829 | $10226 |
| **6/30/15** | $9626 | $10028 |
| **7/31/15** | $9820 | $10238 |
| **8/31/15** | $9163 | $9620 |
| **9/30/15** | $8861 | $9382 |
| **10/31/15** | $9610 | $10174 |
| **11/30/15** | $9621 | $10204 |
| **12/31/15** | $9465 | $10043 |
| **1/31/16** | $8940 | $9545 |
| **2/29/16** | $8881 | $9532 |
| **3/31/16** | $9530 | $10178 |
| **4/30/16** | $9602 | $10218 |
| **5/31/16** | $9781 | $10401 |
| **6/30/16** | $9793 | $10428 |
| **7/31/16** | $10188 | $10813 |
| **8/31/16** | $10200 | $10828 |
| **9/30/16** | $10213 | $10830 |
| **10/31/16** | $10033 | $10632 |
| **11/30/16** | $10392 | $11026 |
| **12/31/16** | $10600 | $11244 |
| **1/31/17** | $10817 | $11457 |
| **2/28/17** | $11249 | $11912 |
| **3/31/17** | $11265 | $11926 |
| **4/30/17** | $11374 | $12049 |
| **5/31/17** | $11530 | $12218 |
| **6/30/17** | $11608 | $12294 |
| **7/31/17** | $11850 | $12547 |
| **8/31/17** | $11874 | $12586 |
| **9/30/17** | $12122 | $12845 |
| **10/31/17** | $12413 | $13145 |
| **11/30/17** | $12789 | $13548 |
| **12/31/17** | $12929 | $13699 |
| **1/31/18** | $13671 | $14483 |
| **2/28/18** | $13148 | $13949 |
| **3/31/18** | $12777 | $13595 |
| **4/30/18** | $12826 | $13647 |
| **5/31/18** | $13119 | $13976 |
| **6/30/18** | $13185 | $14062 |
| **7/31/18** | $13676 | $14585 |
| **8/31/18** | $14106 | $15060 |
| **9/30/18** | $14190 | $15146 |
| **10/31/18** | $13203 | $14111 |
| **11/30/18** | $13413 | $14398 |
| **12/31/18** | $12158 | $13098 |
| **1/31/19** | $13174 | $14148 |
| **2/28/19** | $13601 | $14602 |
| **3/31/19** | $13896 | $14886 |
| **4/30/19** | $14463 | $15489 |
| **5/31/19** | $13538 | $14504 |
| **6/30/19** | $14511 | $15526 |
| **7/31/19** | $14709 | $15750 |
| **8/31/19** | $14450 | $15500 |
| **9/30/19** | $14722 | $15790 |
| **10/31/19** | $15033 | $16132 |
| **11/30/19** | $15563 | $16718 |
| **12/31/19** | $16052 | $17222 |
| **1/31/20** | $16069 | $17216 |
| **2/29/20** | $14745 | $15798 |
| **3/31/20** | $12584 | $13847 |
| **4/30/20** | $14360 | $15622 |
| **5/31/20** | $15108 | $16366 |
| **6/30/20** | $15460 | $16692 |
| **7/31/20** | $16371 | $17633 |
| **8/31/20** | $17562 | $18900 |
| **9/30/20** | $16889 | $18182 |
| **10/31/20** | $16426 | $17699 |
| **11/30/20** | $18259 | $19636 |
| **12/31/20** | $18967 | $20391 |
| **1/31/21** | $18768 | $20185 |
| **2/28/21** | $19238 | $20742 |
| **3/31/21** | $20070 | $21650 |
| **4/30/21** | $21154 | $22806 |
| **5/31/21** | $21301 | $22965 |
| **6/30/21** | $21781 | $23501 |
| **7/31/21** | $22299 | $24059 |
| **8/31/21** | $22965 | $24791 |
| **9/30/21** | $21863 | $23638 |
| **10/31/21** | $23348 | $25294 |
| **11/30/21** | $23141 | $25119 |
| **12/31/21** | $24164 | $26244 |
| **1/31/22** | $22838 | $24886 |
| **2/28/22** | $22038 | $24141 |
| **3/31/22** | $22754 | $25038 |
| **4/30/22** | $20667 | $22854 |
| **5/31/22** | $20624 | $22896 |
| **6/30/22** | $18768 | $21006 |
| **7/31/22** | $20541 | $22943 |
| **8/31/22** | $19654 | $22007 |
| **9/30/22** | $17685 | $19981 |
| **10/31/22** | $19037 | $21598 |
| **11/30/22** | $20115 | $22805 |
| **12/31/22** | $18957 | $21491 |
| **1/31/23** | $20258 | $22842 |
| **2/28/23** | $19724 | $22284 |
| **3/31/23** | $20351 | $23103 |
| **4/30/23** | $20677 | $23463 |
| **5/31/23** | $20746 | $23565 |
| **6/30/23** | $22100 | $25122 |
| **7/31/23** | $22826 | $25929 |
| **8/31/23** | $22475 | $25516 |
| **9/30/23** | $21367 | $24300 |
| **10/31/23** | $20870 | $23789 |
| **11/30/23** | $22808 | $25961 |
| **12/31/23** | $23892 | $27141 |
| **1/31/24** | $24300 | $27597 |
| **2/29/24** | $25619 | $29070 |
| **3/31/24** | $26468 | $30006 |
| **4/30/24** | $25369 | $28780 |
| **5/31/24** | $26614 | $30207 |
| **6/30/24** | $27541 | $31291 |
| **7/31/24** | $27863 | $31672 |
| **8/31/24** | $28509 | $32440 |
| **9/30/24** | $29104 | $33133 |
| **10/31/24** | $28776 | $32833 |
| **11/30/24** | $30493 | $34760 |
| **12/31/24** | $29767 | $33931 |
| **1/31/25** | $30617 | $34876 |
| **2/28/25** | $30233 | $34421 |
| **3/31/25** | $28486 | $32482 |

---

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) | 7.62% | 17.75% | 11.46% |
| Class A (including sales charge) | 3.59% | 16.85% | 11.04% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $2442081 |
| # of Portfolio Holdings | 1160 |
| Portfolio Turnover Rate | 327% |
| Total Net Advisory Fees Paid During the Reporting Period | $6494 |

---

---

| | |
|:---|:---|
| 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 | 29.1% |
| Asset-Backed Securities | 26.5% |
| Corporate Bonds & Notes | 11.5% |
| Non-Agency Mortgage-Backed Securities | 10.0% |
| U.S. Treasury Obligations | 4.7% |
| Sovereign Issues | 1.9% |
| Common Stocks | 1.4% |
| Loan Participations and Assignments | 0.2% |
| Short-Term Instruments | 40.9% |
| Affiliated Investments | 8.2% |
| Financial Derivative Instruments | (0.2%) |
| Other Assets and Liabilities, Net | (34.2%) |
| 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)**.

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses increased during the year by 0.09% 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](g932242ia208f5a1820733359ae7.jpg)

# Class A: PSPAX
![Image](g932242i67073b345faae17987ad.jpg)

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

March 31, 2025

PIMS4008TSRAR_033125

# Class C: PSPCX

# PIMCO StocksPLUS<sup>®</sup> Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g932242i572229cb99157f8c2553.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO StocksPLUS<sup>®</sup> 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 | $175 | 1.69% |

---

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

* The Fund's exposure to equity index derivatives linked to the S&P 500 Index contributed to absolute performance, as the S&P 500 Index returned 8.25%. 

* The Fund's bond alpha strategy contributed to performance. Highlights about the drivers of performance include the following:

* Long exposure to U.S. interest rates contributed to performance, as interest rates decreased. 

* Holdings of non-agency mortgage-backed securities contributed to performance, as excess yield was earned. 

* There were no material detractors for this Fund.

## Fund Performance
In addition to the Fund's performance, the tables in this section include performance of 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](g932242i05436298fbf095a4aeca.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C (excluding sales charge)** | **S&P 500 Index** |
| **3/31/15** | $10000 | $10000 |
| **4/30/15** | $10070 | $10096 |
| **5/31/15** | $10197 | $10226 |
| **6/30/15** | $9981 | $10028 |
| **7/31/15** | $10179 | $10238 |
| **8/31/15** | $9491 | $9620 |
| **9/30/15** | $9176 | $9382 |
| **10/31/15** | $9951 | $10174 |
| **11/30/15** | $9963 | $10204 |
| **12/31/15** | $9796 | $10043 |
| **1/31/16** | $9239 | $9545 |
| **2/29/16** | $9175 | $9532 |
| **3/31/16** | $9845 | $10178 |
| **4/30/16** | $9910 | $10218 |
| **5/31/16** | $10091 | $10401 |
| **6/30/16** | $10104 | $10428 |
| **7/31/16** | $10507 | $10813 |
| **8/31/16** | $10519 | $10828 |
| **9/30/16** | $10524 | $10830 |
| **10/31/16** | $10342 | $10632 |
| **11/30/16** | $10706 | $11026 |
| **12/31/16** | $10916 | $11244 |
| **1/31/17** | $11137 | $11457 |
| **2/28/17** | $11566 | $11912 |
| **3/31/17** | $11573 | $11926 |
| **4/30/17** | $11690 | $12049 |
| **5/31/17** | $11847 | $12218 |
| **6/30/17** | $11917 | $12294 |
| **7/31/17** | $12165 | $12547 |
| **8/31/17** | $12192 | $12586 |
| **9/30/17** | $12431 | $12845 |
| **10/31/17** | $12718 | $13145 |
| **11/30/17** | $13097 | $13548 |
| **12/31/17** | $13246 | $13699 |
| **1/31/18** | $13993 | $14483 |
| **2/28/18** | $13455 | $13949 |
| **3/31/18** | $13069 | $13595 |
| **4/30/18** | $13108 | $13647 |
| **5/31/18** | $13398 | $13976 |
| **6/30/18** | $13470 | $14062 |
| **7/31/18** | $13959 | $14585 |
| **8/31/18** | $14409 | $15060 |
| **9/30/18** | $14483 | $15146 |
| **10/31/18** | $13462 | $14111 |
| **11/30/18** | $13674 | $14398 |
| **12/31/18** | $12389 | $13098 |
| **1/31/19** | $13427 | $14148 |
| **2/28/19** | $13858 | $14602 |
| **3/31/19** | $14133 | $14886 |
| **4/30/19** | $14715 | $15489 |
| **5/31/19** | $13777 | $14504 |
| **6/30/19** | $14738 | $15526 |
| **7/31/19** | $14953 | $15750 |
| **8/31/19** | $14672 | $15500 |
| **9/30/19** | $14931 | $15790 |
| **10/31/19** | $15253 | $16132 |
| **11/30/19** | $15794 | $16718 |
| **12/31/19** | $16288 | $17222 |
| **1/31/20** | $16288 | $17216 |
| **2/29/20** | $14954 | $15798 |
| **3/31/20** | $12749 | $13847 |
| **4/30/20** | $14535 | $15622 |
| **5/31/20** | $15276 | $16366 |
| **6/30/20** | $15648 | $16692 |
| **7/31/20** | $16546 | $17633 |
| **8/31/20** | $17749 | $18900 |
| **9/30/20** | $17052 | $18182 |
| **10/31/20** | $16585 | $17699 |
| **11/30/20** | $18430 | $19636 |
| **12/31/20** | $19140 | $20391 |
| **1/31/21** | $18923 | $20185 |
| **2/28/21** | $19396 | $20742 |
| **3/31/21** | $20235 | $21650 |
| **4/30/21** | $21318 | $22806 |
| **5/31/21** | $21438 | $22965 |
| **6/30/21** | $21925 | $23501 |
| **7/31/21** | $22429 | $24059 |
| **8/31/21** | $23095 | $24791 |
| **9/30/21** | $21990 | $23638 |
| **10/31/21** | $23446 | $25294 |
| **11/30/21** | $23241 | $25119 |
| **12/31/21** | $24269 | $26244 |
| **1/31/22** | $22902 | $24886 |
| **2/28/22** | $22113 | $24141 |
| **3/31/22** | $22808 | $25038 |
| **4/30/22** | $20719 | $22854 |
| **5/31/22** | $20650 | $22896 |
| **6/30/22** | $18800 | $21006 |
| **7/31/22** | $20564 | $22943 |
| **8/31/22** | $19659 | $22007 |
| **9/30/22** | $17686 | $19981 |
| **10/31/22** | $19032 | $21598 |
| **11/30/22** | $20123 | $22805 |
| **12/31/22** | $18950 | $21491 |
| **1/31/23** | $20238 | $22842 |
| **2/28/23** | $19697 | $22284 |
| **3/31/23** | $20315 | $23103 |
| **4/30/23** | $20624 | $23463 |
| **5/31/23** | $20675 | $23565 |
| **6/30/23** | $22004 | $25122 |
| **7/31/23** | $22730 | $25929 |
| **8/31/23** | $22367 | $25516 |
| **9/30/23** | $21272 | $24300 |
| **10/31/23** | $20748 | $23789 |
| **11/30/23** | $22686 | $25961 |
| **12/31/23** | $23751 | $27141 |
| **1/31/24** | $24150 | $27597 |
| **2/29/24** | $25454 | $29070 |
| **3/31/24** | $26264 | $30006 |
| **4/30/24** | $25180 | $28780 |
| **5/31/24** | $26400 | $30207 |
| **6/30/24** | $27323 | $31291 |
| **7/31/24** | $27627 | $31672 |
| **8/31/24** | $28234 | $32440 |
| **9/30/24** | $28835 | $33133 |
| **10/31/24** | $28498 | $32833 |
| **11/30/24** | $30183 | $34760 |
| **12/31/24** | $29427 | $33931 |
| **1/31/25** | $30259 | $34876 |
| **2/28/25** | $29890 | $34421 |
| **3/31/25** | $28147 | $32482 |

---

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) | 7.17% | 17.16% | 10.90% |
| Class C (including sales charge) | 6.23% | 17.16% | 10.90% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $2442081 |
| # of Portfolio Holdings | 1160 |
| Portfolio Turnover Rate | 327% |
| Total Net Advisory Fees Paid During the Reporting Period | $6494 |

---

---

| | |
|:---|:---|
| 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 | 29.1% |
| Asset-Backed Securities | 26.5% |
| Corporate Bonds & Notes | 11.5% |
| Non-Agency Mortgage-Backed Securities | 10.0% |
| U.S. Treasury Obligations | 4.7% |
| Sovereign Issues | 1.9% |
| Common Stocks | 1.4% |
| Loan Participations and Assignments | 0.2% |
| Short-Term Instruments | 40.9% |
| Affiliated Investments | 8.2% |
| Financial Derivative Instruments | (0.2%) |
| Other Assets and Liabilities, Net | (34.2%) |
| 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)**.

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses increased during the year by 0.09% 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](g932242ia208f5a1820733359ae7.jpg)

# Class C: PSPCX
![Image](g932242i67073b345faae17987ad.jpg)

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

March 31, 2025

PIMS4208TSRAR_033125

# I-3: PSTNX

# PIMCO StocksPLUS<sup>®</sup> Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g932242i572229cb99157f8c2553.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO StocksPLUS<sup>®</sup> 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 | $98 | 0.94% |

---

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

* The Fund's exposure to equity index derivatives linked to the S&P 500 Index contributed to absolute performance, as the S&P 500 Index returned 8.25%. 

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

* Long exposure to U.S. interest rates contributed to performance, as interest rates decreased. 

* Holdings of non-agency mortgage-backed securities contributed to performance, as excess yield was earned. 

* There were no material detractors for this Fund.

## Fund Performance
In addition to the Fund's performance, the tables in this section include performance of 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](g932242i4a8dfbe57556a0e3a18e.jpg)

---

| | | |
|:---|:---|:---|
| | **I-3** | **S&P 500 Index** |
| **3/31/15** | $1000000 | $1000000 |
| **4/30/15** | $1008243 | $1009593 |
| **5/31/15** | $1020664 | $1022576 |
| **6/30/15** | $999393 | $1002781 |
| **7/31/15** | $1020282 | $1023790 |
| **8/31/15** | $951857 | $962021 |
| **9/30/15** | $922037 | $938217 |
| **10/31/15** | $999279 | $1017360 |
| **11/30/15** | $1001275 | $1020385 |
| **12/31/15** | $984726 | $1004292 |
| **1/31/16** | $930223 | $954455 |
| **2/29/16** | $924330 | $953167 |
| **3/31/16** | $992637 | $1017828 |
| **4/30/16** | $999480 | $1021774 |
| **5/31/16** | $1019087 | $1040123 |
| **6/30/16** | $1020123 | $1042818 |
| **7/31/16** | $1061770 | $1081265 |
| **8/31/16** | $1063955 | $1082784 |
| **9/30/16** | $1065363 | $1082988 |
| **10/31/16** | $1046599 | $1063233 |
| **11/30/16** | $1084886 | $1102610 |
| **12/31/16** | $1106139 | $1124405 |
| **1/31/17** | $1129357 | $1145730 |
| **2/28/17** | $1174771 | $1191223 |
| **3/31/17** | $1175789 | $1192612 |
| **4/30/17** | $1187367 | $1204860 |
| **5/31/17** | $1204797 | $1221816 |
| **6/30/17** | $1211691 | $1229442 |
| **7/31/17** | $1237415 | $1254723 |
| **8/31/17** | $1240787 | $1258564 |
| **9/30/17** | $1267099 | $1284525 |
| **10/31/17** | $1297581 | $1314500 |
| **11/30/17** | $1336312 | $1354816 |
| **12/31/17** | $1352141 | $1369880 |
| **1/31/18** | $1430037 | $1448311 |
| **2/28/18** | $1375469 | $1394930 |
| **3/31/18** | $1336657 | $1359480 |
| **4/30/18** | $1341239 | $1364697 |
| **5/31/18** | $1372264 | $1397561 |
| **6/30/18** | $1379503 | $1406163 |
| **7/31/18** | $1432238 | $1458492 |
| **8/31/18** | $1477782 | $1506017 |
| **9/30/18** | $1486436 | $1514589 |
| **10/31/18** | $1382927 | $1411067 |
| **11/30/18** | $1405795 | $1439822 |
| **12/31/18** | $1273190 | $1309819 |
| **1/31/19** | $1381064 | $1414783 |
| **2/28/19** | $1426484 | $1460209 |
| **3/31/19** | $1457112 | $1488583 |
| **4/30/19** | $1517466 | $1548856 |
| **5/31/19** | $1421188 | $1450428 |
| **6/30/19** | $1522100 | $1552649 |
| **7/31/19** | $1544032 | $1574964 |
| **8/31/19** | $1516251 | $1550016 |
| **9/30/19** | $1544179 | $1579018 |
| **10/31/19** | $1578594 | $1613219 |
| **11/30/19** | $1635453 | $1671777 |
| **12/31/19** | $1687882 | $1722235 |
| **1/31/20** | $1689520 | $1721559 |
| **2/29/20** | $1550229 | $1579842 |
| **3/31/20** | $1322144 | $1384711 |
| **4/30/20** | $1509365 | $1562223 |
| **5/31/20** | $1587236 | $1636628 |
| **6/30/20** | $1626197 | $1669176 |
| **7/31/20** | $1722836 | $1763293 |
| **8/31/20** | $1849466 | $1890039 |
| **9/30/20** | $1776276 | $1818224 |
| **10/31/20** | $1728909 | $1769870 |
| **11/30/20** | $1921761 | $1963607 |
| **12/31/20** | $1997022 | $2039105 |
| **1/31/21** | $1976452 | $2018518 |
| **2/28/21** | $2026163 | $2074179 |
| **3/31/21** | $2116349 | $2165019 |
| **4/30/21** | $2229663 | $2280563 |
| **5/31/21** | $2245352 | $2296491 |
| **6/30/21** | $2296879 | $2350103 |
| **7/31/21** | $2352986 | $2405929 |
| **8/31/21** | $2423119 | $2479083 |
| **9/30/21** | $2307549 | $2363781 |
| **10/31/21** | $2462454 | $2529392 |
| **11/30/21** | $2442868 | $2511866 |
| **12/31/21** | $2551764 | $2624438 |
| **1/31/22** | $2409889 | $2488631 |
| **2/28/22** | $2329100 | $2414118 |
| **3/31/22** | $2403062 | $2503753 |
| **4/30/22** | $2183883 | $2285421 |
| **5/31/22** | $2177960 | $2289614 |
| **6/30/22** | $1983125 | $2100621 |
| **7/31/22** | $2172935 | $2294307 |
| **8/31/22** | $2078030 | $2200741 |
| **9/30/22** | $1870785 | $1998056 |
| **10/31/22** | $2013321 | $2159821 |
| **11/30/22** | $2130121 | $2280521 |
| **12/31/22** | $2007134 | $2149130 |
| **1/31/23** | $2144963 | $2284168 |
| **2/28/23** | $2088970 | $2228437 |
| **3/31/23** | $2155731 | $2310252 |
| **4/30/23** | $2190188 | $2346311 |
| **5/31/23** | $2198803 | $2356510 |
| **6/30/23** | $2340094 | $2512217 |
| **7/31/23** | $2420339 | $2592922 |
| **8/31/23** | $2381301 | $2551639 |
| **9/30/23** | $2266599 | $2429982 |
| **10/31/23** | $2214091 | $2378888 |
| **11/30/23** | $2419748 | $2596140 |
| **12/31/23** | $2534551 | $2714085 |
| **1/31/24** | $2578900 | $2759693 |
| **2/29/24** | $2718600 | $2907048 |
| **3/31/24** | $2809319 | $3000582 |
| **4/30/24** | $2694423 | $2878024 |
| **5/31/24** | $2827342 | $3020730 |
| **6/30/24** | $2927260 | $3129120 |
| **7/31/24** | $2961564 | $3167209 |
| **8/31/24** | $3027885 | $3244035 |
| **9/30/24** | $3093167 | $3313318 |
| **10/31/24** | $3060681 | $3283271 |
| **11/30/24** | $3243997 | $3476003 |
| **12/31/24** | $3164488 | $3393141 |
| **1/31/25** | $3256755 | $3487632 |
| **2/28/25** | $3216856 | $3442124 |
| **3/31/25** | $3031609 | $3248180 |

---

The table below shows the average annual total returns of the Fund and a regulatory index for certain periods ended March 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| I-3 | 7.91% | 18.05% | 11.73% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $2442081 |
| # of Portfolio Holdings | 1160 |
| Portfolio Turnover Rate | 327% |
| Total Net Advisory Fees Paid During the Reporting Period | $6494 |

---

---

| | |
|:---|:---|
| 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 | 29.1% |
| Asset-Backed Securities | 26.5% |
| Corporate Bonds & Notes | 11.5% |
| Non-Agency Mortgage-Backed Securities | 10.0% |
| U.S. Treasury Obligations | 4.7% |
| Sovereign Issues | 1.9% |
| Common Stocks | 1.4% |
| Loan Participations and Assignments | 0.2% |
| Short-Term Instruments | 40.9% |
| Affiliated Investments | 8.2% |
| Financial Derivative Instruments | (0.2%) |
| Other Assets and Liabilities, Net | (34.2%) |
| 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)**.

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses increased during the year by 0.09% 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](g932242ia208f5a1820733359ae7.jpg)

# I-3: PSTNX
![Image](g932242i67073b345faae17987ad.jpg)

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

March 31, 2025

PIMS2199TSRAR_033125

# Institutional Class: PSTKX

# PIMCO StocksPLUS<sup>®</sup> Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g932242i572229cb99157f8c2553.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO StocksPLUS<sup>®</sup> 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 | $82 | 0.79% |

---

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

* The Fund's exposure to equity index derivatives linked to the S&P 500 Index contributed to absolute performance, as the S&P 500 Index returned 8.25%. 

* The Fund's bond alpha strategy contributed to performance. Highlights about the drivers of performance include the following:

* Long exposure to U.S. interest rates contributed to performance, as interest rates decreased. 

* Holdings of non-agency mortgage-backed securities contributed to performance, as excess yield was earned. 

* There were no material detractors for this Fund.

## Fund Performance
In addition to the Fund's performance, the tables in this section include performance of 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](g932242i77937ce8fba478a0372d.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Class** | **S&P 500 Index** |
| **3/31/15** | $1000000 | $1000000 |
| **4/30/15** | $1008368 | $1009593 |
| **5/31/15** | $1020921 | $1022576 |
| **6/30/15** | $999770 | $1002781 |
| **7/31/15** | $1020796 | $1023790 |
| **8/31/15** | $952462 | $962021 |
| **9/30/15** | $922739 | $938217 |
| **10/31/15** | $1000164 | $1017360 |
| **11/30/15** | $1002285 | $1020385 |
| **12/31/15** | $985846 | $1004292 |
| **1/31/16** | $931398 | $954455 |
| **2/29/16** | $925606 | $953167 |
| **3/31/16** | $994131 | $1017828 |
| **4/30/16** | $1001107 | $1021774 |
| **5/31/16** | $1020873 | $1040123 |
| **6/30/16** | $1022036 | $1042818 |
| **7/31/16** | $1063894 | $1081265 |
| **8/31/16** | $1066220 | $1082784 |
| **9/30/16** | $1067761 | $1082988 |
| **10/31/16** | $1049090 | $1063233 |
| **11/30/16** | $1087599 | $1102610 |
| **12/31/16** | $1109046 | $1124405 |
| **1/31/17** | $1132468 | $1145730 |
| **2/28/17** | $1178142 | $1191223 |
| **3/31/17** | $1179313 | $1192612 |
| **4/30/17** | $1191071 | $1204860 |
| **5/31/17** | $1208708 | $1221816 |
| **6/30/17** | $1215774 | $1229442 |
| **7/31/17** | $1241742 | $1254723 |
| **8/31/17** | $1245284 | $1258564 |
| **9/30/17** | $1271846 | $1284525 |
| **10/31/17** | $1302607 | $1314500 |
| **11/30/17** | $1341649 | $1354816 |
| **12/31/17** | $1357714 | $1369880 |
| **1/31/18** | $1436112 | $1448311 |
| **2/28/18** | $1381471 | $1394930 |
| **3/31/18** | $1342664 | $1359480 |
| **4/30/18** | $1347446 | $1364697 |
| **5/31/18** | $1379727 | $1397561 |
| **6/30/18** | $1386967 | $1406163 |
| **7/31/18** | $1438603 | $1458492 |
| **8/31/18** | $1485435 | $1506017 |
| **9/30/18** | $1494984 | $1514589 |
| **10/31/18** | $1391216 | $1411067 |
| **11/30/18** | $1414142 | $1439822 |
| **12/31/18** | $1280564 | $1309819 |
| **1/31/19** | $1390002 | $1414783 |
| **2/28/19** | $1435482 | $1460209 |
| **3/31/19** | $1466403 | $1488583 |
| **4/30/19** | $1526844 | $1548856 |
| **5/31/19** | $1430427 | $1450428 |
| **6/30/19** | $1532423 | $1552649 |
| **7/31/19** | $1554420 | $1574964 |
| **8/31/19** | $1528024 | $1550016 |
| **9/30/19** | $1555492 | $1579018 |
| **10/31/19** | $1589992 | $1613219 |
| **11/30/19** | $1646992 | $1671777 |
| **12/31/19** | $1700152 | $1722235 |
| **1/31/20** | $1701794 | $1721559 |
| **2/29/20** | $1562168 | $1579842 |
| **3/31/20** | $1334122 | $1384711 |
| **4/30/20** | $1521863 | $1562223 |
| **5/31/20** | $1601611 | $1636628 |
| **6/30/20** | $1639415 | $1669176 |
| **7/31/20** | $1736342 | $1763293 |
| **8/31/20** | $1865022 | $1890039 |
| **9/30/20** | $1792202 | $1818224 |
| **10/31/20** | $1744681 | $1769870 |
| **11/30/20** | $1938157 | $1963607 |
| **12/31/20** | $2014374 | $2039105 |
| **1/31/21** | $1993731 | $2018518 |
| **2/28/21** | $2045338 | $2074179 |
| **3/31/21** | $2134692 | $2165019 |
| **4/30/21** | $2250176 | $2280563 |
| **5/31/21** | $2267673 | $2296491 |
| **6/30/21** | $2318572 | $2350103 |
| **7/31/21** | $2374908 | $2405929 |
| **8/31/21** | $2447088 | $2479083 |
| **9/30/21** | $2330051 | $2363781 |
| **10/31/21** | $2487415 | $2529392 |
| **11/30/21** | $2467744 | $2511866 |
| **12/31/21** | $2577936 | $2624438 |
| **1/31/22** | $2435487 | $2488631 |
| **2/28/22** | $2352391 | $2414118 |
| **3/31/22** | $2429461 | $2503753 |
| **4/30/22** | $2207339 | $2285421 |
| **5/31/22** | $2203372 | $2289614 |
| **6/30/22** | $2006133 | $2100621 |
| **7/31/22** | $2196814 | $2294307 |
| **8/31/22** | $2101474 | $2200741 |
| **9/30/22** | $1891800 | $1998056 |
| **10/31/22** | $2037017 | $2159821 |
| **11/30/22** | $2154384 | $2280521 |
| **12/31/22** | $2031666 | $2149130 |
| **1/31/23** | $2170139 | $2284168 |
| **2/28/23** | $2113884 | $2228437 |
| **3/31/23** | $2180958 | $2310252 |
| **4/30/23** | $2217740 | $2346311 |
| **5/31/23** | $2226394 | $2356510 |
| **6/30/23** | $2371095 | $2512217 |
| **7/31/23** | $2451730 | $2592922 |
| **8/31/23** | $2412502 | $2551639 |
| **9/30/23** | $2295877 | $2429982 |
| **10/31/23** | $2243098 | $2378888 |
| **11/30/23** | $2452014 | $2596140 |
| **12/31/23** | $2570494 | $2714085 |
| **1/31/24** | $2615082 | $2759693 |
| **2/29/24** | $2757763 | $2907048 |
| **3/31/24** | $2849666 | $3000582 |
| **4/30/24** | $2731873 | $2878024 |
| **5/31/24** | $2867787 | $3020730 |
| **6/30/24** | $2969061 | $3129120 |
| **7/31/24** | $3003558 | $3167209 |
| **8/31/24** | $3072553 | $3244035 |
| **9/30/24** | $3139316 | $3313318 |
| **10/31/24** | $3106639 | $3283271 |
| **11/30/24** | $3293364 | $3476003 |
| **12/31/24** | $3212338 | $3393141 |
| **1/31/25** | $3305122 | $3487632 |
| **2/28/25** | $3267507 | $3442124 |
| **3/31/25** | $3079759 | $3248180 |

---

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 | 8.07% | 18.21% | 11.91% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $2442081 |
| # of Portfolio Holdings | 1160 |
| Portfolio Turnover Rate | 327% |
| Total Net Advisory Fees Paid During the Reporting Period | $6494 |

---

---

| | |
|:---|:---|
| 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 | 29.1% |
| Asset-Backed Securities | 26.5% |
| Corporate Bonds & Notes | 11.5% |
| Non-Agency Mortgage-Backed Securities | 10.0% |
| U.S. Treasury Obligations | 4.7% |
| Sovereign Issues | 1.9% |
| Common Stocks | 1.4% |
| Loan Participations and Assignments | 0.2% |
| Short-Term Instruments | 40.9% |
| Affiliated Investments | 8.2% |
| Financial Derivative Instruments | (0.2%) |
| Other Assets and Liabilities, Net | (34.2%) |
| 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)**.

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses increased during the year by 0.09% 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](g932242ia208f5a1820733359ae7.jpg)

# Institutional Class: PSTKX
![Image](g932242i67073b345faae17987ad.jpg)

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

March 31, 2025

PIMS0104TSRAR_033125

# I-2: PSKPX

# PIMCO StocksPLUS<sup>®</sup> Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g932242i572229cb99157f8c2553.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO StocksPLUS<sup>®</sup> 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 | $93 | 0.89% |

---

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

* The Fund's exposure to equity index derivatives linked to the S&P 500 Index contributed to absolute performance, as the S&P 500 Index returned 8.25%. 

* The Fund's bond alpha strategy contributed to performance. Highlights about the drivers of performance include the following:

* Long exposure to U.S. interest rates contributed to performance, as interest rates decreased. 

* Holdings of non-agency mortgage-backed securities contributed to performance, as excess yield was earned. 

* There were no material detractors for this Fund.

## Fund Performance
In addition to the Fund's performance, the tables in this section include performance of 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](g932242i6a10a7e4f524c5457455.jpg)

---

| | | |
|:---|:---|:---|
| | **I-2** | **S&P 500 Index** |
| **3/31/15** | $1000000 | $1000000 |
| **4/30/15** | $1008386 | $1009593 |
| **5/31/15** | $1022013 | $1022576 |
| **6/30/15** | $1000743 | $1002781 |
| **7/31/15** | $1020758 | $1023790 |
| **8/31/15** | $953340 | $962021 |
| **9/30/15** | $922184 | $938217 |
| **10/31/15** | $1000803 | $1017360 |
| **11/30/15** | $1001866 | $1020385 |
| **12/31/15** | $986339 | $1004292 |
| **1/31/16** | $930640 | $954455 |
| **2/29/16** | $924838 | $953167 |
| **3/31/16** | $993190 | $1017828 |
| **4/30/16** | $1001341 | $1021774 |
| **5/31/16** | $1019970 | $1040123 |
| **6/30/16** | $1021135 | $1042818 |
| **7/31/16** | $1063051 | $1081265 |
| **8/31/16** | $1064216 | $1082784 |
| **9/30/16** | $1065784 | $1082988 |
| **10/31/16** | $1048255 | $1063233 |
| **11/30/16** | $1085651 | $1102610 |
| **12/31/16** | $1107837 | $1124405 |
| **1/31/17** | $1130111 | $1145730 |
| **2/28/17** | $1175832 | $1191223 |
| **3/31/17** | $1178108 | $1192612 |
| **4/30/17** | $1189877 | $1204860 |
| **5/31/17** | $1206354 | $1221816 |
| **6/30/17** | $1214531 | $1229442 |
| **7/31/17** | $1240523 | $1254723 |
| **8/31/17** | $1244067 | $1258564 |
| **9/30/17** | $1270315 | $1284525 |
| **10/31/17** | $1299912 | $1314500 |
| **11/30/17** | $1340164 | $1354816 |
| **12/31/17** | $1354735 | $1369880 |
| **1/31/18** | $1433167 | $1448311 |
| **2/28/18** | $1377314 | $1394930 |
| **3/31/18** | $1339533 | $1359480 |
| **4/30/18** | $1344317 | $1364697 |
| **5/31/18** | $1375413 | $1397561 |
| **6/30/18** | $1383563 | $1406163 |
| **7/31/18** | $1435206 | $1458492 |
| **8/31/18** | $1482046 | $1506017 |
| **9/30/18** | $1491170 | $1514589 |
| **10/31/18** | $1386209 | $1411067 |
| **11/30/18** | $1409132 | $1439822 |
| **12/31/18** | $1277336 | $1309819 |
| **1/31/19** | $1385320 | $1414783 |
| **2/28/19** | $1430787 | $1460209 |
| **3/31/19** | $1461448 | $1488583 |
| **4/30/19** | $1521862 | $1548856 |
| **5/31/19** | $1425487 | $1450428 |
| **6/30/19** | $1527213 | $1552649 |
| **7/31/19** | $1549197 | $1574964 |
| **8/31/19** | $1521350 | $1550016 |
| **9/30/19** | $1549948 | $1579018 |
| **10/31/19** | $1584424 | $1613219 |
| **11/30/19** | $1641386 | $1671777 |
| **12/31/19** | $1692671 | $1722235 |
| **1/31/20** | $1694313 | $1721559 |
| **2/29/20** | $1556404 | $1579842 |
| **3/31/20** | $1327988 | $1384711 |
| **4/30/20** | $1513906 | $1562223 |
| **5/31/20** | $1593585 | $1636628 |
| **6/30/20** | $1632725 | $1669176 |
| **7/31/20** | $1727883 | $1763293 |
| **8/31/20** | $1856431 | $1890039 |
| **9/30/20** | $1783224 | $1818224 |
| **10/31/20** | $1735761 | $1769870 |
| **11/30/20** | $1929000 | $1963607 |
| **12/31/20** | $2004414 | $2039105 |
| **1/31/21** | $1983803 | $2018518 |
| **2/28/21** | $2033613 | $2074179 |
| **3/31/21** | $2124198 | $2165019 |
| **4/30/21** | $2239491 | $2280563 |
| **5/31/21** | $2255213 | $2296491 |
| **6/30/21** | $2305249 | $2350103 |
| **7/31/21** | $2361474 | $2405929 |
| **8/31/21** | $2433513 | $2479083 |
| **9/30/21** | $2317986 | $2363781 |
| **10/31/21** | $2473232 | $2529392 |
| **11/30/21** | $2453603 | $2511866 |
| **12/31/21** | $2562959 | $2624438 |
| **1/31/22** | $2420792 | $2488631 |
| **2/28/22** | $2337861 | $2414118 |
| **3/31/22** | $2414270 | $2503753 |
| **4/30/22** | $2192632 | $2285421 |
| **5/31/22** | $2188674 | $2289614 |
| **6/30/22** | $1993377 | $2100621 |
| **7/31/22** | $2183600 | $2294307 |
| **8/31/22** | $2088489 | $2200741 |
| **9/30/22** | $1878859 | $1998056 |
| **10/31/22** | $2023692 | $2159821 |
| **11/30/22** | $2140749 | $2280521 |
| **12/31/22** | $2015540 | $2149130 |
| **1/31/23** | $2155808 | $2284168 |
| **2/28/23** | $2097543 | $2228437 |
| **3/31/23** | $2166598 | $2310252 |
| **4/30/23** | $2201125 | $2346311 |
| **5/31/23** | $2209757 | $2356510 |
| **6/30/23** | $2353669 | $2512217 |
| **7/31/23** | $2431907 | $2592922 |
| **8/31/23** | $2394961 | $2551639 |
| **9/30/23** | $2278072 | $2429982 |
| **10/31/23** | $2225450 | $2378888 |
| **11/30/23** | $2433744 | $2596140 |
| **12/31/23** | $2549046 | $2714085 |
| **1/31/24** | $2593493 | $2759693 |
| **2/29/24** | $2733502 | $2907048 |
| **3/31/24** | $2824616 | $3000582 |
| **4/30/24** | $2709463 | $2878024 |
| **5/31/24** | $2844936 | $3020730 |
| **6/30/24** | $2943169 | $3129120 |
| **7/31/24** | $2977552 | $3167209 |
| **8/31/24** | $3046317 | $3244035 |
| **9/30/24** | $3112150 | $3313318 |
| **10/31/24** | $3077261 | $3283271 |
| **11/30/24** | $3263338 | $3476003 |
| **12/31/24** | $3184209 | $3393141 |
| **1/31/25** | $3276686 | $3487632 |
| **2/28/25** | $3236695 | $3442124 |
| **3/31/25** | $3051416 | $3248180 |

---

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 | 8.03% | 18.10% | 11.80% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $2442081 |
| # of Portfolio Holdings | 1160 |
| Portfolio Turnover Rate | 327% |
| Total Net Advisory Fees Paid During the Reporting Period | $6494 |

---

---

| | |
|:---|:---|
| 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 | 29.1% |
| Asset-Backed Securities | 26.5% |
| Corporate Bonds & Notes | 11.5% |
| Non-Agency Mortgage-Backed Securities | 10.0% |
| U.S. Treasury Obligations | 4.7% |
| Sovereign Issues | 1.9% |
| Common Stocks | 1.4% |
| Loan Participations and Assignments | 0.2% |
| Short-Term Instruments | 40.9% |
| Affiliated Investments | 8.2% |
| Financial Derivative Instruments | (0.2%) |
| Other Assets and Liabilities, Net | (34.2%) |
| 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)**.

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses increased during the year by 0.09% 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](g932242ia208f5a1820733359ae7.jpg)

# I-2: PSKPX
![Image](g932242i67073b345faae17987ad.jpg)

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

March 31, 2025

PIMS1924TSRAR_033125

# Class R: PSPRX

# PIMCO StocksPLUS<sup>®</sup> Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g932242i572229cb99157f8c2553.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R | $149 | 1.44% |

---

## 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:

* The Fund's exposure to equity index derivatives linked to the S&P 500 Index contributed to absolute performance, as the S&P 500 Index returned 8.25%. 

* The Fund's bond alpha strategy contributed to performance. Highlights about the drivers of performance include the following:

* Long exposure to U.S. interest rates contributed to performance, as interest rates decreased. 

* Holdings of non-agency mortgage-backed securities contributed to performance, as excess yield was earned. 

* There were no material detractors for this Fund.

## Fund Performance
In addition to the Fund's performance, the tables in this section include performance of 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](g932242i485b29ef70a725537be6.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R** | **S&P 500 Index** |
| **3/31/15** | $10000 | $10000 |
| **4/30/15** | $10076 | $10096 |
| **5/31/15** | $10195 | $10226 |
| **6/30/15** | $9986 | $10028 |
| **7/31/15** | $10182 | $10238 |
| **8/31/15** | $9496 | $9620 |
| **9/30/15** | $9185 | $9382 |
| **10/31/15** | $9964 | $10174 |
| **11/30/15** | $9975 | $10204 |
| **12/31/15** | $9811 | $10043 |
| **1/31/16** | $9259 | $9545 |
| **2/29/16** | $9199 | $9532 |
| **3/31/16** | $9872 | $10178 |
| **4/30/16** | $9944 | $10218 |
| **5/31/16** | $10125 | $10401 |
| **6/30/16** | $10137 | $10428 |
| **7/31/16** | $10534 | $10813 |
| **8/31/16** | $10558 | $10828 |
| **9/30/16** | $10560 | $10830 |
| **10/31/16** | $10379 | $10632 |
| **11/30/16** | $10753 | $11026 |
| **12/31/16** | $10954 | $11244 |
| **1/31/17** | $11183 | $11457 |
| **2/28/17** | $11630 | $11912 |
| **3/31/17** | $11628 | $11926 |
| **4/30/17** | $11750 | $12049 |
| **5/31/17** | $11907 | $12218 |
| **6/30/17** | $11978 | $12294 |
| **7/31/17** | $12233 | $12547 |
| **8/31/17** | $12258 | $12586 |
| **9/30/17** | $12511 | $12845 |
| **10/31/17** | $12803 | $13145 |
| **11/30/17** | $13180 | $13548 |
| **12/31/17** | $13337 | $13699 |
| **1/31/18** | $14092 | $14483 |
| **2/28/18** | $13544 | $13949 |
| **3/31/18** | $13163 | $13595 |
| **4/30/18** | $13212 | $13647 |
| **5/31/18** | $13507 | $13976 |
| **6/30/18** | $13566 | $14062 |
| **7/31/18** | $14071 | $14585 |
| **8/31/18** | $14526 | $15060 |
| **9/30/18** | $14613 | $15146 |
| **10/31/18** | $13576 | $14111 |
| **11/30/18** | $13798 | $14398 |
| **12/31/18** | $12501 | $13098 |
| **1/31/19** | $13554 | $14148 |
| **2/28/19** | $13979 | $14602 |
| **3/31/19** | $14280 | $14886 |
| **4/30/19** | $14858 | $15489 |
| **5/31/19** | $13910 | $14504 |
| **6/30/19** | $14900 | $15526 |
| **7/31/19** | $15111 | $15750 |
| **8/31/19** | $14839 | $15500 |
| **9/30/19** | $15100 | $15790 |
| **10/31/19** | $15439 | $16132 |
| **11/30/19** | $15980 | $16718 |
| **12/31/19** | $16470 | $17222 |
| **1/31/20** | $16487 | $17216 |
| **2/29/20** | $15128 | $15798 |
| **3/31/20** | $12903 | $13847 |
| **4/30/20** | $14705 | $15622 |
| **5/31/20** | $15477 | $16366 |
| **6/30/20** | $15834 | $16692 |
| **7/31/20** | $16765 | $17633 |
| **8/31/20** | $17990 | $18900 |
| **9/30/20** | $17281 | $18182 |
| **10/31/20** | $16808 | $17699 |
| **11/30/20** | $18682 | $19636 |
| **12/31/20** | $19400 | $20391 |
| **1/31/21** | $19205 | $20185 |
| **2/28/21** | $19666 | $20742 |
| **3/31/21** | $20525 | $21650 |
| **4/30/21** | $21625 | $22806 |
| **5/31/21** | $21769 | $22965 |
| **6/30/21** | $22267 | $23501 |
| **7/31/21** | $22793 | $24059 |
| **8/31/21** | $23463 | $24791 |
| **9/30/21** | $22332 | $23638 |
| **10/31/21** | $23842 | $25294 |
| **11/30/21** | $23639 | $25119 |
| **12/31/21** | $24662 | $26244 |
| **1/31/22** | $23288 | $24886 |
| **2/28/22** | $22489 | $24141 |
| **3/31/22** | $23211 | $25038 |
| **4/30/22** | $21077 | $22854 |
| **5/31/22** | $21015 | $22896 |
| **6/30/22** | $19138 | $21006 |
| **7/31/22** | $20945 | $22943 |
| **8/31/22** | $20021 | $22007 |
| **9/30/22** | $18011 | $19981 |
| **10/31/22** | $19387 | $21598 |
| **11/30/22** | $20496 | $22805 |
| **12/31/22** | $19294 | $21491 |
| **1/31/23** | $20620 | $22842 |
| **2/28/23** | $20081 | $22284 |
| **3/31/23** | $20710 | $23103 |
| **4/30/23** | $21046 | $23463 |
| **5/31/23** | $21091 | $23565 |
| **6/30/23** | $22457 | $25122 |
| **7/31/23** | $23203 | $25929 |
| **8/31/23** | $22841 | $25516 |
| **9/30/23** | $21732 | $24300 |
| **10/31/23** | $21207 | $23789 |
| **11/30/23** | $23168 | $25961 |
| **12/31/23** | $24262 | $27141 |
| **1/31/24** | $24678 | $27597 |
| **2/29/24** | $26018 | $29070 |
| **3/31/24** | $26865 | $30006 |
| **4/30/24** | $25737 | $28780 |
| **5/31/24** | $27006 | $30207 |
| **6/30/24** | $27952 | $31291 |
| **7/31/24** | $28262 | $31672 |
| **8/31/24** | $28906 | $32440 |
| **9/30/24** | $29504 | $33133 |
| **10/31/24** | $29165 | $32833 |
| **11/30/24** | $30908 | $34760 |
| **12/31/24** | $30139 | $33931 |
| **1/31/25** | $31002 | $34876 |
| **2/28/25** | $30610 | $34421 |
| **3/31/25** | $28847 | $32482 |

---

The table below shows the average annual total returns of the Fund and a regulatory index for certain periods ended March 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class R | 7.38% | 17.46% | 11.18% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $2442081 |
| # of Portfolio Holdings | 1160 |
| Portfolio Turnover Rate | 327% |
| Total Net Advisory Fees Paid During the Reporting Period | $6494 |

---

---

| | |
|:---|:---|
| 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 | 29.1% |
| Asset-Backed Securities | 26.5% |
| Corporate Bonds & Notes | 11.5% |
| Non-Agency Mortgage-Backed Securities | 10.0% |
| U.S. Treasury Obligations | 4.7% |
| Sovereign Issues | 1.9% |
| Common Stocks | 1.4% |
| Loan Participations and Assignments | 0.2% |
| Short-Term Instruments | 40.9% |
| Affiliated Investments | 8.2% |
| Financial Derivative Instruments | (0.2%) |
| Other Assets and Liabilities, Net | (34.2%) |
| 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)**.

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses increased during the year by 0.09% 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](g932242ia208f5a1820733359ae7.jpg)

# Class R: PSPRX
![Image](g932242i67073b345faae17987ad.jpg)

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

March 31, 2025

PIMS4508TSRAR_033125

# Class A: PIPAX

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

#### Annual Shareholder Report \| March 31, 2025
![Image](g932242i572229cb99157f8c2553.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO StocksPLUS<sup>®</sup> International 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 | $142 | 1.37% |

---

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

* The Fund's exposure to equity index derivatives linked to the MSCI EAFE Hedged USD Index contributed to absolute performance, as the MSCI EAFE Hedged USD Index returned 6.76%. 

* The Fund's bond alpha strategy contributed to performance. Highlights about the drivers of performance include the following:

* Long exposure to U.S. interest rates contributed to performance, as interest rates decreased. 

* Holdings of non-agency mortgage-backed securities contributed to performance, as excess yield was earned. 

* Long exposure to U.K. interest rates detracted from performance, as interest rates increased. 

* Long exposure to Australian interest rates detracted from performance, as interest rates increased.

## 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](g932242i79f7de125a9d9c4cb015.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A (including sales charge)** | **MSCI EAFE Hedged USD Index** |
| **3/31/15** | $9625 | $10000 |
| **4/30/15** | $9734 | $10114 |
| **5/31/15** | $9905 | $10270 |
| **6/30/15** | $9415 | $9807 |
| **7/31/15** | $9774 | $10151 |
| **8/31/15** | $8821 | $9374 |
| **9/30/15** | $8206 | $8927 |
| **10/31/15** | $8939 | $9634 |
| **11/30/15** | $9040 | $9759 |
| **12/31/15** | $8775 | $9495 |
| **1/31/16** | $8170 | $8954 |
| **2/29/16** | $7796 | $8635 |
| **3/31/16** | $8157 | $8902 |
| **4/30/16** | $8337 | $9016 |
| **5/31/16** | $8505 | $9189 |
| **6/30/16** | $8192 | $8836 |
| **7/31/16** | $8619 | $9264 |
| **8/31/16** | $8696 | $9358 |
| **9/30/16** | $8796 | $9397 |
| **10/31/16** | $8965 | $9517 |
| **11/30/16** | $9055 | $9634 |
| **12/31/16** | $9553 | $10079 |
| **1/31/17** | $9605 | $10101 |
| **2/28/17** | $9878 | $10324 |
| **3/31/17** | $10110 | $10585 |
| **4/30/17** | $10254 | $10746 |
| **5/31/17** | $10516 | $10987 |
| **6/30/17** | $10430 | $10913 |
| **7/31/17** | $10510 | $11000 |
| **8/31/17** | $10551 | $11011 |
| **9/30/17** | $10891 | $11320 |
| **10/31/17** | $11234 | $11666 |
| **11/30/17** | $11193 | $11617 |
| **12/31/17** | $11304 | $11776 |
| **1/31/18** | $11472 | $11937 |
| **2/28/18** | $11108 | $11569 |
| **3/31/18** | $10856 | $11333 |
| **4/30/18** | $11402 | $11851 |
| **5/31/18** | $11346 | $11793 |
| **6/30/18** | $11329 | $11779 |
| **7/31/18** | $11666 | $12112 |
| **8/31/18** | $11455 | $11932 |
| **9/30/18** | $11640 | $12123 |
| **10/31/18** | $10903 | $11367 |
| **11/30/18** | $10846 | $11365 |
| **12/31/18** | $10116 | $10721 |
| **1/31/19** | $10795 | $11334 |
| **2/28/19** | $11188 | $11747 |
| **3/31/19** | $11350 | $11928 |
| **4/30/19** | $11783 | $12354 |
| **5/31/19** | $11195 | $11809 |
| **6/30/19** | $11794 | $12346 |
| **7/31/19** | $11920 | $12456 |
| **8/31/19** | $11526 | $12181 |
| **9/30/19** | $11952 | $12631 |
| **10/31/19** | $12196 | $12870 |
| **11/30/19** | $12489 | $13157 |
| **12/31/19** | $12737 | $13362 |
| **1/31/20** | $12619 | $13219 |
| **2/29/20** | $11566 | $12184 |
| **3/31/20** | $9607 | $10702 |
| **4/30/20** | $10439 | $11300 |
| **5/31/20** | $10977 | $11765 |
| **6/30/20** | $11358 | $12082 |
| **7/31/20** | $11272 | $11864 |
| **8/31/20** | $11809 | $12356 |
| **9/30/20** | $11705 | $12243 |
| **10/31/20** | $11254 | $11770 |
| **11/30/20** | $12867 | $13352 |
| **12/31/20** | $13248 | $13697 |
| **1/31/21** | $13266 | $13652 |
| **2/28/21** | $13595 | $14013 |
| **3/31/21** | $14254 | $14741 |
| **4/30/21** | $14445 | $14936 |
| **5/31/21** | $14844 | $15256 |
| **6/30/21** | $14962 | $15469 |
| **7/31/21** | $15015 | $15538 |
| **8/31/21** | $15370 | $15892 |
| **9/30/21** | $15141 | $15697 |
| **10/31/21** | $15364 | $16049 |
| **11/30/21** | $14844 | $15661 |
| **12/31/21** | $15638 | $16358 |
| **1/31/22** | $15003 | $15779 |
| **2/28/22** | $14629 | $15441 |
| **3/31/22** | $14928 | $15784 |
| **4/30/22** | $14629 | $15592 |
| **5/31/22** | $14536 | $15574 |
| **6/30/22** | $13483 | $14636 |
| **7/31/22** | $14301 | $15417 |
| **8/31/22** | $13959 | $15098 |
| **9/30/22** | $12944 | $14224 |
| **10/31/22** | $13661 | $15010 |
| **11/30/22** | $14514 | $16057 |
| **12/31/22** | $14190 | $15605 |
| **1/31/23** | $15284 | $16642 |
| **2/28/23** | $15429 | $16779 |
| **3/31/23** | $15368 | $16904 |
| **4/30/23** | $15763 | $17331 |
| **5/31/23** | $15514 | $17102 |
| **6/30/23** | $16142 | $17756 |
| **7/31/23** | $16527 | $18098 |
| **8/31/23** | $16228 | $17812 |
| **9/30/23** | $16078 | $17659 |
| **10/31/23** | $15463 | $17112 |
| **11/30/23** | $16539 | $18145 |
| **12/31/23** | $17093 | $18717 |
| **1/31/24** | $17663 | $19232 |
| **2/29/24** | $18142 | $19850 |
| **3/31/24** | $18920 | $20684 |
| **4/30/24** | $18756 | $20551 |
| **5/31/24** | $19292 | $21108 |
| **6/30/24** | $19215 | $21036 |
| **7/31/24** | $19433 | $21247 |
| **8/31/24** | $19602 | $21382 |
| **9/30/24** | $19649 | $21346 |
| **10/31/24** | $19146 | $21077 |
| **11/30/24** | $19448 | $21236 |
| **12/31/24** | $19550 | $21364 |
| **1/31/25** | $20607 | $22434 |
| **2/28/25** | $20916 | $22685 |
| **3/31/25** | $20323 | $22083 |

---

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) | 7.42% | 16.17% | 7.76% |
| Class A (including sales charge) | 3.39% | 15.28% | 7.35% |
| MSCI EAFE Hedged USD Index | 6.76% | 15.59% | 8.24% |

---

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 | $3099249 |
| # of Portfolio Holdings | 1483 |
| Portfolio Turnover Rate | 565% |
| Total Net Advisory Fees Paid During the Reporting Period | $13156 |

---

---

| | |
|:---|:---|
| 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 | 51.9% |
| Asset-Backed Securities | 27.5% |
| Non-Agency Mortgage-Backed Securities | 8.7% |
| Sovereign Issues | 7.1% |
| U.S. Treasury Obligations | 6.5% |
| Corporate Bonds & Notes | 6.0% |
| Common Stocks | 1.4% |
| Loan Participations and Assignments | 0.2% |
| Municipal Bonds & Notes | 0.2% |
| Short-Term Instruments | 41.9% |
| Affiliated Investments | 10.4% |
| Financial Derivative Instruments | (0.9%) |
| Other Assets and Liabilities, Net | (60.9%) |
| 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 0.20% 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](g932242ia208f5a1820733359ae7.jpg)

# Class A: PIPAX
![Image](g932242i67073b345faae17987ad.jpg)

# PIMCO StocksPLUS<sup>®</sup> International Fund (U.S. Dollar-Hedged)
Annual Shareholder Report \|

March 31, 2025

PIMS4044TSRAR_033125

# Class C: PIPCX

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

#### Annual Shareholder Report \| March 31, 2025
![Image](g932242i572229cb99157f8c2553.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO StocksPLUS<sup>®</sup> International 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 | $219 | 2.12% |

---

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

* The Fund's exposure to equity index derivatives linked to the MSCI EAFE Hedged USD Index contributed to absolute performance, as the MSCI EAFE Hedged USD Index returned 6.76%. 

* The Fund's bond alpha strategy contributed to performance. Highlights about the drivers of performance include the following:

* Long exposure to U.S. interest rates contributed to performance, as interest rates decreased. 

* Holdings of non-agency mortgage-backed securities contributed to performance, as excess yield was earned. 

* Long exposure to U.K. interest rates detracted from performance, as interest rates increased. 

* Long exposure to Australian interest rates detracted from performance, as interest rates increased.

## 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](g932242ie2759fbe58ff17456c15.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C (excluding sales charge)** | **MSCI EAFE Hedged USD Index** |
| **3/31/15** | $10000 | $10000 |
| **4/30/15** | $10094 | $10114 |
| **5/31/15** | $10283 | $10270 |
| **6/30/15** | $9758 | $9807 |
| **7/31/15** | $10114 | $10151 |
| **8/31/15** | $9127 | $9374 |
| **9/30/15** | $8486 | $8927 |
| **10/31/15** | $9242 | $9634 |
| **11/30/15** | $9340 | $9759 |
| **12/31/15** | $9071 | $9495 |
| **1/31/16** | $8430 | $8954 |
| **2/29/16** | $8044 | $8635 |
| **3/31/16** | $8415 | $8902 |
| **4/30/16** | $8586 | $9016 |
| **5/31/16** | $8758 | $9189 |
| **6/30/16** | $8428 | $8836 |
| **7/31/16** | $8857 | $9264 |
| **8/31/16** | $8928 | $9358 |
| **9/30/16** | $9022 | $9397 |
| **10/31/16** | $9193 | $9517 |
| **11/30/16** | $9294 | $9634 |
| **12/31/16** | $9795 | $10079 |
| **1/31/17** | $9838 | $10101 |
| **2/28/17** | $10110 | $10324 |
| **3/31/17** | $10351 | $10585 |
| **4/30/17** | $10495 | $10746 |
| **5/31/17** | $10755 | $10987 |
| **6/30/17** | $10661 | $10913 |
| **7/31/17** | $10735 | $11000 |
| **8/31/17** | $10750 | $11011 |
| **9/30/17** | $11089 | $11320 |
| **10/31/17** | $11452 | $11666 |
| **11/30/17** | $11407 | $11617 |
| **12/31/17** | $11493 | $11776 |
| **1/31/18** | $11663 | $11937 |
| **2/28/18** | $11277 | $11569 |
| **3/31/18** | $11015 | $11333 |
| **4/30/18** | $11570 | $11851 |
| **5/31/18** | $11509 | $11793 |
| **6/30/18** | $11476 | $11779 |
| **7/31/18** | $11816 | $12112 |
| **8/31/18** | $11584 | $11932 |
| **9/30/18** | $11781 | $12123 |
| **10/31/18** | $11018 | $11367 |
| **11/30/18** | $10955 | $11365 |
| **12/31/18** | $10214 | $10721 |
| **1/31/19** | $10899 | $11334 |
| **2/28/19** | $11283 | $11747 |
| **3/31/19** | $11436 | $11928 |
| **4/30/19** | $11863 | $12354 |
| **5/31/19** | $11265 | $11809 |
| **6/30/19** | $11861 | $12346 |
| **7/31/19** | $12000 | $12456 |
| **8/31/19** | $11583 | $12181 |
| **9/30/19** | $11995 | $12631 |
| **10/31/19** | $12247 | $12870 |
| **11/30/19** | $12518 | $13157 |
| **12/31/19** | $12767 | $13362 |
| **1/31/20** | $12635 | $13219 |
| **2/29/20** | $11580 | $12184 |
| **3/31/20** | $9616 | $10702 |
| **4/30/20** | $10423 | $11300 |
| **5/31/20** | $10962 | $11765 |
| **6/30/20** | $11347 | $12082 |
| **7/31/20** | $11250 | $11864 |
| **8/31/20** | $11770 | $12356 |
| **9/30/20** | $11654 | $12243 |
| **10/31/20** | $11212 | $11770 |
| **11/30/20** | $12808 | $13352 |
| **12/31/20** | $13174 | $13697 |
| **1/31/21** | $13193 | $13652 |
| **2/28/21** | $13501 | $14013 |
| **3/31/21** | $14135 | $14741 |
| **4/30/21** | $14347 | $14936 |
| **5/31/21** | $14712 | $15256 |
| **6/30/21** | $14825 | $15469 |
| **7/31/21** | $14864 | $15538 |
| **8/31/21** | $15199 | $15892 |
| **9/30/21** | $14979 | $15697 |
| **10/31/21** | $15186 | $16049 |
| **11/30/21** | $14668 | $15661 |
| **12/31/21** | $15441 | $16358 |
| **1/31/22** | $14796 | $15779 |
| **2/28/22** | $14421 | $15441 |
| **3/31/22** | $14712 | $15784 |
| **4/30/22** | $14400 | $15592 |
| **5/31/22** | $14317 | $15574 |
| **6/30/22** | $13274 | $14636 |
| **7/31/22** | $14038 | $15417 |
| **8/31/22** | $13698 | $15098 |
| **9/30/22** | $12715 | $14224 |
| **10/31/22** | $13407 | $15010 |
| **11/30/22** | $14229 | $16057 |
| **12/31/22** | $13903 | $15605 |
| **1/31/23** | $14970 | $16642 |
| **2/28/23** | $15110 | $16779 |
| **3/31/23** | $15044 | $16904 |
| **4/30/23** | $15418 | $17331 |
| **5/31/23** | $15161 | $17102 |
| **6/30/23** | $15754 | $17756 |
| **7/31/23** | $16140 | $18098 |
| **8/31/23** | $15827 | $17812 |
| **9/30/23** | $15654 | $17659 |
| **10/31/23** | $15058 | $17112 |
| **11/30/23** | $16100 | $18145 |
| **12/31/23** | $16618 | $18717 |
| **1/31/24** | $17161 | $19232 |
| **2/29/24** | $17626 | $19850 |
| **3/31/24** | $18355 | $20684 |
| **4/30/24** | $18196 | $20551 |
| **5/31/24** | $18699 | $21108 |
| **6/30/24** | $18614 | $21036 |
| **7/31/24** | $18835 | $21247 |
| **8/31/24** | $18974 | $21382 |
| **9/30/24** | $18997 | $21346 |
| **10/31/24** | $18506 | $21077 |
| **11/30/24** | $18766 | $21236 |
| **12/31/24** | $18879 | $21364 |
| **1/31/25** | $19888 | $22434 |
| **2/28/25** | $20185 | $22685 |
| **3/31/25** | $19591 | $22083 |

---

The table below shows the average annual total returns of the Fund and a regulatory index for certain periods ended March 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class C (excluding sales charge) | 6.73% | 15.30% | 6.96% |
| Class C (including sales charge) | 5.78% | 15.30% | 6.96% |
| MSCI EAFE Hedged USD Index | 6.76% | 15.59% | 8.24% |

---

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 | $3099249 |
| # of Portfolio Holdings | 1483 |
| Portfolio Turnover Rate | 565% |
| Total Net Advisory Fees Paid During the Reporting Period | $13156 |

---

---

| | |
|:---|:---|
| 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 | 51.9% |
| Asset-Backed Securities | 27.5% |
| Non-Agency Mortgage-Backed Securities | 8.7% |
| Sovereign Issues | 7.1% |
| U.S. Treasury Obligations | 6.5% |
| Corporate Bonds & Notes | 6.0% |
| Common Stocks | 1.4% |
| Loan Participations and Assignments | 0.2% |
| Municipal Bonds & Notes | 0.2% |
| Short-Term Instruments | 41.9% |
| Affiliated Investments | 10.4% |
| Financial Derivative Instruments | (0.9%) |
| Other Assets and Liabilities, Net | (60.9%) |
| 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 0.20% 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](g932242ia208f5a1820733359ae7.jpg)

# Class C: PIPCX
![Image](g932242i67073b345faae17987ad.jpg)

# PIMCO StocksPLUS<sup>®</sup> International Fund (U.S. Dollar-Hedged)
Annual Shareholder Report \|

March 31, 2025

PIMS4244TSRAR_033125

# I-3: PISNX

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

#### Annual Shareholder Report \| March 31, 2025
![Image](g932242i572229cb99157f8c2553.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO StocksPLUS<sup>®</sup> International 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-3 | $116 | 1.12% |

---

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

* The Fund's exposure to equity index derivatives linked to the MSCI EAFE Hedged USD Index contributed to absolute performance, as the MSCI EAFE Hedged USD Index returned 6.76%. 

* The Fund's bond alpha strategy contributed to performance. Highlights about the drivers of performance include the following:

* Long exposure to U.S. interest rates contributed to performance, as interest rates decreased. 

* Holdings of non-agency mortgage-backed securities contributed to performance, as excess yield was earned. 

* Long exposure to U.K. interest rates detracted from performance, as interest rates increased. 

* Long exposure to Australian interest rates detracted from performance, as interest rates increased.

## 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](g932242i176ea3fd00c659e41e03.jpg)

---

| | | |
|:---|:---|:---|
| | **I-3** | **MSCI EAFE Hedged USD Index** |
| **3/31/15** | $1000000 | $1000000 |
| **4/30/15** | $1012009 | $1011408 |
| **5/31/15** | $1031294 | $1026999 |
| **6/30/15** | $979336 | $980722 |
| **7/31/15** | $1016257 | $1015112 |
| **8/31/15** | $917348 | $937360 |
| **9/30/15** | $854131 | $892720 |
| **10/31/15** | $930976 | $963427 |
| **11/30/15** | $942214 | $975856 |
| **12/31/15** | $914088 | $949499 |
| **1/31/16** | $850984 | $895404 |
| **2/29/16** | $812325 | $863527 |
| **3/31/16** | $850778 | $890195 |
| **4/30/16** | $869949 | $901563 |
| **5/31/16** | $886545 | $918937 |
| **6/30/16** | $854711 | $883622 |
| **7/31/16** | $899719 | $926372 |
| **8/31/16** | $907339 | $935790 |
| **9/30/16** | $918123 | $939684 |
| **10/31/16** | $934840 | $951658 |
| **11/30/16** | $946378 | $963393 |
| **12/31/16** | $997114 | $1007881 |
| **1/31/17** | $1003477 | $1010085 |
| **2/28/17** | $1031919 | $1032381 |
| **3/31/17** | $1056957 | $1058498 |
| **4/30/17** | $1072524 | $1074628 |
| **5/31/17** | $1099852 | $1098650 |
| **6/30/17** | $1090554 | $1091256 |
| **7/31/17** | $1099780 | $1099999 |
| **8/31/17** | $1102316 | $1101052 |
| **9/30/17** | $1138576 | $1132038 |
| **10/31/17** | $1176746 | $1166557 |
| **11/30/17** | $1172497 | $1161695 |
| **12/31/17** | $1183240 | $1177638 |
| **1/31/18** | $1201246 | $1193713 |
| **2/28/18** | $1163399 | $1156888 |
| **3/31/18** | $1136718 | $1133322 |
| **4/30/18** | $1193878 | $1185092 |
| **5/31/18** | $1189654 | $1179283 |
| **6/30/18** | $1187856 | $1177928 |
| **7/31/18** | $1223167 | $1211202 |
| **8/31/18** | $1200568 | $1193162 |
| **9/30/18** | $1220879 | $1212258 |
| **10/31/18** | $1143771 | $1136721 |
| **11/30/18** | $1138059 | $1136478 |
| **12/31/18** | $1063148 | $1072083 |
| **1/31/19** | $1134429 | $1133432 |
| **2/28/19** | $1173861 | $1174662 |
| **3/31/19** | $1192578 | $1192817 |
| **4/30/19** | $1237727 | $1235372 |
| **5/31/19** | $1177009 | $1180934 |
| **6/30/19** | $1239456 | $1234609 |
| **7/31/19** | $1253702 | $1245642 |
| **8/31/19** | $1212545 | $1218082 |
| **9/30/19** | $1257573 | $1263123 |
| **10/31/19** | $1283738 | $1286986 |
| **11/30/19** | $1313174 | $1315677 |
| **12/31/19** | $1340855 | $1336241 |
| **1/31/20** | $1328929 | $1321926 |
| **2/29/20** | $1216481 | $1218376 |
| **3/31/20** | $1012114 | $1070158 |
| **4/30/20** | $1099065 | $1130009 |
| **5/31/20** | $1156453 | $1176474 |
| **6/30/20** | $1196451 | $1208234 |
| **7/31/20** | $1187756 | $1186365 |
| **8/31/20** | $1245144 | $1235641 |
| **9/30/20** | $1232970 | $1224337 |
| **10/31/20** | $1187756 | $1177037 |
| **11/30/20** | $1356441 | $1335190 |
| **12/31/20** | $1398178 | $1369664 |
| **1/31/21** | $1399917 | $1365227 |
| **2/28/21** | $1434698 | $1401273 |
| **3/31/21** | $1504259 | $1474101 |
| **4/30/21** | $1525127 | $1493553 |
| **5/31/21** | $1566864 | $1525610 |
| **6/30/21** | $1579485 | $1546930 |
| **7/31/21** | $1586600 | $1553773 |
| **8/31/21** | $1623952 | $1589181 |
| **9/30/21** | $1600222 | $1569688 |
| **10/31/21** | $1624355 | $1604943 |
| **11/30/21** | $1570519 | $1566061 |
| **12/31/21** | $1654473 | $1635779 |
| **1/31/22** | $1587173 | $1577857 |
| **2/28/22** | $1547914 | $1544084 |
| **3/31/22** | $1579695 | $1578426 |
| **4/30/22** | $1547914 | $1559216 |
| **5/31/22** | $1540436 | $1557364 |
| **6/30/22** | $1428224 | $1463569 |
| **7/31/22** | $1513803 | $1541726 |
| **8/31/22** | $1477670 | $1509849 |
| **9/30/22** | $1371295 | $1422371 |
| **10/31/22** | $1448769 | $1501039 |
| **11/30/22** | $1537865 | $1605704 |
| **12/31/22** | $1504671 | $1560459 |
| **1/31/23** | $1619940 | $1664161 |
| **2/28/23** | $1636407 | $1677851 |
| **3/31/23** | $1630744 | $1690423 |
| **4/30/23** | $1672186 | $1733067 |
| **5/31/23** | $1647321 | $1710232 |
| **6/30/23** | $1715009 | $1775563 |
| **7/31/23** | $1755437 | $1809843 |
| **8/31/23** | $1723520 | $1781158 |
| **9/30/23** | $1707234 | $1765893 |
| **10/31/23** | $1643922 | $1711204 |
| **11/30/23** | $1757447 | $1814474 |
| **12/31/23** | $1816433 | $1871703 |
| **1/31/24** | $1877509 | $1923205 |
| **2/29/24** | $1929536 | $1985015 |
| **3/31/24** | $2012146 | $2068412 |
| **4/30/24** | $1995975 | $2055095 |
| **5/31/24** | $2053729 | $2110815 |
| **6/30/24** | $2046940 | $2103617 |
| **7/31/24** | $2070881 | $2124696 |
| **8/31/24** | $2087639 | $2138219 |
| **9/30/24** | $2093453 | $2134602 |
| **10/31/24** | $2041365 | $2107749 |
| **11/30/24** | $2071130 | $2123571 |
| **12/31/24** | $2083545 | $2136440 |
| **1/31/25** | $2197886 | $2243381 |
| **2/28/25** | $2230918 | $2268543 |
| **3/31/25** | $2167395 | $2208274 |

---

The table below shows the average annual total returns of the Fund and a regulatory index for certain periods ended March 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| I-3 | 7.72% | 16.45% | 8.04% |
| MSCI EAFE Hedged USD Index | 6.76% | 15.59% | 8.24% |

---

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 | $3099249 |
| # of Portfolio Holdings | 1483 |
| Portfolio Turnover Rate | 565% |
| Total Net Advisory Fees Paid During the Reporting Period | $13156 |

---

---

| | |
|:---|:---|
| 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 | 51.9% |
| Asset-Backed Securities | 27.5% |
| Non-Agency Mortgage-Backed Securities | 8.7% |
| Sovereign Issues | 7.1% |
| U.S. Treasury Obligations | 6.5% |
| Corporate Bonds & Notes | 6.0% |
| Common Stocks | 1.4% |
| Loan Participations and Assignments | 0.2% |
| Municipal Bonds & Notes | 0.2% |
| Short-Term Instruments | 41.9% |
| Affiliated Investments | 10.4% |
| Financial Derivative Instruments | (0.9%) |
| Other Assets and Liabilities, Net | (60.9%) |
| 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 0.20% 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](g932242ia208f5a1820733359ae7.jpg)

# I-3: PISNX
![Image](g932242i67073b345faae17987ad.jpg)

# PIMCO StocksPLUS<sup>®</sup> International Fund (U.S. Dollar-Hedged)
Annual Shareholder Report \|

March 31, 2025

PIMS2200TSRAR_033125

# Institutional Class: PISIX

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

#### Annual Shareholder Report \| March 31, 2025
![Image](g932242i572229cb99157f8c2553.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO StocksPLUS<sup>®</sup> International 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 | $101 | 0.97% |

---

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

* The Fund's exposure to equity index derivatives linked to the MSCI EAFE Hedged USD Index contributed to absolute performance, as the MSCI EAFE Hedged USD Index returned 6.76%. 

* The Fund's bond alpha strategy contributed to performance. Highlights about the drivers of performance include the following:

* Long exposure to U.S. interest rates contributed to performance, as interest rates decreased. 

* Holdings of non-agency mortgage-backed securities contributed to performance, as excess yield was earned. 

* Long exposure to U.K. interest rates detracted from performance, as interest rates increased. 

* Long exposure to Australian interest rates detracted from performance, as interest rates increased.

## 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](g932242i8a92be1880d7e16d8bc8.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Class** | **MSCI EAFE Hedged USD Index** |
| **3/31/15** | $1000000 | $1000000 |
| **4/30/15** | $1012136 | $1011408 |
| **5/31/15** | $1031553 | $1026999 |
| **6/30/15** | $979706 | $980722 |
| **7/31/15** | $1016770 | $1015112 |
| **8/31/15** | $917934 | $937360 |
| **9/30/15** | $854785 | $892720 |
| **10/31/15** | $931804 | $963427 |
| **11/30/15** | $943167 | $975856 |
| **12/31/15** | $915129 | $949499 |
| **1/31/16** | $852061 | $895404 |
| **2/29/16** | $813448 | $863527 |
| **3/31/16** | $852061 | $890195 |
| **4/30/16** | $871367 | $901563 |
| **5/31/16** | $888100 | $918937 |
| **6/30/16** | $856314 | $883622 |
| **7/31/16** | $901520 | $926372 |
| **8/31/16** | $909269 | $935790 |
| **9/30/16** | $920189 | $939684 |
| **10/31/16** | $937061 | $951658 |
| **11/30/16** | $948742 | $963393 |
| **12/31/16** | $999729 | $1007881 |
| **1/31/17** | $1006238 | $1010085 |
| **2/28/17** | $1034876 | $1032381 |
| **3/31/17** | $1060120 | $1058498 |
| **4/30/17** | $1075864 | $1074628 |
| **5/31/17** | $1103417 | $1098650 |
| **6/30/17** | $1094225 | $1091256 |
| **7/31/17** | $1103624 | $1099999 |
| **8/31/17** | $1106309 | $1101052 |
| **9/30/17** | $1142839 | $1132038 |
| **10/31/17** | $1181300 | $1166557 |
| **11/30/17** | $1177179 | $1161695 |
| **12/31/17** | $1188115 | $1177638 |
| **1/31/18** | $1206351 | $1193713 |
| **2/28/18** | $1168477 | $1156888 |
| **3/31/18** | $1141825 | $1133322 |
| **4/30/18** | $1199337 | $1185092 |
| **5/31/18** | $1195129 | $1179283 |
| **6/30/18** | $1192838 | $1177928 |
| **7/31/18** | $1229411 | $1211202 |
| **8/31/18** | $1206904 | $1193162 |
| **9/30/18** | $1227968 | $1212258 |
| **10/31/18** | $1149799 | $1136721 |
| **11/30/18** | $1144114 | $1136478 |
| **12/31/18** | $1068158 | $1072083 |
| **1/31/19** | $1140576 | $1133432 |
| **2/28/19** | $1181310 | $1174662 |
| **3/31/19** | $1199814 | $1192817 |
| **4/30/19** | $1244711 | $1235372 |
| **5/31/19** | $1184333 | $1180934 |
| **6/30/19** | $1246684 | $1234609 |
| **7/31/19** | $1262424 | $1245642 |
| **8/31/19** | $1219924 | $1218082 |
| **9/30/19** | $1265080 | $1263123 |
| **10/31/19** | $1292723 | $1286986 |
| **11/30/19** | $1321992 | $1315677 |
| **12/31/19** | $1349771 | $1336241 |
| **1/31/20** | $1337916 | $1321926 |
| **2/29/20** | $1226141 | $1218376 |
| **3/31/20** | $1020091 | $1070158 |
| **4/30/20** | $1106539 | $1130009 |
| **5/31/20** | $1165324 | $1176474 |
| **6/30/20** | $1206819 | $1208234 |
| **7/31/20** | $1198175 | $1186365 |
| **8/31/20** | $1255230 | $1235641 |
| **9/30/20** | $1243128 | $1224337 |
| **10/31/20** | $1196446 | $1177037 |
| **11/30/20** | $1367613 | $1335190 |
| **12/31/20** | $1410838 | $1369664 |
| **1/31/21** | $1412567 | $1365227 |
| **2/28/21** | $1447146 | $1401273 |
| **3/31/21** | $1518034 | $1474101 |
| **4/30/21** | $1540510 | $1493553 |
| **5/31/21** | $1582005 | $1525610 |
| **6/30/21** | $1594648 | $1546930 |
| **7/31/21** | $1601720 | $1553773 |
| **8/31/21** | $1638846 | $1589181 |
| **9/30/21** | $1615645 | $1569688 |
| **10/31/21** | $1639622 | $1604943 |
| **11/30/21** | $1586136 | $1566061 |
| **12/31/21** | $1670404 | $1635779 |
| **1/31/22** | $1603513 | $1577857 |
| **2/28/22** | $1562636 | $1544084 |
| **3/31/22** | $1596081 | $1578426 |
| **4/30/22** | $1564494 | $1559216 |
| **5/31/22** | $1557062 | $1557364 |
| **6/30/22** | $1444009 | $1463569 |
| **7/31/22** | $1530952 | $1541726 |
| **8/31/22** | $1495041 | $1509849 |
| **9/30/22** | $1387876 | $1422371 |
| **10/31/22** | $1464874 | $1501039 |
| **11/30/22** | $1555346 | $1605704 |
| **12/31/22** | $1523005 | $1560459 |
| **1/31/23** | $1639530 | $1664161 |
| **2/28/23** | $1655884 | $1677851 |
| **3/31/23** | $1650950 | $1690423 |
| **4/30/23** | $1692121 | $1733067 |
| **5/31/23** | $1667418 | $1710232 |
| **6/30/23** | $1734878 | $1775563 |
| **7/31/23** | $1777141 | $1809843 |
| **8/31/23** | $1745444 | $1781158 |
| **9/30/23** | $1729985 | $1765893 |
| **10/31/23** | $1664948 | $1711204 |
| **11/30/23** | $1779847 | $1814474 |
| **12/31/23** | $1840778 | $1871703 |
| **1/31/24** | $1901389 | $1923205 |
| **2/29/24** | $1955265 | $1985015 |
| **3/31/24** | $2037809 | $2068412 |
| **4/30/24** | $2021764 | $2055095 |
| **5/31/24** | $2081362 | $2110815 |
| **6/30/24** | $2072892 | $2103617 |
| **7/31/24** | $2099011 | $2124696 |
| **8/31/24** | $2118007 | $2138219 |
| **9/30/24** | $2122103 | $2134602 |
| **10/31/24** | $2070465 | $2107749 |
| **11/30/24** | $2099972 | $2123571 |
| **12/31/24** | $2114625 | $2136440 |
| **1/31/25** | $2230425 | $2243381 |
| **2/28/25** | $2263152 | $2268543 |
| **3/31/25** | $2197699 | $2208274 |

---

The table below shows the average annual total returns of the Fund and a regulatory index for certain periods ended March 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 7.85% | 16.59% | 8.19% |
| MSCI EAFE Hedged USD Index | 6.76% | 15.59% | 8.24% |

---

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 | $3099249 |
| # of Portfolio Holdings | 1483 |
| Portfolio Turnover Rate | 565% |
| Total Net Advisory Fees Paid During the Reporting Period | $13156 |

---

---

| | |
|:---|:---|
| 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 | 51.9% |
| Asset-Backed Securities | 27.5% |
| Non-Agency Mortgage-Backed Securities | 8.7% |
| Sovereign Issues | 7.1% |
| U.S. Treasury Obligations | 6.5% |
| Corporate Bonds & Notes | 6.0% |
| Common Stocks | 1.4% |
| Loan Participations and Assignments | 0.2% |
| Municipal Bonds & Notes | 0.2% |
| Short-Term Instruments | 41.9% |
| Affiliated Investments | 10.4% |
| Financial Derivative Instruments | (0.9%) |
| Other Assets and Liabilities, Net | (60.9%) |
| 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 0.20% 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](g932242ia208f5a1820733359ae7.jpg)

# Institutional Class: PISIX
![Image](g932242i67073b345faae17987ad.jpg)

# PIMCO StocksPLUS<sup>®</sup> International Fund (U.S. Dollar-Hedged)
Annual Shareholder Report \|

March 31, 2025

PIMS0327TSRAR_033125

# I-2: PIUHX

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

#### Annual Shareholder Report \| March 31, 2025
![Image](g932242i572229cb99157f8c2553.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO StocksPLUS<sup>®</sup> International 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 | $111 | 1.07% |

---

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

* The Fund's exposure to equity index derivatives linked to the MSCI EAFE Hedged USD Index contributed to absolute performance, as the MSCI EAFE Hedged USD Index returned 6.76%. 

* The Fund's bond alpha strategy contributed to performance. Highlights about the drivers of performance include the following:

* Long exposure to U.S. interest rates contributed to performance, as interest rates decreased. 

* Holdings of non-agency mortgage-backed securities contributed to performance, as excess yield was earned. 

* Long exposure to U.K. interest rates detracted from performance, as interest rates increased. 

* Long exposure to Australian interest rates detracted from performance, as interest rates increased.

## 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](g932242i8d5f7b982ee8996afc4e.jpg)

---

| | | |
|:---|:---|:---|
| | **I-2** | **MSCI EAFE Hedged USD Index** |
| **3/31/15** | $1000000 | $1000000 |
| **4/30/15** | $1010989 | $1011408 |
| **5/31/15** | $1030525 | $1026999 |
| **6/30/15** | $978217 | $980722 |
| **7/31/15** | $1015507 | $1015112 |
| **8/31/15** | $917312 | $937360 |
| **9/30/15** | $853614 | $892720 |
| **10/31/15** | $931100 | $963427 |
| **11/30/15** | $941262 | $975856 |
| **12/31/15** | $914044 | $949499 |
| **1/31/16** | $850605 | $895404 |
| **2/29/16** | $811764 | $863527 |
| **3/31/16** | $850605 | $890195 |
| **4/30/16** | $870025 | $901563 |
| **5/31/16** | $886856 | $918937 |
| **6/30/16** | $854652 | $883622 |
| **7/31/16** | $898813 | $926372 |
| **8/31/16** | $906606 | $935790 |
| **9/30/16** | $917287 | $939684 |
| **10/31/16** | $935554 | $951658 |
| **11/30/16** | $945993 | $963393 |
| **12/31/16** | $998336 | $1007881 |
| **1/31/17** | $1003570 | $1010085 |
| **2/28/17** | $1032356 | $1032381 |
| **3/31/17** | $1057583 | $1058498 |
| **4/30/17** | $1072089 | $1074628 |
| **5/31/17** | $1099781 | $1098650 |
| **6/30/17** | $1091715 | $1091256 |
| **7/31/17** | $1099812 | $1099999 |
| **8/31/17** | $1103860 | $1101052 |
| **9/30/17** | $1140349 | $1132038 |
| **10/31/17** | $1176244 | $1166557 |
| **11/30/17** | $1173483 | $1161695 |
| **12/31/17** | $1184200 | $1177638 |
| **1/31/18** | $1202527 | $1193713 |
| **2/28/18** | $1164463 | $1156888 |
| **3/31/18** | $1137678 | $1133322 |
| **4/30/18** | $1195478 | $1185092 |
| **5/31/18** | $1189839 | $1179283 |
| **6/30/18** | $1188743 | $1177928 |
| **7/31/18** | $1224081 | $1211202 |
| **8/31/18** | $1201465 | $1193162 |
| **9/30/18** | $1222320 | $1212258 |
| **10/31/18** | $1145211 | $1136721 |
| **11/30/18** | $1139500 | $1136478 |
| **12/31/18** | $1063159 | $1072083 |
| **1/31/19** | $1135958 | $1133432 |
| **2/28/19** | $1175390 | $1174662 |
| **3/31/19** | $1193510 | $1192817 |
| **4/30/19** | $1238636 | $1235372 |
| **5/31/19** | $1177949 | $1180934 |
| **6/30/19** | $1240486 | $1234609 |
| **7/31/19** | $1256309 | $1245642 |
| **8/31/19** | $1213588 | $1218082 |
| **9/30/19** | $1258740 | $1263123 |
| **10/31/19** | $1284895 | $1286986 |
| **11/30/19** | $1315955 | $1315677 |
| **12/31/19** | $1343646 | $1336241 |
| **1/31/20** | $1330022 | $1321926 |
| **2/29/20** | $1219329 | $1218376 |
| **3/31/20** | $1013480 | $1070158 |
| **4/30/20** | $1100400 | $1130009 |
| **5/31/20** | $1157766 | $1176474 |
| **6/30/20** | $1199488 | $1208234 |
| **7/31/20** | $1190796 | $1186365 |
| **8/31/20** | $1248163 | $1235641 |
| **9/30/20** | $1235994 | $1224337 |
| **10/31/20** | $1189057 | $1177037 |
| **11/30/20** | $1359420 | $1335190 |
| **12/31/20** | $1401141 | $1369664 |
| **1/31/21** | $1402879 | $1365227 |
| **2/28/21** | $1437647 | $1401273 |
| **3/31/21** | $1507182 | $1474101 |
| **4/30/21** | $1529782 | $1493553 |
| **5/31/21** | $1571503 | $1525610 |
| **6/30/21** | $1583971 | $1546930 |
| **7/31/21** | $1591082 | $1553773 |
| **8/31/21** | $1626637 | $1589181 |
| **9/30/21** | $1604804 | $1569688 |
| **10/31/21** | $1628923 | $1604943 |
| **11/30/21** | $1575120 | $1566061 |
| **12/31/21** | $1657561 | $1635779 |
| **1/31/22** | $1590287 | $1577857 |
| **2/28/22** | $1551044 | $1544084 |
| **3/31/22** | $1584681 | $1578426 |
| **4/30/22** | $1552913 | $1559216 |
| **5/31/22** | $1543569 | $1557364 |
| **6/30/22** | $1431476 | $1463569 |
| **7/31/22** | $1518923 | $1541726 |
| **8/31/22** | $1482804 | $1509849 |
| **9/30/22** | $1376550 | $1422371 |
| **10/31/22** | $1452057 | $1501039 |
| **11/30/22** | $1543052 | $1605704 |
| **12/31/22** | $1510046 | $1560459 |
| **1/31/23** | $1625254 | $1664161 |
| **2/28/23** | $1641712 | $1677851 |
| **3/31/23** | $1636459 | $1690423 |
| **4/30/23** | $1677889 | $1733067 |
| **5/31/23** | $1653031 | $1710232 |
| **6/30/23** | $1720635 | $1775563 |
| **7/31/23** | $1761045 | $1809843 |
| **8/31/23** | $1729142 | $1781158 |
| **9/30/23** | $1713162 | $1765893 |
| **10/31/23** | $1649873 | $1711204 |
| **11/30/23** | $1763356 | $1814474 |
| **12/31/23** | $1821925 | $1871703 |
| **1/31/24** | $1882957 | $1923205 |
| **2/29/24** | $1937208 | $1985015 |
| **3/31/24** | $2019993 | $2068412 |
| **4/30/24** | $2003833 | $2055095 |
| **5/31/24** | $2061547 | $2110815 |
| **6/30/24** | $2052613 | $2103617 |
| **7/31/24** | $2078929 | $2124696 |
| **8/31/24** | $2095675 | $2138219 |
| **9/30/24** | $2101775 | $2134602 |
| **10/31/24** | $2049726 | $2107749 |
| **11/30/24** | $2079468 | $2123571 |
| **12/31/24** | $2093644 | $2136440 |
| **1/31/25** | $2207843 | $2243381 |
| **2/28/25** | $2240833 | $2268543 |
| **3/31/25** | $2174852 | $2208274 |

---

The table below shows the average annual total returns of the Fund and a regulatory index for certain periods ended March 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| I-2 | 7.67% | 16.50% | 8.08% |
| MSCI EAFE Hedged USD Index | 6.76% | 15.59% | 8.24% |

---

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 | $3099249 |
| # of Portfolio Holdings | 1483 |
| Portfolio Turnover Rate | 565% |
| Total Net Advisory Fees Paid During the Reporting Period | $13156 |

---

---

| | |
|:---|:---|
| 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 | 51.9% |
| Asset-Backed Securities | 27.5% |
| Non-Agency Mortgage-Backed Securities | 8.7% |
| Sovereign Issues | 7.1% |
| U.S. Treasury Obligations | 6.5% |
| Corporate Bonds & Notes | 6.0% |
| Common Stocks | 1.4% |
| Loan Participations and Assignments | 0.2% |
| Municipal Bonds & Notes | 0.2% |
| Short-Term Instruments | 41.9% |
| Affiliated Investments | 10.4% |
| Financial Derivative Instruments | (0.9%) |
| Other Assets and Liabilities, Net | (60.9%) |
| 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 0.20% 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](g932242ia208f5a1820733359ae7.jpg)

# I-2: PIUHX
![Image](g932242i67073b345faae17987ad.jpg)

# PIMCO StocksPLUS<sup>®</sup> International Fund (U.S. Dollar-Hedged)
Annual Shareholder Report \|

March 31, 2025

PIMS2057TSRAR_033125

# Class A: PPUAX

# PIMCO StocksPLUS<sup>®</sup> International Fund (Unhedged)

#### Annual Shareholder Report \| March 31, 2025
![Image](g932242i572229cb99157f8c2553.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO StocksPLUS<sup>®</sup> International 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/pvit**. 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 | $122 | 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:

* The Fund's exposure to equity index derivatives linked to the MSCI EAFE Index contributed to absolute performance, as the MSCI EAFE Index returned 4.88%. 

* The Fund's bond alpha strategy contributed to performance. Highlights about the drivers of performance include the following:

* Long exposure to U.S. interest rates contributed to performance, as interest rates decreased. 

* Holdings of non-agency mortgage-backed securities contributed to performance, as excess yield was earned. 

* Long exposure to U.K. interest rates detracted from performance, as interest rates increased. 

* Long exposure to Australian interest rates detracted from performance, as interest rates increased.

## 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](g932242i6c03fa5c196cab670d91.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A (including sales charge)** | **MSCI EAFE Index** |
| **3/31/15** | $9622 | $10000 |
| **4/30/15** | $10030 | $10408 |
| **5/31/15** | $10000 | $10355 |
| **6/30/15** | $9653 | $10062 |
| **7/31/15** | $9853 | $10271 |
| **8/31/15** | $8947 | $9515 |
| **9/30/15** | $8297 | $9032 |
| **10/31/15** | $9003 | $9738 |
| **11/30/15** | $8893 | $9586 |
| **12/31/15** | $8763 | $9457 |
| **1/31/16** | $8042 | $8773 |
| **2/29/16** | $7802 | $8613 |
| **3/31/16** | $8411 | $9173 |
| **4/30/16** | $8747 | $9439 |
| **5/31/16** | $8667 | $9353 |
| **6/30/16** | $8362 | $9039 |
| **7/31/16** | $8843 | $9497 |
| **8/31/16** | $8859 | $9504 |
| **9/30/16** | $9003 | $9620 |
| **10/31/16** | $8891 | $9424 |
| **11/30/16** | $8683 | $9236 |
| **12/31/16** | $9051 | $9552 |
| **1/31/17** | $9356 | $9829 |
| **2/28/17** | $9516 | $9969 |
| **3/31/17** | $9788 | $10244 |
| **4/30/17** | $10029 | $10505 |
| **5/31/17** | $10413 | $10890 |
| **6/30/17** | $10411 | $10871 |
| **7/31/17** | $10718 | $11184 |
| **8/31/17** | $10734 | $11180 |
| **9/30/17** | $11028 | $11458 |
| **10/31/17** | $11208 | $11632 |
| **11/30/17** | $11306 | $11754 |
| **12/31/17** | $11440 | $11943 |
| **1/31/18** | $12033 | $12542 |
| **2/28/18** | $11491 | $11976 |
| **3/31/18** | $11255 | $11760 |
| **4/30/18** | $11546 | $12029 |
| **5/31/18** | $11290 | $11758 |
| **6/30/18** | $11159 | $11615 |
| **7/31/18** | $11436 | $11901 |
| **8/31/18** | $11142 | $11671 |
| **9/30/18** | $11258 | $11772 |
| **10/31/18** | $10348 | $10835 |
| **11/30/18** | $10260 | $10821 |
| **12/31/18** | $9694 | $10296 |
| **1/31/19** | $10388 | $10973 |
| **2/28/19** | $10646 | $11252 |
| **3/31/19** | $10725 | $11323 |
| **4/30/19** | $11062 | $11642 |
| **5/31/19** | $10487 | $11083 |
| **6/30/19** | $11129 | $11740 |
| **7/31/19** | $10990 | $11591 |
| **8/31/19** | $10613 | $11291 |
| **9/30/19** | $10911 | $11614 |
| **10/31/19** | $11351 | $12032 |
| **11/30/19** | $11471 | $12167 |
| **12/31/19** | $11889 | $12563 |
| **1/31/20** | $11687 | $12300 |
| **2/29/20** | $10599 | $11188 |
| **3/31/20** | $8786 | $9695 |
| **4/30/20** | $9491 | $10321 |
| **5/31/20** | $9954 | $10771 |
| **6/30/20** | $10368 | $11138 |
| **7/31/20** | $10652 | $11397 |
| **8/31/20** | $11261 | $11983 |
| **9/30/20** | $10997 | $11672 |
| **10/31/20** | $10591 | $11206 |
| **11/30/20** | $12275 | $12943 |
| **12/31/20** | $12884 | $13545 |
| **1/31/21** | $12783 | $13400 |
| **2/28/21** | $13026 | $13701 |
| **3/31/21** | $13290 | $14016 |
| **4/30/21** | $13716 | $14438 |
| **5/31/21** | $14223 | $14908 |
| **6/30/21** | $14002 | $14741 |
| **7/31/21** | $14091 | $14852 |
| **8/31/21** | $14338 | $15114 |
| **9/30/21** | $13906 | $14675 |
| **10/31/21** | $14136 | $15036 |
| **11/30/21** | $13445 | $14336 |
| **12/31/21** | $14170 | $15070 |
| **1/31/22** | $13445 | $14342 |
| **2/28/22** | $13123 | $14088 |
| **3/31/22** | $13131 | $14179 |
| **4/30/22** | $12227 | $13262 |
| **5/31/22** | $12299 | $13361 |
| **6/30/22** | $11015 | $12121 |
| **7/31/22** | $11600 | $12725 |
| **8/31/22** | $11006 | $12121 |
| **9/30/22** | $9820 | $10987 |
| **10/31/22** | $10292 | $11578 |
| **11/30/22** | $11464 | $12882 |
| **12/31/22** | $11509 | $12892 |
| **1/31/23** | $12503 | $13936 |
| **2/28/23** | $12241 | $13645 |
| **3/31/23** | $12425 | $13984 |
| **4/30/23** | $12778 | $14378 |
| **5/31/23** | $12281 | $13770 |
| **6/30/23** | $12818 | $14397 |
| **7/31/23** | $13250 | $14862 |
| **8/31/23** | $12739 | $14293 |
| **9/30/23** | $12271 | $13805 |
| **10/31/23** | $11705 | $13245 |
| **11/30/23** | $12850 | $14475 |
| **12/31/23** | $13602 | $15244 |
| **1/31/24** | $13708 | $15331 |
| **2/29/24** | $13962 | $15612 |
| **3/31/24** | $14427 | $16125 |
| **4/30/24** | $14005 | $15712 |
| **5/31/24** | $14577 | $16321 |
| **6/30/24** | $14331 | $16058 |
| **7/31/24** | $14804 | $16529 |
| **8/31/24** | $15263 | $17066 |
| **9/30/24** | $15443 | $17224 |
| **10/31/24** | $14507 | $16287 |
| **11/30/24** | $14507 | $16195 |
| **12/31/24** | $14158 | $15826 |
| **1/31/25** | $14938 | $16658 |
| **2/28/25** | $15299 | $16981 |
| **3/31/25** | $15243 | $16913 |

---

The table below shows the average annual total returns of the Fund and a regulatory index for certain periods ended March 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class A (excluding sales charge) | 5.65% | 11.65% | 4.71% |
| Class A (including sales charge) | 1.72% | 10.80% | 4.31% |
| MSCI EAFE Index | 4.88% | 11.77% | 5.40% |

---

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 | $153580 |
| # of Portfolio Holdings | 1034 |
| Portfolio Turnover Rate | 525% |
| Total Net Advisory Fees Paid During the Reporting Period | $688 |

---

---

| | |
|:---|:---|
| 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 | 51.3% |
| Asset-Backed Securities | 30.0% |
| Non-Agency Mortgage-Backed Securities | 9.4% |
| Sovereign Issues | 8.4% |
| U.S. Treasury Obligations | 7.3% |
| Corporate Bonds & Notes | 6.6% |
| Common Stocks | 1.4% |
| Short-Term Instruments | 16.4% |
| Affiliated Investments | 11.7% |
| Financial Derivative Instruments | (0.7%) |
| Other Assets and Liabilities, Net | (41.8%) |
| 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 0.17% 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](g932242ia208f5a1820733359ae7.jpg)

# Class A: PPUAX
![Image](g932242i67073b345faae17987ad.jpg)

# PIMCO StocksPLUS<sup>®</sup> International Fund (Unhedged)
Annual Shareholder Report \|

March 31, 2025

PIMS4056TSRAR_033125

# Class C: PPUCX

# PIMCO StocksPLUS<sup>®</sup> International Fund (Unhedged)

#### Annual Shareholder Report \| March 31, 2025
![Image](g932242i572229cb99157f8c2553.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO StocksPLUS<sup>®</sup> International 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/pvit**. 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 | $199 | 1.94% |

---

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

* The Fund's exposure to equity index derivatives linked to the MSCI EAFE Index contributed to absolute performance, as the MSCI EAFE Index returned 4.88%. 

* The Fund's bond alpha strategy contributed to performance. Highlights about the drivers of performance include the following:

* Long exposure to U.S. interest rates contributed to performance, as interest rates decreased. 

* Holdings of non-agency mortgage-backed securities contributed to performance, as excess yield was earned. 

* Long exposure to U.K. interest rates detracted from performance, as interest rates increased. 

* Long exposure to Australian interest rates detracted from performance, as interest rates increased.

## 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](g932242ic102706ce951cd238dc0.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C (excluding sales charge)** | **MSCI EAFE Index** |
| **3/31/15** | $10000 | $10000 |
| **4/30/15** | $10405 | $10408 |
| **5/31/15** | $10372 | $10355 |
| **6/30/15** | $10021 | $10062 |
| **7/31/15** | $10218 | $10271 |
| **8/31/15** | $9265 | $9515 |
| **9/30/15** | $8586 | $9032 |
| **10/31/15** | $9324 | $9738 |
| **11/30/15** | $9190 | $9586 |
| **12/31/15** | $9050 | $9457 |
| **1/31/16** | $8298 | $8773 |
| **2/29/16** | $8058 | $8613 |
| **3/31/16** | $8674 | $9173 |
| **4/30/16** | $9016 | $9439 |
| **5/31/16** | $8931 | $9353 |
| **6/30/16** | $8623 | $9039 |
| **7/31/16** | $9102 | $9497 |
| **8/31/16** | $9102 | $9504 |
| **9/30/16** | $9256 | $9620 |
| **10/31/16** | $9136 | $9424 |
| **11/30/16** | $8913 | $9236 |
| **12/31/16** | $9290 | $9552 |
| **1/31/17** | $9581 | $9829 |
| **2/28/17** | $9752 | $9969 |
| **3/31/17** | $10025 | $10244 |
| **4/30/17** | $10265 | $10505 |
| **5/31/17** | $10641 | $10890 |
| **6/30/17** | $10644 | $10871 |
| **7/31/17** | $10955 | $11184 |
| **8/31/17** | $10955 | $11180 |
| **9/30/17** | $11248 | $11458 |
| **10/31/17** | $11422 | $11632 |
| **11/30/17** | $11509 | $11754 |
| **12/31/17** | $11650 | $11943 |
| **1/31/18** | $12246 | $12542 |
| **2/28/18** | $11686 | $11976 |
| **3/31/18** | $11438 | $11760 |
| **4/30/18** | $11729 | $12029 |
| **5/31/18** | $11456 | $11758 |
| **6/30/18** | $11321 | $11615 |
| **7/31/18** | $11597 | $11901 |
| **8/31/18** | $11284 | $11671 |
| **9/30/18** | $11403 | $11772 |
| **10/31/18** | $10473 | $10835 |
| **11/30/18** | $10380 | $10821 |
| **12/31/18** | $9793 | $10296 |
| **1/31/19** | $10491 | $10973 |
| **2/28/19** | $10724 | $11252 |
| **3/31/19** | $10809 | $11323 |
| **4/30/19** | $11147 | $11642 |
| **5/31/19** | $10555 | $11083 |
| **6/30/19** | $11204 | $11740 |
| **7/31/19** | $11056 | $11591 |
| **8/31/19** | $10653 | $11291 |
| **9/30/19** | $10970 | $11614 |
| **10/31/19** | $11395 | $12032 |
| **11/30/19** | $11502 | $12167 |
| **12/31/19** | $11942 | $12563 |
| **1/31/20** | $11706 | $12300 |
| **2/29/20** | $10615 | $11188 |
| **3/31/20** | $8796 | $9695 |
| **4/30/20** | $9481 | $10321 |
| **5/31/20** | $9951 | $10771 |
| **6/30/20** | $10358 | $11138 |
| **7/31/20** | $10637 | $11397 |
| **8/31/20** | $11219 | $11983 |
| **9/30/20** | $10982 | $11672 |
| **10/31/20** | $10551 | $11206 |
| **11/30/20** | $12209 | $12943 |
| **12/31/20** | $12812 | $13545 |
| **1/31/21** | $12705 | $13400 |
| **2/28/21** | $12942 | $13701 |
| **3/31/21** | $13200 | $14016 |
| **4/30/21** | $13609 | $14438 |
| **5/31/21** | $14104 | $14908 |
| **6/30/21** | $13872 | $14741 |
| **7/31/21** | $13967 | $14852 |
| **8/31/21** | $14207 | $15114 |
| **9/30/21** | $13768 | $14675 |
| **10/31/21** | $13988 | $15036 |
| **11/30/21** | $13299 | $14336 |
| **12/31/21** | $13995 | $15070 |
| **1/31/22** | $13271 | $14342 |
| **2/28/22** | $12952 | $14088 |
| **3/31/22** | $12951 | $14179 |
| **4/30/22** | $12043 | $13262 |
| **5/31/22** | $12110 | $13361 |
| **6/30/22** | $10844 | $12121 |
| **7/31/22** | $11407 | $12725 |
| **8/31/22** | $10825 | $12121 |
| **9/30/22** | $9653 | $10987 |
| **10/31/22** | $10103 | $11578 |
| **11/30/22** | $11248 | $12882 |
| **12/31/22** | $11285 | $12892 |
| **1/31/23** | $12256 | $13936 |
| **2/28/23** | $11991 | $13645 |
| **3/31/23** | $12153 | $13984 |
| **4/30/23** | $12506 | $14378 |
| **5/31/23** | $12006 | $13770 |
| **6/30/23** | $12521 | $14397 |
| **7/31/23** | $12933 | $14862 |
| **8/31/23** | $12432 | $14293 |
| **9/30/23** | $11973 | $13805 |
| **10/31/23** | $11412 | $13245 |
| **11/30/23** | $12506 | $14475 |
| **12/31/23** | $13235 | $15244 |
| **1/31/24** | $13340 | $15331 |
| **2/29/24** | $13565 | $15612 |
| **3/31/24** | $14022 | $16125 |
| **4/30/24** | $13608 | $15712 |
| **5/31/24** | $14144 | $16321 |
| **6/30/24** | $13895 | $16058 |
| **7/31/24** | $14349 | $16529 |
| **8/31/24** | $14788 | $17066 |
| **9/30/24** | $14950 | $17224 |
| **10/31/24** | $14038 | $16287 |
| **11/30/24** | $14022 | $16195 |
| **12/31/24** | $13680 | $15826 |
| **1/31/25** | $14415 | $16658 |
| **2/28/25** | $14758 | $16981 |
| **3/31/25** | $14707 | $16913 |

---

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) | 4.89% | 10.83% | 3.93% |
| Class C (including sales charge) | 3.93% | 10.83% | 3.93% |
| MSCI EAFE Index | 4.88% | 11.77% | 5.40% |

---

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 | $153580 |
| # of Portfolio Holdings | 1034 |
| Portfolio Turnover Rate | 525% |
| Total Net Advisory Fees Paid During the Reporting Period | $688 |

---

---

| | |
|:---|:---|
| 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 | 51.3% |
| Asset-Backed Securities | 30.0% |
| Non-Agency Mortgage-Backed Securities | 9.4% |
| Sovereign Issues | 8.4% |
| U.S. Treasury Obligations | 7.3% |
| Corporate Bonds & Notes | 6.6% |
| Common Stocks | 1.4% |
| Short-Term Instruments | 16.4% |
| Affiliated Investments | 11.7% |
| Financial Derivative Instruments | (0.7%) |
| Other Assets and Liabilities, Net | (41.8%) |
| 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 0.17% 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](g932242ia208f5a1820733359ae7.jpg)

# Class C: PPUCX
![Image](g932242i67073b345faae17987ad.jpg)

# PIMCO StocksPLUS<sup>®</sup> International Fund (Unhedged)
Annual Shareholder Report \|

March 31, 2025

PIMS4256TSRAR_033125

# I-3: PSKNX

# PIMCO StocksPLUS<sup>®</sup> International Fund (Unhedged)

#### Annual Shareholder Report \| March 31, 2025
![Image](g932242i572229cb99157f8c2553.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO StocksPLUS<sup>®</sup> International 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/pvit**. 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 | $97 | 0.94% |

---

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

* The Fund's exposure to equity index derivatives linked to the MSCI EAFE Index contributed to absolute performance, as the MSCI EAFE Index returned 4.88%. 

* The Fund's bond alpha strategy contributed to performance. Highlights about the drivers of performance include the following:

* Long exposure to U.S. interest rates contributed to performance, as interest rates decreased. 

* Holdings of non-agency mortgage-backed securities contributed to performance, as excess yield was earned. 

* Long exposure to U.K. interest rates detracted from performance, as interest rates increased. 

* Long exposure to Australian interest rates detracted from performance, as interest rates increased.

## 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](g932242id507d9654196d0015b7a.jpg)

---

| | | |
|:---|:---|:---|
| | **I-3** | **MSCI EAFE Index** |
| **3/31/15** | $1000000 | $1000000 |
| **4/30/15** | $1041411 | $1040829 |
| **5/31/15** | $1038201 | $1035501 |
| **6/30/15** | $1003489 | $1006162 |
| **7/31/15** | $1023679 | $1027053 |
| **8/31/15** | $929782 | $951500 |
| **9/30/15** | $862787 | $903187 |
| **10/31/15** | $936166 | $973789 |
| **11/30/15** | $924869 | $958639 |
| **12/31/15** | $910815 | $945723 |
| **1/31/16** | $835623 | $877334 |
| **2/29/16** | $812679 | $861260 |
| **3/31/16** | $876213 | $917300 |
| **4/30/16** | $910369 | $943857 |
| **5/31/16** | $902099 | $935283 |
| **6/30/16** | $870996 | $903888 |
| **7/31/16** | $921446 | $949698 |
| **8/31/16** | $922960 | $950372 |
| **9/30/16** | $939152 | $962047 |
| **10/31/16** | $927620 | $942368 |
| **11/30/16** | $906315 | $923600 |
| **12/31/16** | $943688 | $955182 |
| **1/31/17** | $976162 | $982889 |
| **2/28/17** | $993975 | $996944 |
| **3/31/17** | $1021547 | $1024389 |
| **4/30/17** | $1047489 | $1050454 |
| **5/31/17** | $1086450 | $1089010 |
| **6/30/17** | $1086752 | $1087084 |
| **7/31/17** | $1119543 | $1118442 |
| **8/31/17** | $1122693 | $1118020 |
| **9/30/17** | $1151773 | $1145837 |
| **10/31/17** | $1171569 | $1163237 |
| **11/30/17** | $1181395 | $1175438 |
| **12/31/17** | $1197810 | $1194305 |
| **1/31/18** | $1257972 | $1254211 |
| **2/28/18** | $1200966 | $1197601 |
| **3/31/18** | $1177820 | $1176016 |
| **4/30/18** | $1209002 | $1202867 |
| **5/31/18** | $1182946 | $1175829 |
| **6/30/18** | $1168946 | $1161464 |
| **7/31/18** | $1198828 | $1190054 |
| **8/31/18** | $1167188 | $1167071 |
| **9/30/18** | $1180000 | $1177200 |
| **10/31/18** | $1083891 | $1083504 |
| **11/30/18** | $1076772 | $1082138 |
| **12/31/18** | $1014697 | $1029607 |
| **1/31/19** | $1089041 | $1097273 |
| **2/28/19** | $1115162 | $1125244 |
| **3/31/19** | $1125208 | $1132340 |
| **4/30/19** | $1161376 | $1164176 |
| **5/31/19** | $1099087 | $1108265 |
| **6/30/19** | $1166968 | $1174014 |
| **7/31/19** | $1152859 | $1159107 |
| **8/31/19** | $1112549 | $1129080 |
| **9/30/19** | $1145479 | $1161435 |
| **10/31/19** | $1192109 | $1203164 |
| **11/30/19** | $1204274 | $1216727 |
| **12/31/19** | $1249555 | $1256270 |
| **1/31/20** | $1227059 | $1230030 |
| **2/29/20** | $1114578 | $1118838 |
| **3/31/20** | $922339 | $969509 |
| **4/30/20** | $995962 | $1032141 |
| **5/31/20** | $1047090 | $1077086 |
| **6/30/20** | $1091583 | $1113760 |
| **7/31/20** | $1120417 | $1139721 |
| **8/31/20** | $1184265 | $1198315 |
| **9/30/20** | $1159550 | $1167178 |
| **10/31/20** | $1114239 | $1120574 |
| **11/30/20** | $1291363 | $1294278 |
| **12/31/20** | $1357270 | $1354457 |
| **1/31/21** | $1346972 | $1340027 |
| **2/28/21** | $1371687 | $1370083 |
| **3/31/21** | $1400522 | $1401585 |
| **4/30/21** | $1445833 | $1443758 |
| **5/31/21** | $1499382 | $1490841 |
| **6/30/21** | $1475466 | $1474063 |
| **7/31/21** | $1486798 | $1485162 |
| **8/31/21** | $1513996 | $1511359 |
| **9/30/21** | $1469200 | $1467498 |
| **10/31/21** | $1492357 | $1503592 |
| **11/30/21** | $1420312 | $1433609 |
| **12/31/21** | $1496739 | $1507015 |
| **1/31/22** | $1418531 | $1434190 |
| **2/28/22** | $1386169 | $1408832 |
| **3/31/22** | $1386930 | $1417887 |
| **4/30/22** | $1291651 | $1326157 |
| **5/31/22** | $1299741 | $1336099 |
| **6/30/22** | $1165066 | $1212126 |
| **7/31/22** | $1226576 | $1272526 |
| **8/31/22** | $1164162 | $1212088 |
| **9/30/22** | $1038797 | $1098700 |
| **10/31/22** | $1089002 | $1157783 |
| **11/30/22** | $1213146 | $1288191 |
| **12/31/22** | $1218722 | $1289226 |
| **1/31/23** | $1324250 | $1393623 |
| **2/28/23** | $1297224 | $1364543 |
| **3/31/23** | $1315241 | $1398362 |
| **4/30/23** | $1353849 | $1437842 |
| **5/31/23** | $1301085 | $1376995 |
| **6/30/23** | $1358268 | $1439662 |
| **7/31/23** | $1404660 | $1486244 |
| **8/31/23** | $1350536 | $1429303 |
| **9/30/23** | $1301351 | $1380481 |
| **10/31/23** | $1241727 | $1324514 |
| **11/30/23** | $1362271 | $1447452 |
| **12/31/23** | $1444128 | $1524354 |
| **1/31/24** | $1454640 | $1533126 |
| **2/29/24** | $1482235 | $1561189 |
| **3/31/24** | $1532827 | $1612536 |
| **4/30/24** | $1488650 | $1571241 |
| **5/31/24** | $1548892 | $1632103 |
| **6/30/24** | $1522696 | $1605755 |
| **7/31/24** | $1573225 | $1652862 |
| **8/31/24** | $1623754 | $1706607 |
| **9/30/24** | $1642375 | $1722366 |
| **10/31/24** | $1543554 | $1628702 |
| **11/30/24** | $1543554 | $1619462 |
| **12/31/24** | $1505969 | $1582632 |
| **1/31/25** | $1589555 | $1665802 |
| **2/28/25** | $1627807 | $1698108 |
| **3/31/25** | $1622834 | $1691257 |

---

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 | 5.87% | 11.96% | 4.96% |
| MSCI EAFE Index | 4.88% | 11.77% | 5.40% |

---

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 | $153580 |
| # of Portfolio Holdings | 1034 |
| Portfolio Turnover Rate | 525% |
| Total Net Advisory Fees Paid During the Reporting Period | $688 |

---

---

| | |
|:---|:---|
| 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 | 51.3% |
| Asset-Backed Securities | 30.0% |
| Non-Agency Mortgage-Backed Securities | 9.4% |
| Sovereign Issues | 8.4% |
| U.S. Treasury Obligations | 7.3% |
| Corporate Bonds & Notes | 6.6% |
| Common Stocks | 1.4% |
| Short-Term Instruments | 16.4% |
| Affiliated Investments | 11.7% |
| Financial Derivative Instruments | (0.7%) |
| Other Assets and Liabilities, Net | (41.8%) |
| 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 0.17% 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](g932242ia208f5a1820733359ae7.jpg)

# I-3: PSKNX
![Image](g932242i67073b345faae17987ad.jpg)

# PIMCO StocksPLUS<sup>®</sup> International Fund (Unhedged)
Annual Shareholder Report \|

March 31, 2025

PIMS2201TSRAR_033125

# Institutional Class: PSKIX

# PIMCO StocksPLUS<sup>®</sup> International Fund (Unhedged)

#### Annual Shareholder Report \| March 31, 2025
![Image](g932242i572229cb99157f8c2553.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO StocksPLUS<sup>®</sup> International 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/pvit**. 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 | $81 | 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:

* The Fund's exposure to equity index derivatives linked to the MSCI EAFE Index contributed to absolute performance, as the MSCI EAFE Index returned 4.88%. 

* The Fund's bond alpha strategy contributed to performance. Highlights about the drivers of performance include the following:

* Long exposure to U.S. interest rates contributed to performance, as interest rates decreased. 

* Holdings of non-agency mortgage-backed securities contributed to performance, as excess yield was earned. 

* Long exposure to U.K. interest rates detracted from performance, as interest rates increased. 

* Long exposure to Australian interest rates detracted from performance, as interest rates increased.

## 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](g932242i0f2c838c9800b9c32030.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Class** | **MSCI EAFE Index** |
| **3/31/15** | $1000000 | $1000000 |
| **4/30/15** | $1041538 | $1040829 |
| **5/31/15** | $1038462 | $1035501 |
| **6/30/15** | $1003867 | $1006162 |
| **7/31/15** | $1024195 | $1027053 |
| **8/31/15** | $930375 | $951500 |
| **9/30/15** | $863447 | $903187 |
| **10/31/15** | $937000 | $973789 |
| **11/30/15** | $925807 | $958639 |
| **12/31/15** | $911855 | $945723 |
| **1/31/16** | $836684 | $877334 |
| **2/29/16** | $813806 | $861260 |
| **3/31/16** | $877537 | $917300 |
| **4/30/16** | $911855 | $943857 |
| **5/31/16** | $903684 | $935283 |
| **6/30/16** | $872635 | $903888 |
| **7/31/16** | $923294 | $949698 |
| **8/31/16** | $924928 | $950372 |
| **9/30/16** | $941269 | $962047 |
| **10/31/16** | $929830 | $942368 |
| **11/30/16** | $908586 | $923600 |
| **12/31/16** | $946172 | $955182 |
| **1/31/17** | $978855 | $982889 |
| **2/28/17** | $996830 | $996944 |
| **3/31/17** | $1024611 | $1024389 |
| **4/30/17** | $1050757 | $1050454 |
| **5/31/17** | $1089977 | $1089010 |
| **6/30/17** | $1090415 | $1087084 |
| **7/31/17** | $1123458 | $1118442 |
| **8/31/17** | $1126762 | $1118020 |
| **9/30/17** | $1156088 | $1145837 |
| **10/31/17** | $1176107 | $1163237 |
| **11/30/17** | $1186116 | $1175438 |
| **12/31/17** | $1202747 | $1194305 |
| **1/31/18** | $1263317 | $1254211 |
| **2/28/18** | $1206208 | $1197601 |
| **3/31/18** | $1183113 | $1176016 |
| **4/30/18** | $1214569 | $1202867 |
| **5/31/18** | $1186608 | $1175829 |
| **6/30/18** | $1174215 | $1161464 |
| **7/31/18** | $1204278 | $1190054 |
| **8/31/18** | $1172446 | $1167071 |
| **9/30/18** | $1185574 | $1177200 |
| **10/31/18** | $1090656 | $1083504 |
| **11/30/18** | $1081702 | $1082138 |
| **12/31/18** | $1021272 | $1029607 |
| **1/31/19** | $1094076 | $1097273 |
| **2/28/19** | $1122389 | $1125244 |
| **3/31/19** | $1132500 | $1132340 |
| **4/30/19** | $1166880 | $1164176 |
| **5/31/19** | $1106210 | $1108265 |
| **6/30/19** | $1174605 | $1174014 |
| **7/31/19** | $1160404 | $1159107 |
| **8/31/19** | $1119831 | $1129080 |
| **9/30/19** | $1153415 | $1161435 |
| **10/31/19** | $1200368 | $1203164 |
| **11/30/19** | $1212617 | $1216727 |
| **12/31/19** | $1258482 | $1256270 |
| **1/31/20** | $1237885 | $1230030 |
| **2/29/20** | $1122541 | $1118838 |
| **3/31/20** | $928928 | $969509 |
| **4/30/20** | $1005138 | $1032141 |
| **5/31/20** | $1056630 | $1077086 |
| **6/30/20** | $1099525 | $1113760 |
| **7/31/20** | $1130644 | $1139721 |
| **8/31/20** | $1192881 | $1198315 |
| **9/30/20** | $1167986 | $1167178 |
| **10/31/20** | $1124420 | $1120574 |
| **11/30/20** | $1302834 | $1294278 |
| **12/31/20** | $1369220 | $1354457 |
| **1/31/21** | $1358847 | $1340027 |
| **2/28/21** | $1383742 | $1370083 |
| **3/31/21** | $1412786 | $1401585 |
| **4/30/21** | $1458427 | $1443758 |
| **5/31/21** | $1514441 | $1490841 |
| **6/30/21** | $1490590 | $1474063 |
| **7/31/21** | $1502003 | $1485162 |
| **8/31/21** | $1529396 | $1511359 |
| **9/30/21** | $1482117 | $1467498 |
| **10/31/21** | $1508028 | $1503592 |
| **11/30/21** | $1432886 | $1433609 |
| **12/31/21** | $1513041 | $1507015 |
| **1/31/22** | $1434265 | $1434190 |
| **2/28/22** | $1401668 | $1408832 |
| **3/31/22** | $1402433 | $1417887 |
| **4/30/22** | $1306463 | $1326157 |
| **5/31/22** | $1314611 | $1336099 |
| **6/30/22** | $1178246 | $1212126 |
| **7/31/22** | $1240211 | $1272526 |
| **8/31/22** | $1178246 | $1212088 |
| **9/30/22** | $1050698 | $1098700 |
| **10/31/22** | $1102220 | $1157783 |
| **11/30/22** | $1227347 | $1288191 |
| **12/31/22** | $1233108 | $1289226 |
| **1/31/23** | $1340616 | $1393623 |
| **2/28/23** | $1313415 | $1364543 |
| **3/31/23** | $1331549 | $1398362 |
| **4/30/23** | $1370408 | $1437842 |
| **5/31/23** | $1317301 | $1376995 |
| **6/30/23** | $1375227 | $1439662 |
| **7/31/23** | $1421933 | $1486244 |
| **8/31/23** | $1367443 | $1429303 |
| **9/30/23** | $1318369 | $1380481 |
| **10/31/23** | $1258325 | $1324514 |
| **11/30/23** | $1381025 | $1447452 |
| **12/31/23** | $1462429 | $1524354 |
| **1/31/24** | $1474340 | $1533126 |
| **2/29/24** | $1502133 | $1561189 |
| **3/31/24** | $1553465 | $1612536 |
| **4/30/24** | $1508965 | $1571241 |
| **5/31/24** | $1570995 | $1632103 |
| **6/30/24** | $1543563 | $1605755 |
| **7/31/24** | $1594465 | $1652862 |
| **8/31/24** | $1646742 | $1706607 |
| **9/30/24** | $1666080 | $1722366 |
| **10/31/24** | $1565105 | $1628702 |
| **11/30/24** | $1566507 | $1619462 |
| **12/31/24** | $1528142 | $1582632 |
| **1/31/25** | $1613832 | $1665802 |
| **2/28/25** | $1652392 | $1698108 |
| **3/31/25** | $1647977 | $1691257 |

---

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 | 6.08% | 12.15% | 5.12% |
| MSCI EAFE Index | 4.88% | 11.77% | 5.40% |

---

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 | $153580 |
| # of Portfolio Holdings | 1034 |
| Portfolio Turnover Rate | 525% |
| Total Net Advisory Fees Paid During the Reporting Period | $688 |

---

---

| | |
|:---|:---|
| 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 | 51.3% |
| Asset-Backed Securities | 30.0% |
| Non-Agency Mortgage-Backed Securities | 9.4% |
| Sovereign Issues | 8.4% |
| U.S. Treasury Obligations | 7.3% |
| Corporate Bonds & Notes | 6.6% |
| Common Stocks | 1.4% |
| Short-Term Instruments | 16.4% |
| Affiliated Investments | 11.7% |
| Financial Derivative Instruments | (0.7%) |
| Other Assets and Liabilities, Net | (41.8%) |
| 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 0.17% 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](g932242ia208f5a1820733359ae7.jpg)

# Institutional Class: PSKIX
![Image](g932242i67073b345faae17987ad.jpg)

# PIMCO StocksPLUS<sup>®</sup> International Fund (Unhedged)
Annual Shareholder Report \|

March 31, 2025

PIMS0321TSRAR_033125

# I-2: PPLPX

# PIMCO StocksPLUS<sup>®</sup> International Fund (Unhedged)

#### Annual Shareholder Report \| March 31, 2025
![Image](g932242i572229cb99157f8c2553.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO StocksPLUS<sup>®</sup> International 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/pvit**. 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 | $92 | 0.89% |

---

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

* The Fund's exposure to equity index derivatives linked to the MSCI EAFE Index contributed to absolute performance, as the MSCI EAFE Index returned 4.88%. 

* The Fund's bond alpha strategy contributed to performance. Highlights about the drivers of performance include the following:

* Long exposure to U.S. interest rates contributed to performance, as interest rates decreased. 

* Holdings of non-agency mortgage-backed securities contributed to performance, as excess yield was earned. 

* Long exposure to U.K. interest rates detracted from performance, as interest rates increased. 

* Long exposure to Australian interest rates detracted from performance, as interest rates increased.

## 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](g932242i73f711732b10eff6b094.jpg)

---

| | | |
|:---|:---|:---|
| | **I-2** | **MSCI EAFE Index** |
| **3/31/15** | $1000000 | $1000000 |
| **4/30/15** | $1041411 | $1040829 |
| **5/31/15** | $1039877 | $1035501 |
| **6/30/15** | $1003897 | $1006162 |
| **7/31/15** | $1025721 | $1027053 |
| **8/31/15** | $930631 | $951500 |
| **9/30/15** | $863538 | $903187 |
| **10/31/15** | $936827 | $973789 |
| **11/30/15** | $925675 | $958639 |
| **12/31/15** | $911782 | $945723 |
| **1/31/16** | $836885 | $877334 |
| **2/29/16** | $812463 | $861260 |
| **3/31/16** | $877590 | $917300 |
| **4/30/16** | $911782 | $943857 |
| **5/31/16** | $903641 | $935283 |
| **6/30/16** | $872705 | $903888 |
| **7/31/16** | $921551 | $949698 |
| **8/31/16** | $923179 | $950372 |
| **9/30/16** | $939461 | $962047 |
| **10/31/16** | $929692 | $942368 |
| **11/30/16** | $908525 | $923600 |
| **12/31/16** | $947602 | $955182 |
| **1/31/17** | $978537 | $982889 |
| **2/28/17** | $996447 | $996944 |
| **3/31/17** | $1025754 | $1024389 |
| **4/30/17** | $1050177 | $1050454 |
| **5/31/17** | $1089253 | $1089010 |
| **6/30/17** | $1089582 | $1087084 |
| **7/31/17** | $1122499 | $1118442 |
| **8/31/17** | $1124145 | $1118020 |
| **9/30/17** | $1154663 | $1145837 |
| **10/31/17** | $1172939 | $1163237 |
| **11/30/17** | $1182907 | $1175438 |
| **12/31/17** | $1199237 | $1194305 |
| **1/31/18** | $1261266 | $1254211 |
| **2/28/18** | $1204406 | $1197601 |
| **3/31/18** | $1181240 | $1176016 |
| **4/30/18** | $1210815 | $1202867 |
| **5/31/18** | $1184720 | $1175829 |
| **6/30/18** | $1170527 | $1161464 |
| **7/31/18** | $1200450 | $1190054 |
| **8/31/18** | $1170527 | $1167071 |
| **9/30/18** | $1183219 | $1177200 |
| **10/31/18** | $1086993 | $1083504 |
| **11/30/18** | $1078083 | $1082138 |
| **12/31/18** | $1017629 | $1029607 |
| **1/31/19** | $1090030 | $1097273 |
| **2/28/19** | $1118186 | $1125244 |
| **3/31/19** | $1128241 | $1132340 |
| **4/30/19** | $1164441 | $1164176 |
| **5/31/19** | $1102097 | $1108265 |
| **6/30/19** | $1169935 | $1174014 |
| **7/31/19** | $1155816 | $1159107 |
| **8/31/19** | $1115473 | $1129080 |
| **9/30/19** | $1148526 | $1161435 |
| **10/31/19** | $1195197 | $1203164 |
| **11/30/19** | $1207372 | $1216727 |
| **12/31/19** | $1254867 | $1256270 |
| **1/31/20** | $1232349 | $1230030 |
| **2/29/20** | $1117712 | $1118838 |
| **3/31/20** | $925285 | $969509 |
| **4/30/20** | $998980 | $1032141 |
| **5/31/20** | $1050158 | $1077086 |
| **6/30/20** | $1094363 | $1113760 |
| **7/31/20** | $1125277 | $1139721 |
| **8/31/20** | $1189167 | $1198315 |
| **9/30/20** | $1162374 | $1167178 |
| **10/31/20** | $1119094 | $1120574 |
| **11/30/20** | $1296336 | $1294278 |
| **12/31/20** | $1362286 | $1354457 |
| **1/31/21** | $1349920 | $1340027 |
| **2/28/21** | $1376713 | $1370083 |
| **3/31/21** | $1405566 | $1401585 |
| **4/30/21** | $1450907 | $1443758 |
| **5/31/21** | $1504492 | $1490841 |
| **6/30/21** | $1482648 | $1474063 |
| **7/31/21** | $1491716 | $1485162 |
| **8/31/21** | $1518920 | $1511359 |
| **9/30/21** | $1473970 | $1467498 |
| **10/31/21** | $1499694 | $1503592 |
| **11/30/21** | $1425095 | $1433609 |
| **12/31/21** | $1501554 | $1507015 |
| **1/31/22** | $1426071 | $1434190 |
| **2/28/22** | $1391026 | $1408832 |
| **3/31/22** | $1392684 | $1417887 |
| **4/30/22** | $1297443 | $1326157 |
| **5/31/22** | $1305529 | $1336099 |
| **6/30/22** | $1169981 | $1212126 |
| **7/31/22** | $1232368 | $1272526 |
| **8/31/22** | $1169981 | $1212088 |
| **9/30/22** | $1043271 | $1098700 |
| **10/31/22** | $1094385 | $1157783 |
| **11/30/22** | $1218518 | $1288191 |
| **12/31/22** | $1225247 | $1289226 |
| **1/31/23** | $1330562 | $1393623 |
| **2/28/23** | $1303591 | $1364543 |
| **3/31/23** | $1321571 | $1398362 |
| **4/30/23** | $1360101 | $1437842 |
| **5/31/23** | $1307444 | $1376995 |
| **6/30/23** | $1364694 | $1439662 |
| **7/31/23** | $1410999 | $1486244 |
| **8/31/23** | $1356977 | $1429303 |
| **9/30/23** | $1308016 | $1380481 |
| **10/31/23** | $1248502 | $1324514 |
| **11/30/23** | $1370118 | $1447452 |
| **12/31/23** | $1450494 | $1524354 |
| **1/31/24** | $1462298 | $1533126 |
| **2/29/24** | $1489839 | $1561189 |
| **3/31/24** | $1540380 | $1612536 |
| **4/30/24** | $1496293 | $1571241 |
| **5/31/24** | $1557748 | $1632103 |
| **6/30/24** | $1530401 | $1605755 |
| **7/31/24** | $1582186 | $1652862 |
| **8/31/24** | $1632609 | $1706607 |
| **9/30/24** | $1651375 | $1722366 |
| **10/31/24** | $1551376 | $1628702 |
| **11/30/24** | $1552765 | $1619462 |
| **12/31/24** | $1514276 | $1582632 |
| **1/31/25** | $1599109 | $1665802 |
| **2/28/25** | $1637285 | $1698108 |
| **3/31/25** | $1632661 | $1691257 |

---

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 | 5.99% | 12.03% | 5.02% |
| MSCI EAFE Index | 4.88% | 11.77% | 5.40% |

---

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 | $153580 |
| # of Portfolio Holdings | 1034 |
| Portfolio Turnover Rate | 525% |
| Total Net Advisory Fees Paid During the Reporting Period | $688 |

---

---

| | |
|:---|:---|
| 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 | 51.3% |
| Asset-Backed Securities | 30.0% |
| Non-Agency Mortgage-Backed Securities | 9.4% |
| Sovereign Issues | 8.4% |
| U.S. Treasury Obligations | 7.3% |
| Corporate Bonds & Notes | 6.6% |
| Common Stocks | 1.4% |
| Short-Term Instruments | 16.4% |
| Affiliated Investments | 11.7% |
| Financial Derivative Instruments | (0.7%) |
| Other Assets and Liabilities, Net | (41.8%) |
| 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 0.17% 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](g932242ia208f5a1820733359ae7.jpg)

# I-2: PPLPX
![Image](g932242i67073b345faae17987ad.jpg)

# PIMCO StocksPLUS<sup>®</sup> International Fund (Unhedged)
Annual Shareholder Report \|

March 31, 2025

PIMS1927TSRAR_033125

# Institutional Class: PSLDX

# PIMCO StocksPLUS<sup>®</sup> Long Duration Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g932242i572229cb99157f8c2553.jpg)

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

#### 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 | $376 | 3.65% |

---

## 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:

* U.S. interest rate strategies overall, including duration, curve positioning, and instrument selection contributed to performance, as the curve steepened at the long end. 

* Positioning within financials contributed to performance as select issuers outperformed. 

* Positioning within investment grade credit contributed to performance, as tactical spread beta positioning outperformed over the period. 

* Exposure to securitized strategies outside of the benchmark contributed to performance, as the strategy outperformed like-duration U.S. Treasuries. 

* There were no material detractors for this Fund.

## Fund Performance
In addition to the Fund's performance, the tables in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). 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](g932242i0399378d8eabbf7e2c0f.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **S&P 500 Index** | **Supplemental Index<sup>Footnote Reference1</sup>** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $984127 | $1009593 | $985358 |
| **5/31/15** | $980159 | $1022576 | $981110 |
| **6/30/15** | $927154 | $1002781 | $927268 |
| **7/31/15** | $969598 | $1023790 | $967570 |
| **8/31/15** | $896646 | $962021 | $902095 |
| **9/30/15** | $876350 | $938217 | $887942 |
| **10/31/15** | $958924 | $1017360 | $966920 |
| **11/30/15** | $957592 | $1020385 | $964173 |
| **12/31/15** | $928964 | $1004292 | $941463 |
| **1/31/16** | $897900 | $954455 | $913519 |
| **2/29/16** | $912693 | $953167 | $932675 |
| **3/31/16** | $1006354 | $1017828 | $1024119 |
| **4/30/16** | $1024139 | $1021774 | $1040485 |
| **5/31/16** | $1044888 | $1040123 | $1062429 |
| **6/30/16** | $1098777 | $1042818 | $1118075 |
| **7/31/16** | $1171731 | $1081265 | $1188508 |
| **8/31/16** | $1174708 | $1082784 | $1189170 |
| **9/30/16** | $1164625 | $1082988 | $1173323 |
| **10/31/16** | $1112165 | $1063233 | $1118403 |
| **11/30/16** | $1086684 | $1102610 | $1091917 |
| **12/31/16** | $1118642 | $1124405 | $1120847 |
| **1/31/17** | $1146732 | $1145730 | $1144881 |
| **2/28/17** | $1214478 | $1191223 | $1211278 |
| **3/31/17** | $1209521 | $1192612 | $1205147 |
| **4/30/17** | $1240916 | $1204860 | $1235620 |
| **5/31/17** | $1280573 | $1221816 | $1277377 |
| **6/30/17** | $1296362 | $1229442 | $1293834 |
| **7/31/17** | $1326239 | $1254723 | $1322413 |
| **8/31/17** | $1356117 | $1258564 | $1354937 |
| **9/30/17** | $1370713 | $1284525 | $1368507 |
| **10/31/17** | $1406076 | $1314500 | $1404538 |
| **11/30/17** | $1451541 | $1354816 | $1453712 |
| **12/31/17** | $1486310 | $1369880 | $1496134 |
| **1/31/18** | $1544031 | $1448311 | $1547170 |
| **2/28/18** | $1443020 | $1394930 | $1440365 |
| **3/31/18** | $1424763 | $1359480 | $1425640 |
| **4/30/18** | $1399840 | $1364697 | $1400663 |
| **5/31/18** | $1441378 | $1397561 | $1448239 |
| **6/30/18** | $1448052 | $1406163 | $1445818 |
| **7/31/18** | $1502146 | $1458492 | $1500297 |
| **8/31/18** | $1558320 | $1506017 | $1559457 |
| **9/30/18** | $1542131 | $1514589 | $1541201 |
| **10/31/18** | $1395261 | $1411067 | $1385195 |
| **11/30/18** | $1428831 | $1439822 | $1418346 |
| **12/31/18** | $1342281 | $1309819 | $1336482 |
| **1/31/19** | $1473178 | $1414783 | $1473476 |
| **2/28/19** | $1516016 | $1460209 | $1508857 |
| **3/31/19** | $1609920 | $1488583 | $1607551 |
| **4/30/19** | $1664777 | $1548856 | $1662225 |
| **5/31/19** | $1626615 | $1450428 | $1618167 |
| **6/30/19** | $1771719 | $1552649 | $1776643 |
| **7/31/19** | $1808175 | $1574964 | $1811680 |
| **8/31/19** | $1915110 | $1550016 | $1923032 |
| **9/30/19** | $1916019 | $1579018 | $1918660 |
| **10/31/19** | $1951690 | $1613219 | $1956140 |
| **11/30/19** | $2020483 | $1671777 | $2025503 |
| **12/31/19** | $2048311 | $1722235 | $2059709 |
| **1/31/20** | $2165904 | $1721559 | $2163903 |
| **2/29/20** | $2064719 | $1579842 | $2063721 |
| **3/31/20** | $1726269 | $1384711 | $1760997 |
| **4/30/20** | $2020395 | $1562223 | $2077215 |
| **5/31/20** | $2127599 | $1636628 | $2176396 |
| **6/30/20** | $2207224 | $1669176 | $2253453 |
| **7/31/20** | $2437375 | $1763293 | $2506671 |
| **8/31/20** | $2528880 | $1890039 | $2585398 |
| **9/30/20** | $2430623 | $1818224 | $2483274 |
| **10/31/20** | $2315971 | $1769870 | $2379884 |
| **11/30/20** | $2671393 | $1963607 | $2732745 |
| **12/31/20** | $2777927 | $2039105 | $2832204 |
| **1/31/21** | $2679702 | $2018518 | $2719743 |
| **2/28/21** | $2652076 | $2074179 | $2676414 |
| **3/31/21** | $2661972 | $2165019 | $2691484 |
| **4/30/21** | $2867744 | $2280563 | $2889477 |
| **5/31/21** | $2897140 | $2296491 | $2931148 |
| **6/30/21** | $3075828 | $2350103 | $3106313 |
| **7/31/21** | $3236610 | $2405929 | $3270147 |
| **8/31/21** | $3327486 | $2479083 | $3358950 |
| **9/30/21** | $3094950 | $2363781 | $3127358 |
| **10/31/21** | $3344543 | $2529392 | $3401318 |
| **11/30/21** | $3363743 | $2511866 | $3424523 |
| **12/31/21** | $3492779 | $2624438 | $3550556 |
| **1/31/22** | $3164098 | $2488631 | $3201784 |
| **2/28/22** | $2984420 | $2414118 | $3025825 |
| **3/31/22** | $2955769 | $2503753 | $3015197 |
| **4/30/22** | $2444024 | $2285421 | $2491404 |
| **5/31/22** | $2426378 | $2289614 | $2487529 |
| **6/30/22** | $2132193 | $2100621 | $2209361 |
| **7/31/22** | $2415895 | $2294307 | $2500749 |
| **8/31/22** | $2211984 | $2200741 | $2286179 |
| **9/30/22** | $1835422 | $1998056 | $1896719 |
| **10/31/22** | $1902246 | $2159821 | $1965946 |
| **11/30/22** | $2151721 | $2280521 | $2232563 |
| **12/31/22** | $1985103 | $2149130 | $2066534 |
| **1/31/23** | $2253966 | $2284168 | $2331937 |
| **2/28/23** | $2088167 | $2228437 | $2152375 |
| **3/31/23** | $2237312 | $2310252 | $2321971 |
| **4/30/23** | $2279131 | $2346311 | $2366770 |
| **5/31/23** | $2225363 | $2356510 | $2302205 |
| **6/30/23** | $2376760 | $2512217 | $2462656 |
| **7/31/23** | $2417298 | $2592922 | $2501764 |
| **8/31/23** | $2315201 | $2551639 | $2392811 |
| **9/30/23** | $2053632 | $2429982 | $2127365 |
| **10/31/23** | $1905855 | $2378888 | $1978242 |
| **11/30/23** | $2260823 | $2596140 | $2358985 |
| **12/31/23** | $2538768 | $2714085 | $2649046 |
| **1/31/24** | $2544975 | $2759693 | $2638920 |
| **2/29/24** | $2607048 | $2907048 | $2699281 |
| **3/31/24** | $2723426 | $3000582 | $2818686 |
| **4/30/24** | $2463216 | $2878024 | $2542532 |
| **5/31/24** | $2651589 | $3020730 | $2730137 |
| **6/30/24** | $2758378 | $3129120 | $2846581 |
| **7/31/24** | $2877947 | $3167209 | $2961639 |
| **8/31/24** | $2989212 | $3244035 | $3084344 |
| **9/30/24** | $3120050 | $3313318 | $3209663 |
| **10/31/24** | $2937336 | $3283271 | $3019235 |
| **11/30/24** | $3165293 | $3476003 | $3249405 |
| **12/31/24** | $2929129 | $3393141 | $3006202 |
| **1/31/25** | $3016913 | $3487632 | $3090484 |
| **2/28/25** | $3110072 | $3442124 | $3170454 |
| **3/31/25** | $2886552 | $3248180 | $2948377 |

---

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 | 5.99% | 10.83% | 11.18% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| Supplemental Index<sup>Footnote Reference1</sup> | 4.65% | 11.01% | -% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;The Supplemental Index is comprised of S&P 500 Index and Bloomberg Long-Term Government/Credit Index - Secured Overnight Financing Rate (SOFR). |

---

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 | $527740 |
| # of Portfolio Holdings | 968 |
| Portfolio Turnover Rate | 286% |
| Total Net Advisory Fees Paid During the Reporting Period | $2349 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 74.2% |
| Corporate Bonds & Notes | 62.3% |
| U.S. Government Agencies | 45.2% |
| Sovereign Issues | 4.3% |
| Municipal Bonds & Notes | 2.4% |
| Asset-Backed Securities | 2.2% |
| Non-Agency Mortgage-Backed Securities | 1.6% |
| Other Investments | 0.1% |
| Short-Term Instruments | 3.8% |
| Affiliated Investments | 0.0%<sup>Footnote Reference^</sup> |
| Financial Derivative Instruments | (0.2%) |
| Other Assets and Liabilities, Net | (95.9%) |
| Total | 100.0% |

---

---

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

---

## 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 0.98% 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](g932242ia208f5a1820733359ae7.jpg)

# Institutional Class: PSLDX
![Image](g932242i67073b345faae17987ad.jpg)

# PIMCO StocksPLUS<sup>®</sup> Long Duration Fund
Annual Shareholder Report \|

March 31, 2025

PIMS1824TSRAR_033125

# Class A: PSSAX

# PIMCO StocksPLUS<sup>®</sup> Short Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g932242i572229cb99157f8c2553.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO StocksPLUS<sup>®</sup> Short 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 | $114 | 1.13% |

---

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

* The Fund's inverse exposure to equity index derivatives linked to the S&P 500 Index detracted from absolute performance, as the S&P 500 Index returned 8.25%. 

* The Fund's bond alpha strategy contributed to performance. Highlights about the drivers of performance include the following:

* Holdings of non-agency mortgage-backed securities contributed to performance, as excess yield was earned. 

* Long exposure to U.S. interest rates contributed to performance, as interest rates decreased. 

* Long exposure to U.K. interest rates detracted from performance, as interest rates increased. 

* Long exposure to Australian interest rates detracted from performance, as interest rates increased.

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

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

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g932242i2f5de90f2952c423cfd8.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A (including sales charge)** | **S&P 500 Index** | **Inverse of S&P 500 Index** |
| **3/31/15** | $9622 | $10000 | $10000 |
| **4/30/15** | $9538 | $10096 | $9904 |
| **5/31/15** | $9412 | $10226 | $9777 |
| **6/30/15** | $9562 | $10028 | $9966 |
| **7/31/15** | $9392 | $10238 | $9757 |
| **8/31/15** | $9758 | $9620 | $10346 |
| **9/30/15** | $9737 | $9382 | $10602 |
| **10/31/15** | $9056 | $10174 | $9708 |
| **11/30/15** | $9048 | $10204 | $9679 |
| **12/31/15** | $9169 | $10043 | $9831 |
| **1/31/16** | $9537 | $9545 | $10319 |
| **2/29/16** | $9476 | $9532 | $10333 |
| **3/31/16** | $8994 | $10178 | $9632 |
| **4/30/16** | $9064 | $10218 | $9595 |
| **5/31/16** | $8906 | $10401 | $9422 |
| **6/30/16** | $8898 | $10428 | $9398 |
| **7/31/16** | $8644 | $10813 | $9052 |
| **8/31/16** | $8644 | $10828 | $9039 |
| **9/30/16** | $8687 | $10830 | $9037 |
| **10/31/16** | $8880 | $10632 | $9202 |
| **11/30/16** | $8547 | $11026 | $8861 |
| **12/31/16** | $8451 | $11244 | $8686 |
| **1/31/17** | $8346 | $11457 | $8521 |
| **2/28/17** | $8101 | $11912 | $8183 |
| **3/31/17** | $8101 | $11926 | $8173 |
| **4/30/17** | $8031 | $12049 | $8089 |
| **5/31/17** | $7943 | $12218 | $7976 |
| **6/30/17** | $7917 | $12294 | $7926 |
| **7/31/17** | $7785 | $12547 | $7763 |
| **8/31/17** | $7794 | $12586 | $7739 |
| **9/30/17** | $7669 | $12845 | $7579 |
| **10/31/17** | $7527 | $13145 | $7403 |
| **11/30/17** | $7314 | $13548 | $7176 |
| **12/31/17** | $7239 | $13699 | $7096 |
| **1/31/18** | $6875 | $14483 | $6690 |
| **2/28/18** | $7114 | $13949 | $6936 |
| **3/31/18** | $7297 | $13595 | $7112 |
| **4/30/18** | $7297 | $13647 | $7085 |
| **5/31/18** | $7146 | $13976 | $6914 |
| **6/30/18** | $7128 | $14062 | $6872 |
| **7/31/18** | $6897 | $14585 | $6616 |
| **8/31/18** | $6665 | $15060 | $6401 |
| **9/30/18** | $6665 | $15146 | $6364 |
| **10/31/18** | $7146 | $14111 | $6799 |
| **11/30/18** | $6968 | $14398 | $6661 |
| **12/31/18** | $7589 | $13098 | $7262 |
| **1/31/19** | $7078 | $14148 | $6680 |
| **2/28/19** | $6889 | $14602 | $6466 |
| **3/31/19** | $6785 | $14886 | $6340 |
| **4/30/19** | $6568 | $15489 | $6083 |
| **5/31/19** | $7011 | $14504 | $6470 |
| **6/30/19** | $6586 | $15526 | $6014 |
| **7/31/19** | $6514 | $15750 | $5927 |
| **8/31/19** | $6559 | $15500 | $6021 |
| **9/30/19** | $6459 | $15790 | $5909 |
| **10/31/19** | $6360 | $16132 | $5781 |
| **11/30/19** | $6161 | $16718 | $5571 |
| **12/31/19** | $6025 | $17222 | $5403 |
| **1/31/20** | $6061 | $17216 | $5405 |
| **2/29/20** | $6568 | $15798 | $5850 |
| **3/31/20** | $6776 | $13847 | $6572 |
| **4/30/20** | $6043 | $15622 | $5730 |
| **5/31/20** | $5790 | $16366 | $5457 |
| **6/30/20** | $5684 | $16692 | $5348 |
| **7/31/20** | $5400 | $17633 | $5047 |
| **8/31/20** | $5080 | $18900 | $4684 |
| **9/30/20** | $5279 | $18182 | $4862 |
| **10/31/20** | $5428 | $17699 | $4991 |
| **11/30/20** | $4898 | $19636 | $4445 |
| **12/31/20** | $4751 | $20391 | $4274 |
| **1/31/21** | $4827 | $20185 | $4317 |
| **2/28/21** | $4676 | $20742 | $4198 |
| **3/31/21** | $4490 | $21650 | $4014 |
| **4/30/21** | $4267 | $22806 | $3800 |
| **5/31/21** | $4239 | $22965 | $3773 |
| **6/30/21** | $4134 | $23501 | $3685 |
| **7/31/21** | $4039 | $24059 | $3598 |
| **8/31/21** | $3944 | $24791 | $3488 |
| **9/30/21** | $4144 | $23638 | $3651 |
| **10/31/21** | $3849 | $25294 | $3395 |
| **11/30/21** | $3868 | $25119 | $3418 |
| **12/31/21** | $3693 | $26244 | $3265 |
| **1/31/22** | $3883 | $24886 | $3434 |
| **2/28/22** | $3973 | $24141 | $3537 |
| **3/31/22** | $3811 | $25038 | $3406 |
| **4/30/22** | $4139 | $22854 | $3703 |
| **5/31/22** | $4101 | $22896 | $3696 |
| **6/30/22** | $4405 | $21006 | $4001 |
| **7/31/22** | $4052 | $22943 | $3632 |
| **8/31/22** | $4214 | $22007 | $3780 |
| **9/30/22** | $4601 | $19981 | $4128 |
| **10/31/22** | $4253 | $21598 | $3794 |
| **11/30/22** | $4052 | $22805 | $3582 |
| **12/31/22** | $4315 | $21491 | $3788 |
| **1/31/23** | $4109 | $22842 | $3550 |
| **2/28/23** | $4224 | $22284 | $3637 |
| **3/31/23** | $4071 | $23103 | $3503 |
| **4/30/23** | $4037 | $23463 | $3449 |
| **5/31/23** | $4052 | $23565 | $3434 |
| **6/30/23** | $3832 | $25122 | $3207 |
| **7/31/23** | $3759 | $25929 | $3104 |
| **8/31/23** | $3852 | $25516 | $3153 |
| **9/30/23** | $4071 | $24300 | $3304 |
| **10/31/23** | $4183 | $23789 | $3373 |
| **11/30/23** | $3871 | $25961 | $3065 |
| **12/31/23** | $3754 | $27141 | $2926 |
| **1/31/24** | $3730 | $27597 | $2877 |
| **2/29/24** | $3569 | $29070 | $2723 |
| **3/31/24** | $3491 | $30006 | $2635 |
| **4/30/24** | $3662 | $28780 | $2743 |
| **5/31/24** | $3525 | $30207 | $2607 |
| **6/30/24** | $3428 | $31291 | $2513 |
| **7/31/24** | $3428 | $31672 | $2483 |
| **8/31/24** | $3364 | $32440 | $2423 |
| **9/30/24** | $3320 | $33133 | $2371 |
| **10/31/24** | $3354 | $32833 | $2392 |
| **11/30/24** | $3213 | $34760 | $2252 |
| **12/31/24** | $3315 | $33931 | $2306 |
| **1/31/25** | $3257 | $34876 | $2241 |
| **2/28/25** | $3335 | $34421 | $2271 |
| **3/31/25** | $3554 | $32482 | $2399 |

---

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) | 1.82% | (12.11%) | (9.48%) |
| Class A (including sales charge) | (2.02%) | (12.77%) | (9.83%) |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| Inverse of S&P 500 Index | (8.98%) | (18.26%) | (13.30%) |

---

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 | $86115 |
| # of Portfolio Holdings | 1001 |
| Portfolio Turnover Rate | 503% |
| Total Net Advisory Fees Paid During the Reporting Period | $430 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 57.3% |
| Asset-Backed Securities | 20.3% |
| Non-Agency Mortgage-Backed Securities | 17.7% |
| Corporate Bonds & Notes | 7.2% |
| Sovereign Issues | 6.5% |
| U.S. Treasury Obligations | 5.8% |
| Short-Term Instruments | 9.4% |
| Affiliated Investments | 14.7% |
| Financial Derivative Instruments | (1.7%) |
| Other Assets and Liabilities, Net | (37.2%) |
| 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. |

---

## 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](g932242ia208f5a1820733359ae7.jpg)

# Class A: PSSAX
![Image](g932242i67073b345faae17987ad.jpg)

# PIMCO StocksPLUS<sup>®</sup> Short Fund
Annual Shareholder Report \|

March 31, 2025

PIMS4052TSRAR_033125

# Class C: PSSCX

# PIMCO StocksPLUS<sup>®</sup> Short Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g932242i572229cb99157f8c2553.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $189 | 1.88% |

---

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

* The Fund's inverse exposure to equity index derivatives linked to the S&P 500 Index detracted from absolute performance, as the S&P 500 Index returned 8.25%. 

* The Fund's bond alpha strategy contributed to performance. Highlights about the drivers of performance include the following:

* Holdings of non-agency mortgage-backed securities contributed to performance, as excess yield was earned. 

* Long exposure to U.S. interest rates contributed to performance, as interest rates decreased. 

* Long exposure to U.K. interest rates detracted from performance, as interest rates increased. 

* Long exposure to Australian interest rates detracted from performance, as interest rates increased.

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

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

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g932242i79add7ab5991b4d77e71.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C (excluding sales charge)** | **S&P 500 Index** | **Inverse of S&P 500 Index** |
| **3/31/15** | $10000 | $10000 | $10000 |
| **4/30/15** | $9910 | $10096 | $9904 |
| **5/31/15** | $9819 | $10226 | $9777 |
| **6/30/15** | $9964 | $10028 | $9966 |
| **7/31/15** | $9735 | $10238 | $9757 |
| **8/31/15** | $10147 | $9620 | $10346 |
| **9/30/15** | $10128 | $9382 | $10602 |
| **10/31/15** | $9406 | $10174 | $9708 |
| **11/30/15** | $9387 | $10204 | $9679 |
| **12/31/15** | $9512 | $10043 | $9831 |
| **1/31/16** | $9888 | $9545 | $10319 |
| **2/29/16** | $9822 | $9532 | $10333 |
| **3/31/16** | $9315 | $10178 | $9632 |
| **4/30/16** | $9381 | $10218 | $9595 |
| **5/31/16** | $9212 | $10401 | $9422 |
| **6/30/16** | $9202 | $10428 | $9398 |
| **7/31/16** | $8930 | $10813 | $9052 |
| **8/31/16** | $8921 | $10828 | $9039 |
| **9/30/16** | $8968 | $10830 | $9037 |
| **10/31/16** | $9156 | $10632 | $9202 |
| **11/30/16** | $8808 | $11026 | $8861 |
| **12/31/16** | $8705 | $11244 | $8686 |
| **1/31/17** | $8592 | $11457 | $8521 |
| **2/28/17** | $8329 | $11912 | $8183 |
| **3/31/17** | $8320 | $11926 | $8173 |
| **4/30/17** | $8254 | $12049 | $8089 |
| **5/31/17** | $8151 | $12218 | $7976 |
| **6/30/17** | $8122 | $12294 | $7926 |
| **7/31/17** | $7981 | $12547 | $7763 |
| **8/31/17** | $7990 | $12586 | $7739 |
| **9/30/17** | $7852 | $12845 | $7579 |
| **10/31/17** | $7709 | $13145 | $7403 |
| **11/30/17** | $7482 | $13548 | $7176 |
| **12/31/17** | $7396 | $13699 | $7096 |
| **1/31/18** | $7017 | $14483 | $6690 |
| **2/28/18** | $7264 | $13949 | $6936 |
| **3/31/18** | $7445 | $13595 | $7112 |
| **4/30/18** | $7436 | $13647 | $7085 |
| **5/31/18** | $7284 | $13976 | $6914 |
| **6/30/18** | $7255 | $14062 | $6872 |
| **7/31/18** | $7018 | $14585 | $6616 |
| **8/31/18** | $6781 | $15060 | $6401 |
| **9/30/18** | $6772 | $15146 | $6364 |
| **10/31/18** | $7255 | $14111 | $6799 |
| **11/30/18** | $7075 | $14398 | $6661 |
| **12/31/18** | $7691 | $13098 | $7262 |
| **1/31/19** | $7177 | $14148 | $6680 |
| **2/28/19** | $6977 | $14602 | $6466 |
| **3/31/19** | $6866 | $14886 | $6340 |
| **4/30/19** | $6646 | $15489 | $6083 |
| **5/31/19** | $7087 | $14504 | $6470 |
| **6/30/19** | $6646 | $15526 | $6014 |
| **7/31/19** | $6569 | $15750 | $5927 |
| **8/31/19** | $6617 | $15500 | $6021 |
| **9/30/19** | $6512 | $15790 | $5909 |
| **10/31/19** | $6406 | $16132 | $5781 |
| **11/30/19** | $6205 | $16718 | $5571 |
| **12/31/19** | $6071 | $17222 | $5403 |
| **1/31/20** | $6099 | $17216 | $5405 |
| **2/29/20** | $6598 | $15798 | $5850 |
| **3/31/20** | $6809 | $13847 | $6572 |
| **4/30/20** | $6071 | $15622 | $5730 |
| **5/31/20** | $5812 | $16366 | $5457 |
| **6/30/20** | $5701 | $16692 | $5348 |
| **7/31/20** | $5410 | $17633 | $5047 |
| **8/31/20** | $5090 | $18900 | $4684 |
| **9/30/20** | $5283 | $18182 | $4862 |
| **10/31/20** | $5430 | $17699 | $4991 |
| **11/30/20** | $4899 | $19636 | $4445 |
| **12/31/20** | $4743 | $20391 | $4274 |
| **1/31/21** | $4813 | $20185 | $4317 |
| **2/28/21** | $4663 | $20742 | $4198 |
| **3/31/21** | $4474 | $21650 | $4014 |
| **4/30/21** | $4249 | $22806 | $3800 |
| **5/31/21** | $4219 | $22965 | $3773 |
| **6/30/21** | $4108 | $23501 | $3685 |
| **7/31/21** | $4013 | $24059 | $3598 |
| **8/31/21** | $3918 | $24791 | $3488 |
| **9/30/21** | $4118 | $23638 | $3651 |
| **10/31/21** | $3818 | $25294 | $3395 |
| **11/30/21** | $3838 | $25119 | $3418 |
| **12/31/21** | $3658 | $26244 | $3265 |
| **1/31/22** | $3848 | $24886 | $3434 |
| **2/28/22** | $3933 | $24141 | $3537 |
| **3/31/22** | $3768 | $25038 | $3406 |
| **4/30/22** | $4093 | $22854 | $3703 |
| **5/31/22** | $4048 | $22896 | $3696 |
| **6/30/22** | $4350 | $21006 | $4001 |
| **7/31/22** | $4002 | $22943 | $3632 |
| **8/31/22** | $4158 | $22007 | $3780 |
| **9/30/22** | $4536 | $19981 | $4128 |
| **10/31/22** | $4194 | $21598 | $3794 |
| **11/30/22** | $3987 | $22805 | $3582 |
| **12/31/22** | $4249 | $21491 | $3788 |
| **1/31/23** | $4043 | $22842 | $3550 |
| **2/28/23** | $4153 | $22284 | $3637 |
| **3/31/23** | $3998 | $23103 | $3503 |
| **4/30/23** | $3962 | $23463 | $3449 |
| **5/31/23** | $3972 | $23565 | $3434 |
| **6/30/23** | $3757 | $25122 | $3207 |
| **7/31/23** | $3680 | $25929 | $3104 |
| **8/31/23** | $3767 | $25516 | $3153 |
| **9/30/23** | $3988 | $24300 | $3304 |
| **10/31/23** | $4090 | $23789 | $3373 |
| **11/30/23** | $3783 | $25961 | $3065 |
| **12/31/23** | $3670 | $27141 | $2926 |
| **1/31/24** | $3639 | $27597 | $2877 |
| **2/29/24** | $3480 | $29070 | $2723 |
| **3/31/24** | $3403 | $30006 | $2635 |
| **4/30/24** | $3567 | $28780 | $2743 |
| **5/31/24** | $3429 | $30207 | $2607 |
| **6/30/24** | $3337 | $31291 | $2513 |
| **7/31/24** | $3331 | $31672 | $2483 |
| **8/31/24** | $3270 | $32440 | $2423 |
| **9/30/24** | $3224 | $33133 | $2371 |
| **10/31/24** | $3255 | $32833 | $2392 |
| **11/30/24** | $3116 | $34760 | $2252 |
| **12/31/24** | $3214 | $33931 | $2306 |
| **1/31/25** | $3152 | $34876 | $2241 |
| **2/28/25** | $3229 | $34421 | $2271 |
| **3/31/25** | $3439 | $32482 | $2399 |

---

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) | 1.05% | (12.77%) | (10.12%) |
| Class C (including sales charge) | 0.05% | (12.77%) | (10.12%) |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| Inverse of S&P 500 Index | (8.98%) | (18.26%) | (13.30%) |

---

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 | $86115 |
| # of Portfolio Holdings | 1001 |
| Portfolio Turnover Rate | 503% |
| Total Net Advisory Fees Paid During the Reporting Period | $430 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 57.3% |
| Asset-Backed Securities | 20.3% |
| Non-Agency Mortgage-Backed Securities | 17.7% |
| Corporate Bonds & Notes | 7.2% |
| Sovereign Issues | 6.5% |
| U.S. Treasury Obligations | 5.8% |
| Short-Term Instruments | 9.4% |
| Affiliated Investments | 14.7% |
| Financial Derivative Instruments | (1.7%) |
| Other Assets and Liabilities, Net | (37.2%) |
| 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. |

---

## 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](g932242ia208f5a1820733359ae7.jpg)

# Class C: PSSCX
![Image](g932242i67073b345faae17987ad.jpg)

# PIMCO StocksPLUS<sup>®</sup> Short Fund
Annual Shareholder Report \|

March 31, 2025

PIMS4252TSRAR_033125

# I-3: PSNNX

# PIMCO StocksPLUS<sup>®</sup> Short Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g932242i572229cb99157f8c2553.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO StocksPLUS<sup>®</sup> Short 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 | $89 | 0.88% |

---

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

* The Fund's inverse exposure to equity index derivatives linked to the S&P 500 Index detracted from absolute performance, as the S&P 500 Index returned 8.25%. 

* The Fund's bond alpha strategy contributed to performance. Highlights about the drivers of performance include the following:

* Holdings of non-agency mortgage-backed securities contributed to performance, as excess yield was earned. 

* Long exposure to U.S. interest rates contributed to performance, as interest rates decreased. 

* Long exposure to U.K. interest rates detracted from performance, as interest rates increased. 

* Long exposure to Australian interest rates detracted from performance, as interest rates increased.

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

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2025 or the life of the Fund, if shorter. 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](g932242iba33455507bb140ed312.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I-3** | **S&P 500 Index** | **Inverse of S&P 500 Index** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $991331 | $1009593 | $990405 |
| **5/31/15** | $982660 | $1022576 | $977671 |
| **6/30/15** | $998328 | $1002781 | $996595 |
| **7/31/15** | $976594 | $1023790 | $975716 |
| **8/31/15** | $1017951 | $962021 | $1034586 |
| **9/30/15** | $1016661 | $938217 | $1060185 |
| **10/31/15** | $944670 | $1017360 | $970752 |
| **11/30/15** | $944554 | $1020385 | $967867 |
| **12/31/15** | $957684 | $1004292 | $983131 |
| **1/31/16** | $995863 | $954455 | $1031918 |
| **2/29/16** | $990399 | $953167 | $1033311 |
| **3/31/16** | $939511 | $1017828 | $963212 |
| **4/30/16** | $947411 | $1021774 | $959479 |
| **5/31/16** | $931263 | $1040123 | $942249 |
| **6/30/16** | $931148 | $1042818 | $939807 |
| **7/31/16** | $903436 | $1081265 | $905157 |
| **8/31/16** | $904211 | $1082784 | $903888 |
| **9/30/16** | $909439 | $1082988 | $903715 |
| **10/31/16** | $929789 | $1063233 | $920200 |
| **11/30/16** | $894087 | $1102610 | $886120 |
| **12/31/16** | $885079 | $1124405 | $868605 |
| **1/31/17** | $874293 | $1145730 | $852131 |
| **2/28/17** | $848402 | $1191223 | $818298 |
| **3/31/17** | $848294 | $1192612 | $817343 |
| **4/30/17** | $841965 | $1204860 | $808948 |
| **5/31/17** | $832078 | $1221816 | $797564 |
| **6/30/17** | $830067 | $1229442 | $792586 |
| **7/31/17** | $816560 | $1254723 | $776287 |
| **8/31/17** | $817348 | $1258564 | $773912 |
| **9/30/17** | $804603 | $1284525 | $757947 |
| **10/31/17** | $790085 | $1314500 | $740260 |
| **11/30/17** | $767466 | $1354816 | $717557 |
| **12/31/17** | $759619 | $1369880 | $709578 |
| **1/31/18** | $721635 | $1448311 | $668952 |
| **2/28/18** | $746806 | $1394930 | $693607 |
| **3/31/18** | $766912 | $1359480 | $711235 |
| **4/30/18** | $765929 | $1364697 | $708505 |
| **5/31/18** | $750520 | $1397561 | $691442 |
| **6/30/18** | $748502 | $1406163 | $687188 |
| **7/31/18** | $724913 | $1458492 | $661616 |
| **8/31/18** | $700417 | $1506017 | $640057 |
| **9/30/18** | $700417 | $1514589 | $636413 |
| **10/31/18** | $750317 | $1411067 | $679911 |
| **11/30/18** | $732171 | $1439822 | $666056 |
| **12/31/18** | $797441 | $1309819 | $726195 |
| **1/31/19** | $744401 | $1414783 | $668001 |
| **2/28/19** | $724282 | $1460209 | $646554 |
| **3/31/19** | $713314 | $1488583 | $633990 |
| **4/30/19** | $691167 | $1548856 | $608319 |
| **5/31/19** | $738229 | $1450428 | $646976 |
| **6/30/19** | $692090 | $1552649 | $601381 |
| **7/31/19** | $684707 | $1574964 | $592738 |
| **8/31/19** | $690244 | $1550016 | $602126 |
| **9/30/19** | $680093 | $1579018 | $590860 |
| **10/31/19** | $669020 | $1613219 | $578062 |
| **11/30/19** | $648719 | $1671777 | $557079 |
| **12/31/19** | $635023 | $1722235 | $540266 |
| **1/31/20** | $638720 | $1721559 | $540478 |
| **2/29/20** | $691407 | $1579842 | $584968 |
| **3/31/20** | $713592 | $1384711 | $657219 |
| **4/30/20** | $636871 | $1562223 | $572969 |
| **5/31/20** | $610065 | $1636628 | $545679 |
| **6/30/20** | $599499 | $1669176 | $534828 |
| **7/31/20** | $569571 | $1763293 | $504671 |
| **8/31/20** | $535901 | $1890039 | $468394 |
| **9/30/20** | $557586 | $1818224 | $486194 |
| **10/31/20** | $572785 | $1769870 | $499123 |
| **11/30/20** | $517691 | $1963607 | $444487 |
| **12/31/20** | $501453 | $2039105 | $427397 |
| **1/31/21** | $509182 | $2018518 | $431710 |
| **2/28/21** | $494689 | $2074179 | $419808 |
| **3/31/21** | $474241 | $2165019 | $401422 |
| **4/30/21** | $450942 | $2280563 | $379997 |
| **5/31/21** | $448030 | $2296491 | $377345 |
| **6/30/21** | $436865 | $2350103 | $368535 |
| **7/31/21** | $427157 | $2405929 | $359779 |
| **8/31/21** | $416964 | $2479083 | $348842 |
| **9/30/21** | $438807 | $2363781 | $365066 |
| **10/31/21** | $407255 | $2529392 | $339489 |
| **11/30/21** | $409197 | $2511866 | $341839 |
| **12/31/21** | $390752 | $2624438 | $326522 |
| **1/31/22** | $411139 | $2488631 | $343418 |
| **2/28/22** | $420847 | $2414118 | $353699 |
| **3/31/22** | $403372 | $2503753 | $340567 |
| **4/30/22** | $438807 | $2285421 | $370264 |
| **5/31/22** | $434438 | $2289614 | $369587 |
| **6/30/22** | $466775 | $2100621 | $400093 |
| **7/31/22** | $429667 | $2294307 | $363202 |
| **8/31/22** | $447244 | $2200741 | $378015 |
| **9/30/22** | $488746 | $1998056 | $412829 |
| **10/31/22** | $451639 | $2159821 | $379405 |
| **11/30/22** | $430155 | $2280521 | $358203 |
| **12/31/22** | $458700 | $2149130 | $378840 |
| **1/31/23** | $436599 | $2284168 | $355035 |
| **2/28/23** | $448877 | $2228437 | $363700 |
| **3/31/23** | $432413 | $2310252 | $350345 |
| **4/30/23** | $429414 | $2346311 | $344878 |
| **5/31/23** | $430913 | $2356510 | $343378 |
| **6/30/23** | $407918 | $2512217 | $320689 |
| **7/31/23** | $399420 | $2592922 | $310389 |
| **8/31/23** | $409418 | $2551639 | $315329 |
| **9/30/23** | $433413 | $2429982 | $330364 |
| **10/31/23** | $444911 | $2378888 | $337311 |
| **11/30/23** | $412417 | $2596140 | $306506 |
| **12/31/23** | $399920 | $2714085 | $292581 |
| **1/31/24** | $397420 | $2759693 | $287665 |
| **2/29/24** | $380424 | $2907048 | $272304 |
| **3/31/24** | $371925 | $3000582 | $263543 |
| **4/30/24** | $390422 | $2878024 | $274308 |
| **5/31/24** | $375924 | $3020730 | $260706 |
| **6/30/24** | $365427 | $3129120 | $251350 |
| **7/31/24** | $365427 | $3167209 | $248292 |
| **8/31/24** | $358928 | $3244035 | $242269 |
| **9/30/24** | $354429 | $3313318 | $237094 |
| **10/31/24** | $358428 | $3283271 | $239246 |
| **11/30/24** | $343431 | $3476003 | $225200 |
| **12/31/24** | $353929 | $3393141 | $230568 |
| **1/31/25** | $347930 | $3487632 | $224149 |
| **2/28/25** | $356428 | $3442124 | $227072 |
| **3/31/25** | $379924 | $3248180 | $239867 |

---

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 | 2.15% | (11.84%) | (9.22%) |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| Inverse of S&P 500 Index | (8.98%) | (18.26%) | (13.30%) |

---

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 | $86115 |
| # of Portfolio Holdings | 1001 |
| Portfolio Turnover Rate | 503% |
| Total Net Advisory Fees Paid During the Reporting Period | $430 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 57.3% |
| Asset-Backed Securities | 20.3% |
| Non-Agency Mortgage-Backed Securities | 17.7% |
| Corporate Bonds & Notes | 7.2% |
| Sovereign Issues | 6.5% |
| U.S. Treasury Obligations | 5.8% |
| Short-Term Instruments | 9.4% |
| Affiliated Investments | 14.7% |
| Financial Derivative Instruments | (1.7%) |
| Other Assets and Liabilities, Net | (37.2%) |
| 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. |

---

## 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](g932242ia208f5a1820733359ae7.jpg)

# I-3: PSNNX
![Image](g932242i67073b345faae17987ad.jpg)

# PIMCO StocksPLUS<sup>®</sup> Short Fund
Annual Shareholder Report \|

March 31, 2025

PIMS2202TSRAR_033125

# Institutional Class: PSTIX

# PIMCO StocksPLUS<sup>®</sup> Short Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g932242i572229cb99157f8c2553.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO StocksPLUS<sup>®</sup> Short 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 | $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:

* The Fund's inverse exposure to equity index derivatives linked to the S&P 500 Index detracted from absolute performance, as the S&P 500 Index returned 8.25%. 

* The Fund's bond alpha strategy contributed to performance. Highlights about the drivers of performance include the following:

* Holdings of non-agency mortgage-backed securities contributed to performance, as excess yield was earned. 

* Long exposure to U.S. interest rates contributed to performance, as interest rates decreased. 

* Long exposure to U.K. interest rates detracted from performance, as interest rates increased. 

* Long exposure to Australian interest rates detracted from performance, as interest rates increased.

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g932242i3734f14383b7bc00ce94.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **S&P 500 Index** | **Inverse of S&P 500 Index** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $991453 | $1009593 | $990405 |
| **5/31/15** | $982906 | $1022576 | $977671 |
| **6/30/15** | $998697 | $1002781 | $996595 |
| **7/31/15** | $977080 | $1023790 | $975716 |
| **8/31/15** | $1018584 | $962021 | $1034586 |
| **9/30/15** | $1017419 | $938217 | $1060185 |
| **10/31/15** | $945498 | $1017360 | $970752 |
| **11/30/15** | $945498 | $1020385 | $967867 |
| **12/31/15** | $958763 | $1004292 | $983131 |
| **1/31/16** | $997113 | $954455 | $1031918 |
| **2/29/16** | $991762 | $953167 | $1033311 |
| **3/31/16** | $940925 | $1017828 | $963212 |
| **4/30/16** | $948952 | $1021774 | $959479 |
| **5/31/16** | $932899 | $1040123 | $942249 |
| **6/30/16** | $932899 | $1042818 | $939807 |
| **7/31/16** | $905251 | $1081265 | $905157 |
| **8/31/16** | $906142 | $1082784 | $903888 |
| **9/30/16** | $911494 | $1082988 | $903715 |
| **10/31/16** | $932007 | $1063233 | $920200 |
| **11/30/16** | $896332 | $1102610 | $886120 |
| **12/31/16** | $887413 | $1124405 | $868605 |
| **1/31/17** | $876711 | $1145730 | $852131 |
| **2/28/17** | $850846 | $1191223 | $818298 |
| **3/31/17** | $850846 | $1192612 | $817343 |
| **4/30/17** | $844603 | $1204860 | $808948 |
| **5/31/17** | $834793 | $1221816 | $797564 |
| **6/30/17** | $832877 | $1229442 | $792586 |
| **7/31/17** | $819429 | $1254723 | $776287 |
| **8/31/17** | $820326 | $1258564 | $773912 |
| **9/30/17** | $807634 | $1284525 | $757947 |
| **10/31/17** | $793164 | $1314500 | $740260 |
| **11/30/17** | $770553 | $1354816 | $717557 |
| **12/31/17** | $762772 | $1369880 | $709578 |
| **1/31/18** | $724724 | $1448311 | $668952 |
| **2/28/18** | $750089 | $1394930 | $693607 |
| **3/31/18** | $770380 | $1359480 | $711235 |
| **4/30/18** | $769471 | $1364697 | $708505 |
| **5/31/18** | $754918 | $1397561 | $691442 |
| **6/30/18** | $752563 | $1406163 | $687188 |
| **7/31/18** | $728904 | $1458492 | $661616 |
| **8/31/18** | $704334 | $1506017 | $640057 |
| **9/30/18** | $704334 | $1514589 | $636413 |
| **10/31/18** | $755293 | $1411067 | $679911 |
| **11/30/18** | $737094 | $1439822 | $666056 |
| **12/31/18** | $802831 | $1309819 | $726195 |
| **1/31/19** | $749615 | $1414783 | $668001 |
| **2/28/19** | $728512 | $1460209 | $646554 |
| **3/31/19** | $718725 | $1488583 | $633990 |
| **4/30/19** | $695570 | $1548856 | $608319 |
| **5/31/19** | $742806 | $1450428 | $646976 |
| **6/30/19** | $697423 | $1552649 | $601381 |
| **7/31/19** | $690013 | $1574964 | $592738 |
| **8/31/19** | $695570 | $1550016 | $602126 |
| **9/30/19** | $685382 | $1579018 | $590860 |
| **10/31/19** | $674268 | $1613219 | $578062 |
| **11/30/19** | $653892 | $1671777 | $557079 |
| **12/31/19** | $640109 | $1722235 | $540266 |
| **1/31/20** | $643820 | $1721559 | $540478 |
| **2/29/20** | $697626 | $1579842 | $584968 |
| **3/31/20** | $719890 | $1384711 | $657219 |
| **4/30/20** | $642892 | $1562223 | $572969 |
| **5/31/20** | $615989 | $1636628 | $545679 |
| **6/30/20** | $604648 | $1669176 | $534828 |
| **7/31/20** | $574603 | $1763293 | $504671 |
| **8/31/20** | $541742 | $1890039 | $468394 |
| **9/30/20** | $562732 | $1818224 | $486194 |
| **10/31/20** | $578947 | $1769870 | $499123 |
| **11/30/20** | $522673 | $1963607 | $444487 |
| **12/31/20** | $506352 | $2039105 | $427397 |
| **1/31/21** | $514112 | $2018518 | $431710 |
| **2/28/21** | $499562 | $2074179 | $419808 |
| **3/31/21** | $478917 | $2165019 | $401422 |
| **4/30/21** | $455508 | $2280563 | $379997 |
| **5/31/21** | $452582 | $2296491 | $377345 |
| **6/30/21** | $441365 | $2350103 | $368535 |
| **7/31/21** | $431611 | $2405929 | $359779 |
| **8/31/21** | $421857 | $2479083 | $348842 |
| **9/30/21** | $443316 | $2363781 | $365066 |
| **10/31/21** | $412103 | $2529392 | $339489 |
| **11/30/21** | $414054 | $2511866 | $341839 |
| **12/31/21** | $395521 | $2624438 | $326522 |
| **1/31/22** | $416005 | $2488631 | $343418 |
| **2/28/22** | $425759 | $2414118 | $353699 |
| **3/31/22** | $408201 | $2503753 | $340567 |
| **4/30/22** | $443803 | $2285421 | $370264 |
| **5/31/22** | $439902 | $2289614 | $369587 |
| **6/30/22** | $472987 | $2100621 | $400093 |
| **7/31/22** | $435207 | $2294307 | $363202 |
| **8/31/22** | $452871 | $2200741 | $378015 |
| **9/30/22** | $494576 | $1998056 | $412829 |
| **10/31/22** | $457286 | $2159821 | $379405 |
| **11/30/22** | $435698 | $2280521 | $358203 |
| **12/31/22** | $464321 | $2149130 | $378840 |
| **1/31/23** | $442116 | $2284168 | $355035 |
| **2/28/23** | $454452 | $2228437 | $363700 |
| **3/31/23** | $438001 | $2310252 | $350345 |
| **4/30/23** | $434987 | $2346311 | $344878 |
| **5/31/23** | $436494 | $2356510 | $343378 |
| **6/30/23** | $412886 | $2512217 | $320689 |
| **7/31/23** | $404849 | $2592922 | $310389 |
| **8/31/23** | $414895 | $2551639 | $315329 |
| **9/30/23** | $439508 | $2429982 | $330364 |
| **10/31/23** | $451061 | $2378888 | $337311 |
| **11/30/23** | $417909 | $2596140 | $306506 |
| **12/31/23** | $405352 | $2714085 | $292581 |
| **1/31/24** | $402840 | $2759693 | $287665 |
| **2/29/24** | $385762 | $2907048 | $272304 |
| **3/31/24** | $377223 | $3000582 | $263543 |
| **4/30/24** | $395808 | $2878024 | $274308 |
| **5/31/24** | $381242 | $3020730 | $260706 |
| **6/30/24** | $370693 | $3129120 | $251350 |
| **7/31/24** | $370693 | $3167209 | $248292 |
| **8/31/24** | $364164 | $3244035 | $242269 |
| **9/30/24** | $359643 | $3313318 | $237094 |
| **10/31/24** | $363661 | $3283271 | $239246 |
| **11/30/24** | $348592 | $3476003 | $225200 |
| **12/31/24** | $359643 | $3393141 | $230568 |
| **1/31/25** | $353113 | $3487632 | $224149 |
| **2/28/25** | $361652 | $3442124 | $227072 |
| **3/31/25** | $385762 | $3248180 | $239867 |

---

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 | 2.26% | (11.73%) | (9.09%) |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| Inverse of S&P 500 Index | (8.98%) | (18.26%) | (13.30%) |

---

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 | $86115 |
| # of Portfolio Holdings | 1001 |
| Portfolio Turnover Rate | 503% |
| Total Net Advisory Fees Paid During the Reporting Period | $430 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 57.3% |
| Asset-Backed Securities | 20.3% |
| Non-Agency Mortgage-Backed Securities | 17.7% |
| Corporate Bonds & Notes | 7.2% |
| Sovereign Issues | 6.5% |
| U.S. Treasury Obligations | 5.8% |
| Short-Term Instruments | 9.4% |
| Affiliated Investments | 14.7% |
| Financial Derivative Instruments | (1.7%) |
| Other Assets and Liabilities, Net | (37.2%) |
| 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. |

---

## 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](g932242ia208f5a1820733359ae7.jpg)

# Institutional Class: PSTIX
![Image](g932242i67073b345faae17987ad.jpg)

# PIMCO StocksPLUS<sup>®</sup> Short Fund
Annual Shareholder Report \|

March 31, 2025

PIMS1800TSRAR_033125

# I-2: PSPLX

# PIMCO StocksPLUS<sup>®</sup> Short Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g932242i572229cb99157f8c2553.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO StocksPLUS<sup>®</sup> Short 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 | $84 | 0.83% |

---

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

* The Fund's inverse exposure to equity index derivatives linked to the S&P 500 Index detracted from absolute performance, as the S&P 500 Index returned 8.25%. 

* The Fund's bond alpha strategy contributed to performance. Highlights about the drivers of performance include the following:

* Holdings of non-agency mortgage-backed securities contributed to performance, as excess yield was earned. 

* Long exposure to U.S. interest rates contributed to performance, as interest rates decreased. 

* Long exposure to U.K. interest rates detracted from performance, as interest rates increased. 

* Long exposure to Australian interest rates detracted from performance, as interest rates increased.

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g932242ie04112245e2fefeae25a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I-2** | **S&P 500 Index** | **Inverse of S&P 500 Index** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $991453 | $1009593 | $990405 |
| **5/31/15** | $982906 | $1022576 | $977671 |
| **6/30/15** | $998543 | $1002781 | $996595 |
| **7/31/15** | $976930 | $1023790 | $975716 |
| **8/31/15** | $1018427 | $962021 | $1034586 |
| **9/30/15** | $1017325 | $938217 | $1060185 |
| **10/31/15** | $945410 | $1017360 | $970752 |
| **11/30/15** | $944533 | $1020385 | $967867 |
| **12/31/15** | $958195 | $1004292 | $983131 |
| **1/31/16** | $996523 | $954455 | $1031918 |
| **2/29/16** | $990284 | $953167 | $1033311 |
| **3/31/16** | $940368 | $1017828 | $963212 |
| **4/30/16** | $947499 | $1021774 | $959479 |
| **5/31/16** | $931455 | $1040123 | $942249 |
| **6/30/16** | $931455 | $1042818 | $939807 |
| **7/31/16** | $904715 | $1081265 | $905157 |
| **8/31/16** | $904715 | $1082784 | $903888 |
| **9/30/16** | $910063 | $1082988 | $903715 |
| **10/31/16** | $930564 | $1063233 | $920200 |
| **11/30/16** | $894910 | $1102610 | $886120 |
| **12/31/16** | $885996 | $1124405 | $868605 |
| **1/31/17** | $875300 | $1145730 | $852131 |
| **2/28/17** | $848560 | $1191223 | $818298 |
| **3/31/17** | $849451 | $1192612 | $817343 |
| **4/30/17** | $843212 | $1204860 | $808948 |
| **5/31/17** | $833407 | $1221816 | $797564 |
| **6/30/17** | $831321 | $1229442 | $792586 |
| **7/31/17** | $817884 | $1254723 | $776287 |
| **8/31/17** | $818780 | $1258564 | $773912 |
| **9/30/17** | $805642 | $1284525 | $757947 |
| **10/31/17** | $791191 | $1314500 | $740260 |
| **11/30/17** | $768612 | $1354816 | $717557 |
| **12/31/17** | $761628 | $1369880 | $709578 |
| **1/31/18** | $722732 | $1448311 | $668952 |
| **2/28/18** | $748060 | $1394930 | $693607 |
| **3/31/18** | $767215 | $1359480 | $711235 |
| **4/30/18** | $767215 | $1364697 | $708505 |
| **5/31/18** | $751780 | $1397561 | $691442 |
| **6/30/18** | $749278 | $1406163 | $687188 |
| **7/31/18** | $725665 | $1458492 | $661616 |
| **8/31/18** | $702051 | $1506017 | $640057 |
| **9/30/18** | $701143 | $1514589 | $636413 |
| **10/31/18** | $752003 | $1411067 | $679911 |
| **11/30/18** | $733839 | $1439822 | $666056 |
| **12/31/18** | $799405 | $1309819 | $726195 |
| **1/31/19** | $746294 | $1414783 | $668001 |
| **2/28/19** | $726149 | $1460209 | $646554 |
| **3/31/19** | $715329 | $1488583 | $633990 |
| **4/30/19** | $692224 | $1548856 | $608319 |
| **5/31/19** | $740282 | $1450428 | $646976 |
| **6/30/19** | $694073 | $1552649 | $601381 |
| **7/31/19** | $686679 | $1574964 | $592738 |
| **8/31/19** | $692224 | $1550016 | $602126 |
| **9/30/19** | $682058 | $1579018 | $590860 |
| **10/31/19** | $670968 | $1613219 | $578062 |
| **11/30/19** | $650635 | $1671777 | $557079 |
| **12/31/19** | $637115 | $1722235 | $540266 |
| **1/31/20** | $640814 | $1721559 | $540478 |
| **2/29/20** | $694446 | $1579842 | $584968 |
| **3/31/20** | $716639 | $1384711 | $657219 |
| **4/30/20** | $638964 | $1562223 | $572969 |
| **5/31/20** | $612148 | $1636628 | $545679 |
| **6/30/20** | $601613 | $1669176 | $534828 |
| **7/31/20** | $571673 | $1763293 | $504671 |
| **8/31/20** | $537990 | $1890039 | $468394 |
| **9/30/20** | $559672 | $1818224 | $486194 |
| **10/31/20** | $574876 | $1769870 | $499123 |
| **11/30/20** | $519764 | $1963607 | $444487 |
| **12/31/20** | $503398 | $2039105 | $427397 |
| **1/31/21** | $511128 | $2018518 | $431710 |
| **2/28/21** | $496634 | $2074179 | $419808 |
| **3/31/21** | $475894 | $2165019 | $401422 |
| **4/30/21** | $452585 | $2280563 | $379997 |
| **5/31/21** | $449671 | $2296491 | $377345 |
| **6/30/21** | $438502 | $2350103 | $368535 |
| **7/31/21** | $428790 | $2405929 | $359779 |
| **8/31/21** | $418592 | $2479083 | $348842 |
| **9/30/21** | $440445 | $2363781 | $365066 |
| **10/31/21** | $408880 | $2529392 | $339489 |
| **11/30/21** | $411308 | $2511866 | $341839 |
| **12/31/21** | $392370 | $2624438 | $326522 |
| **1/31/22** | $412765 | $2488631 | $343418 |
| **2/28/22** | $422477 | $2414118 | $353699 |
| **3/31/22** | $405481 | $2503753 | $340567 |
| **4/30/22** | $440930 | $2285421 | $370264 |
| **5/31/22** | $436560 | $2289614 | $369587 |
| **6/30/22** | $469512 | $2100621 | $400093 |
| **7/31/22** | $431892 | $2294307 | $363202 |
| **8/31/22** | $449480 | $2200741 | $378015 |
| **9/30/22** | $490520 | $1998056 | $412829 |
| **10/31/22** | $453877 | $2159821 | $379405 |
| **11/30/22** | $432381 | $2280521 | $358203 |
| **12/31/22** | $460590 | $2149130 | $378840 |
| **1/31/23** | $438494 | $2284168 | $355035 |
| **2/28/23** | $450770 | $2228437 | $363700 |
| **3/31/23** | $434315 | $2310252 | $350345 |
| **4/30/23** | $431316 | $2346311 | $344878 |
| **5/31/23** | $432816 | $2356510 | $343378 |
| **6/30/23** | $409825 | $2512217 | $320689 |
| **7/31/23** | $401829 | $2592922 | $310389 |
| **8/31/23** | $411825 | $2551639 | $315329 |
| **9/30/23** | $435814 | $2429982 | $330364 |
| **10/31/23** | $447309 | $2378888 | $337311 |
| **11/30/23** | $414323 | $2596140 | $306506 |
| **12/31/23** | $401829 | $2714085 | $292581 |
| **1/31/24** | $399330 | $2759693 | $287665 |
| **2/29/24** | $382337 | $2907048 | $272304 |
| **3/31/24** | $373841 | $3000582 | $263543 |
| **4/30/24** | $392333 | $2878024 | $274308 |
| **5/31/24** | $377839 | $3020730 | $260706 |
| **6/30/24** | $367344 | $3129120 | $251350 |
| **7/31/24** | $367344 | $3167209 | $248292 |
| **8/31/24** | $360846 | $3244035 | $242269 |
| **9/30/24** | $356348 | $3313318 | $237094 |
| **10/31/24** | $359847 | $3283271 | $239246 |
| **11/30/24** | $344853 | $3476003 | $225200 |
| **12/31/24** | $355848 | $3393141 | $230568 |
| **1/31/25** | $349851 | $3487632 | $224149 |
| **2/28/25** | $358347 | $3442124 | $227072 |
| **3/31/25** | $381837 | $3248180 | $239867 |

---

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 | 2.14% | (11.83%) | (9.18%) |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| Inverse of S&P 500 Index | (8.98%) | (18.26%) | (13.30%) |

---

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 | $86115 |
| # of Portfolio Holdings | 1001 |
| Portfolio Turnover Rate | 503% |
| Total Net Advisory Fees Paid During the Reporting Period | $430 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 57.3% |
| Asset-Backed Securities | 20.3% |
| Non-Agency Mortgage-Backed Securities | 17.7% |
| Corporate Bonds & Notes | 7.2% |
| Sovereign Issues | 6.5% |
| U.S. Treasury Obligations | 5.8% |
| Short-Term Instruments | 9.4% |
| Affiliated Investments | 14.7% |
| Financial Derivative Instruments | (1.7%) |
| Other Assets and Liabilities, Net | (37.2%) |
| 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. |

---

## 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](g932242ia208f5a1820733359ae7.jpg)

# I-2: PSPLX
![Image](g932242i67073b345faae17987ad.jpg)

# PIMCO StocksPLUS<sup>®</sup> Short Fund
Annual Shareholder Report \|

March 31, 2025

PIMS1963TSRAR_033125

# Class A: PCKAX

# PIMCO StocksPLUS<sup>®</sup> Small Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g932242i572229cb99157f8c2553.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO StocksPLUS<sup>®</sup> Small 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 | $136 | 1.38% |

---

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

* The Fund's exposure to equity index derivatives linked to the Russell 2000 Index detracted from absolute performance, as the Russell 2000 Index returned -4.01%. 

* The Fund's bond alpha strategy contributed to performance. Highlights about the drivers of performance include the following:

* Long exposure to U.S. interest rates contributed to performance, as interest rates decreased. 

* Holdings of non-agency mortgage-backed securities contributed to performance, as excess yield was earned.

* Long exposure to U.K. interest rates detracted from performance, as interest rates increased. 

* Long exposure to Australian interest rates detracted from performance, as interest rates increased.

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

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

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g932242i853fbefda4f01b7e8d6b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A (including sales charge)** | **S&P 500 Index** | **Russell 2000<sup>®</sup> Index** |
| **3/31/15** | $9625 | $10000 | $10000 |
| **4/30/15** | $9391 | $10096 | $9745 |
| **5/31/15** | $9635 | $10226 | $9967 |
| **6/30/15** | $9657 | $10028 | $10042 |
| **7/31/15** | $9554 | $10238 | $9925 |
| **8/31/15** | $8788 | $9620 | $9302 |
| **9/30/15** | $8195 | $9382 | $8845 |
| **10/31/15** | $8708 | $10174 | $9344 |
| **11/30/15** | $9016 | $10204 | $9648 |
| **12/31/15** | $8542 | $10043 | $9163 |
| **1/31/16** | $7690 | $9545 | $8358 |
| **2/29/16** | $7590 | $9532 | $8357 |
| **3/31/16** | $8320 | $10178 | $9024 |
| **4/30/16** | $8542 | $10218 | $9166 |
| **5/31/16** | $8730 | $10401 | $9372 |
| **6/30/16** | $8730 | $10428 | $9366 |
| **7/31/16** | $9305 | $10813 | $9926 |
| **8/31/16** | $9482 | $10828 | $10101 |
| **9/30/16** | $9637 | $10830 | $10214 |
| **10/31/16** | $9261 | $10632 | $9728 |
| **11/30/16** | $10279 | $11026 | $10813 |
| **12/31/16** | $10640 | $11244 | $11116 |
| **1/31/17** | $10743 | $11457 | $11160 |
| **2/28/17** | $11017 | $11912 | $11375 |
| **3/31/17** | $11039 | $11926 | $11390 |
| **4/30/17** | $11165 | $12049 | $11515 |
| **5/31/17** | $10960 | $12218 | $11281 |
| **6/30/17** | $11353 | $12294 | $11671 |
| **7/31/17** | $11468 | $12547 | $11757 |
| **8/31/17** | $11364 | $12586 | $11608 |
| **9/30/17** | $12093 | $12845 | $12332 |
| **10/31/17** | $12209 | $13145 | $12437 |
| **11/30/17** | $12546 | $13548 | $12796 |
| **12/31/17** | $12472 | $13699 | $12744 |
| **1/31/18** | $12798 | $14483 | $13077 |
| **2/28/18** | $12314 | $13949 | $12571 |
| **3/31/18** | $12450 | $13595 | $12733 |
| **4/30/18** | $12583 | $13647 | $12843 |
| **5/31/18** | $13347 | $13976 | $13623 |
| **6/30/18** | $13436 | $14062 | $13721 |
| **7/31/18** | $13680 | $14585 | $13960 |
| **8/31/18** | $14192 | $15060 | $14562 |
| **9/30/18** | $13873 | $15146 | $14211 |
| **10/31/18** | $12341 | $14111 | $12668 |
| **11/30/18** | $12464 | $14398 | $12869 |
| **12/31/18** | $10904 | $13098 | $11340 |
| **1/31/19** | $12198 | $14148 | $12616 |
| **2/28/19** | $12818 | $14602 | $13272 |
| **3/31/19** | $12570 | $14886 | $12994 |
| **4/30/19** | $13017 | $15489 | $13436 |
| **5/31/19** | $11960 | $14504 | $12391 |
| **6/30/19** | $12845 | $15526 | $13266 |
| **7/31/19** | $12913 | $15750 | $13343 |
| **8/31/19** | $12175 | $15500 | $12684 |
| **9/30/19** | $12433 | $15790 | $12948 |
| **10/31/19** | $12793 | $16132 | $13289 |
| **11/30/19** | $13319 | $16718 | $13836 |
| **12/31/19** | $13762 | $17222 | $14235 |
| **1/31/20** | $13362 | $17216 | $13779 |
| **2/29/20** | $12190 | $15798 | $12619 |
| **3/31/20** | $9044 | $13847 | $9877 |
| **4/30/20** | $10449 | $15622 | $11234 |
| **5/31/20** | $11223 | $16366 | $11965 |
| **6/30/20** | $11702 | $16692 | $12388 |
| **7/31/20** | $12080 | $17633 | $12731 |
| **8/31/20** | $12809 | $18900 | $13448 |
| **9/30/20** | $12375 | $18182 | $12999 |
| **10/31/20** | $12629 | $17699 | $13271 |
| **11/30/20** | $15047 | $19636 | $15717 |
| **12/31/20** | $16419 | $20391 | $17076 |
| **1/31/21** | $17274 | $20185 | $17936 |
| **2/28/21** | $18313 | $20742 | $19054 |
| **3/31/21** | $18469 | $21650 | $19245 |
| **4/30/21** | $18869 | $22806 | $19649 |
| **5/31/21** | $18933 | $22965 | $19690 |
| **6/30/21** | $19288 | $23501 | $20071 |
| **7/31/21** | $18587 | $24059 | $19346 |
| **8/31/21** | $19021 | $24791 | $19779 |
| **9/30/21** | $18432 | $23638 | $19196 |
| **10/31/21** | $19045 | $25294 | $20012 |
| **11/30/21** | $18187 | $25119 | $19179 |
| **12/31/21** | $18658 | $26244 | $19607 |
| **1/31/22** | $16748 | $24886 | $17719 |
| **2/28/22** | $16839 | $24141 | $17909 |
| **3/31/22** | $16985 | $25038 | $18131 |
| **4/30/22** | $15184 | $22854 | $16334 |
| **5/31/22** | $15184 | $22896 | $16359 |
| **6/30/22** | $13711 | $21006 | $15014 |
| **7/31/22** | $15275 | $22943 | $16581 |
| **8/31/22** | $14875 | $22007 | $16242 |
| **9/30/22** | $13220 | $19981 | $14685 |
| **10/31/22** | $14693 | $21598 | $16302 |
| **11/30/22** | $15130 | $22805 | $16683 |
| **12/31/22** | $14128 | $21491 | $15600 |
| **1/31/23** | $15675 | $22842 | $17121 |
| **2/28/23** | $15352 | $22284 | $16831 |
| **3/31/23** | $14475 | $23103 | $16027 |
| **4/30/23** | $14221 | $23463 | $15739 |
| **5/31/23** | $14082 | $23565 | $15594 |
| **6/30/23** | $15213 | $25122 | $16861 |
| **7/31/23** | $16160 | $25929 | $17893 |
| **8/31/23** | $15352 | $25516 | $16997 |
| **9/30/23** | $14388 | $24300 | $15997 |
| **10/31/23** | $13317 | $23789 | $14906 |
| **11/30/23** | $14597 | $25961 | $16255 |
| **12/31/23** | $16477 | $27141 | $18241 |
| **1/31/24** | $15887 | $27597 | $17532 |
| **2/29/24** | $16784 | $29070 | $18523 |
| **3/31/24** | $17437 | $30006 | $19186 |
| **4/30/24** | $16147 | $28780 | $17836 |
| **5/31/24** | $17007 | $30207 | $18730 |
| **6/30/24** | $16814 | $31291 | $18557 |
| **7/31/24** | $18628 | $31672 | $20443 |
| **8/31/24** | $18313 | $32440 | $20137 |
| **9/30/24** | $18463 | $33133 | $20278 |
| **10/31/24** | $18096 | $32833 | $19985 |
| **11/30/24** | $20202 | $34760 | $22177 |
| **12/31/24** | $18478 | $33931 | $20346 |
| **1/31/25** | $19021 | $34876 | $20879 |
| **2/28/25** | $18083 | $34421 | $19762 |
| **3/31/25** | $16866 | $32482 | $18417 |

---

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) | (3.27%) | 13.27% | 5.77% |
| Class A (including sales charge) | (6.90%) | 12.41% | 5.37% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| Russell 2000<sup>®</sup> Index | (4.01%) | 13.27% | 6.30% |

---

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 | $573462 |
| # of Portfolio Holdings | 1106 |
| Portfolio Turnover Rate | 679% |
| Total Net Advisory Fees Paid During the Reporting Period | $3788 |

---

---

| | |
|:---|:---|
| 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 | 68.1% |
| Asset-Backed Securities | 31.2% |
| Non-Agency Mortgage-Backed Securities | 13.2% |
| Corporate Bonds & Notes | 11.0% |
| Sovereign Issues | 10.3% |
| U.S. Treasury Obligations | 6.0% |
| Common Stocks | 0.9% |
| Short-Term Instruments | 37.6% |
| Affiliated Investments | 1.9% |
| Financial Derivative Instruments | (9.4%) |
| Other Assets and Liabilities, Net | (70.8%) |
| 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 0.08% 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](g932242ia208f5a1820733359ae7.jpg)

# Class A: PCKAX
![Image](g932242i67073b345faae17987ad.jpg)

# PIMCO StocksPLUS<sup>®</sup> Small Fund
Annual Shareholder Report \|

March 31, 2025

PIMS4053TSRAR_033125

# Class C: PCKCX

# PIMCO StocksPLUS<sup>®</sup> Small Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g932242i572229cb99157f8c2553.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO StocksPLUS<sup>®</sup> Small 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 | $209 | 2.13% |

---

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

* The Fund's exposure to equity index derivatives linked to the Russell 2000 Index detracted from absolute performance, as the Russell 2000 Index returned -4.01%. 

* The Fund's bond alpha strategy contributed to performance. Highlights about the drivers of performance include the following:

* Long exposure to U.S. interest rates contributed to performance, as interest rates decreased. 

* Holdings of non-agency mortgage-backed securities contributed to performance, as excess yield was earned.

* Long exposure to U.K. interest rates detracted from performance, as interest rates increased. 

* Long exposure to Australian interest rates detracted from performance, as interest rates increased.

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

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

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g932242ia671659ee083496204da.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C (excluding sales charge)** | **S&P 500 Index** | **Russell 2000<sup>®</sup> Index** |
| **3/31/15** | $10000 | $10000 | $10000 |
| **4/30/15** | $9753 | $10096 | $9745 |
| **5/31/15** | $9989 | $10226 | $9967 |
| **6/30/15** | $10011 | $10028 | $10042 |
| **7/31/15** | $9909 | $10238 | $9925 |
| **8/31/15** | $9109 | $9620 | $9302 |
| **9/30/15** | $8473 | $9382 | $8845 |
| **10/31/15** | $9004 | $10174 | $9344 |
| **11/30/15** | $9321 | $10204 | $9648 |
| **12/31/15** | $8826 | $10043 | $9163 |
| **1/31/16** | $7933 | $9545 | $8358 |
| **2/29/16** | $7836 | $9532 | $8357 |
| **3/31/16** | $8581 | $10178 | $9024 |
| **4/30/16** | $8801 | $10218 | $9166 |
| **5/31/16** | $8997 | $10401 | $9372 |
| **6/30/16** | $8985 | $10428 | $9366 |
| **7/31/16** | $9571 | $10813 | $9926 |
| **8/31/16** | $9742 | $10828 | $10101 |
| **9/30/16** | $9901 | $10830 | $10214 |
| **10/31/16** | $9510 | $10632 | $9728 |
| **11/30/16** | $10537 | $11026 | $10813 |
| **12/31/16** | $10902 | $11244 | $11116 |
| **1/31/17** | $11003 | $11457 | $11160 |
| **2/28/17** | $11280 | $11912 | $11375 |
| **3/31/17** | $11305 | $11926 | $11390 |
| **4/30/17** | $11418 | $12049 | $11515 |
| **5/31/17** | $11204 | $12218 | $11281 |
| **6/30/17** | $11597 | $12294 | $11671 |
| **7/31/17** | $11711 | $12547 | $11757 |
| **8/31/17** | $11597 | $12586 | $11608 |
| **9/30/17** | $12325 | $12845 | $12332 |
| **10/31/17** | $12440 | $13145 | $12437 |
| **11/30/17** | $12773 | $13548 | $12796 |
| **12/31/17** | $12693 | $13699 | $12744 |
| **1/31/18** | $13026 | $14483 | $13077 |
| **2/28/18** | $12520 | $13949 | $12571 |
| **3/31/18** | $12650 | $13595 | $12733 |
| **4/30/18** | $12770 | $13647 | $12843 |
| **5/31/18** | $13543 | $13976 | $13623 |
| **6/30/18** | $13626 | $14062 | $13721 |
| **7/31/18** | $13854 | $14585 | $13960 |
| **8/31/18** | $14376 | $15060 | $14562 |
| **9/30/18** | $14042 | $15146 | $14211 |
| **10/31/18** | $12481 | $14111 | $12668 |
| **11/30/18** | $12602 | $14398 | $12869 |
| **12/31/18** | $11015 | $13098 | $11340 |
| **1/31/19** | $12310 | $14148 | $12616 |
| **2/28/19** | $12935 | $14602 | $13272 |
| **3/31/19** | $12672 | $14886 | $12994 |
| **4/30/19** | $13121 | $15489 | $13436 |
| **5/31/19** | $12045 | $14504 | $12391 |
| **6/30/19** | $12930 | $15526 | $13266 |
| **7/31/19** | $12990 | $15750 | $13343 |
| **8/31/19** | $12236 | $15500 | $12684 |
| **9/30/19** | $12484 | $15790 | $12948 |
| **10/31/19** | $12850 | $16132 | $13289 |
| **11/30/19** | $13369 | $16718 | $13836 |
| **12/31/19** | $13800 | $17222 | $14235 |
| **1/31/20** | $13390 | $17216 | $13779 |
| **2/29/20** | $12207 | $15798 | $12619 |
| **3/31/20** | $9047 | $13847 | $9877 |
| **4/30/20** | $10452 | $15622 | $11234 |
| **5/31/20** | $11226 | $16366 | $11965 |
| **6/30/20** | $11677 | $16692 | $12388 |
| **7/31/20** | $12062 | $17633 | $12731 |
| **8/31/20** | $12769 | $18900 | $13448 |
| **9/30/20** | $12333 | $18182 | $12999 |
| **10/31/20** | $12596 | $17699 | $13271 |
| **11/30/20** | $14983 | $19636 | $15717 |
| **12/31/20** | $16337 | $20391 | $17076 |
| **1/31/21** | $17180 | $20185 | $17936 |
| **2/28/21** | $18191 | $20742 | $19054 |
| **3/31/21** | $18345 | $21650 | $19245 |
| **4/30/21** | $18735 | $22806 | $19649 |
| **5/31/21** | $18788 | $22965 | $19690 |
| **6/30/21** | $19124 | $23501 | $20071 |
| **7/31/21** | $18419 | $24059 | $19346 |
| **8/31/21** | $18827 | $24791 | $19779 |
| **9/30/21** | $18231 | $23638 | $19196 |
| **10/31/21** | $18838 | $25294 | $20012 |
| **11/30/21** | $17977 | $25119 | $19179 |
| **12/31/21** | $18426 | $26244 | $19607 |
| **1/31/22** | $16532 | $24886 | $17719 |
| **2/28/22** | $16613 | $24141 | $17909 |
| **3/31/22** | $16736 | $25038 | $18131 |
| **4/30/22** | $14964 | $22854 | $16334 |
| **5/31/22** | $14944 | $22896 | $16359 |
| **6/30/22** | $13498 | $21006 | $15014 |
| **7/31/22** | $15025 | $22943 | $16581 |
| **8/31/22** | $14618 | $22007 | $16242 |
| **9/30/22** | $12989 | $19981 | $14685 |
| **10/31/22** | $14415 | $21598 | $16302 |
| **11/30/22** | $14842 | $22805 | $16683 |
| **12/31/22** | $13867 | $21491 | $15600 |
| **1/31/23** | $15345 | $22842 | $17121 |
| **2/28/23** | $15049 | $22284 | $16831 |
| **3/31/23** | $14162 | $23103 | $16027 |
| **4/30/23** | $13920 | $23463 | $15739 |
| **5/31/23** | $13759 | $23565 | $15594 |
| **6/30/23** | $14861 | $25122 | $16861 |
| **7/31/23** | $15775 | $25929 | $17893 |
| **8/31/23** | $14968 | $25516 | $16997 |
| **9/30/23** | $14020 | $24300 | $15997 |
| **10/31/23** | $12964 | $23789 | $14906 |
| **11/30/23** | $14236 | $25961 | $16255 |
| **12/31/23** | $16042 | $27141 | $18241 |
| **1/31/24** | $15438 | $27597 | $17532 |
| **2/29/24** | $16317 | $29070 | $18523 |
| **3/31/24** | $16945 | $30006 | $19186 |
| **4/30/24** | $15665 | $28780 | $17836 |
| **5/31/24** | $16500 | $30207 | $18730 |
| **6/30/24** | $16308 | $31291 | $18557 |
| **7/31/24** | $18030 | $31672 | $20443 |
| **8/31/24** | $17719 | $32440 | $20137 |
| **9/30/24** | $17894 | $33133 | $20278 |
| **10/31/24** | $17493 | $32833 | $19985 |
| **11/30/24** | $19523 | $34760 | $22177 |
| **12/31/24** | $17852 | $33931 | $20346 |
| **1/31/25** | $18370 | $34876 | $20879 |
| **2/28/25** | $17449 | $34421 | $19762 |
| **3/31/25** | $16263 | $32482 | $18417 |

---

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) | (4.02%) | 12.44% | 4.98% |
| Class C (including sales charge) | (4.93%) | 12.44% | 4.98% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| Russell 2000<sup>®</sup> Index | (4.01%) | 13.27% | 6.30% |

---

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 | $573462 |
| # of Portfolio Holdings | 1106 |
| Portfolio Turnover Rate | 679% |
| Total Net Advisory Fees Paid During the Reporting Period | $3788 |

---

---

| | |
|:---|:---|
| 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 | 68.1% |
| Asset-Backed Securities | 31.2% |
| Non-Agency Mortgage-Backed Securities | 13.2% |
| Corporate Bonds & Notes | 11.0% |
| Sovereign Issues | 10.3% |
| U.S. Treasury Obligations | 6.0% |
| Common Stocks | 0.9% |
| Short-Term Instruments | 37.6% |
| Affiliated Investments | 1.9% |
| Financial Derivative Instruments | (9.4%) |
| Other Assets and Liabilities, Net | (70.8%) |
| 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 0.08% 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](g932242ia208f5a1820733359ae7.jpg)

# Class C: PCKCX
![Image](g932242i67073b345faae17987ad.jpg)

# PIMCO StocksPLUS<sup>®</sup> Small Fund
Annual Shareholder Report \|

March 31, 2025

PIMS4253TSRAR_033125

# I-3: PSNSX

# PIMCO StocksPLUS<sup>®</sup> Small Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g932242i572229cb99157f8c2553.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO StocksPLUS<sup>®</sup> Small 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 | $111 | 1.13% |

---

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

* The Fund's exposure to equity index derivatives linked to the Russell 2000 Index detracted from absolute performance, as the Russell 2000 Index returned -4.01%. 

* The Fund's bond alpha strategy contributed to performance. Highlights about the drivers of performance include the following:

* Long exposure to U.S. interest rates contributed to performance, as interest rates decreased. 

* Holdings of non-agency mortgage-backed securities contributed to performance, as excess yield was earned.

* Long exposure to U.K. interest rates detracted from performance, as interest rates increased. 

* Long exposure to Australian interest rates detracted from performance, as interest rates increased.

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g932242i66107828489cdbc08e51.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I-3** | **S&P 500 Index** | **Russell 2000<sup>®</sup> Index** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $975917 | $1009593 | $974500 |
| **5/31/15** | $1000788 | $1022576 | $996748 |
| **6/30/15** | $1003599 | $1002781 | $1004213 |
| **7/31/15** | $994063 | $1023790 | $992545 |
| **8/31/15** | $914501 | $962021 | $930173 |
| **9/30/15** | $852631 | $938217 | $884539 |
| **10/31/15** | $906068 | $1017360 | $934374 |
| **11/30/15** | $938501 | $1020385 | $964769 |
| **12/31/15** | $889751 | $1004292 | $916328 |
| **1/31/16** | $800221 | $954455 | $835755 |
| **2/29/16** | $789943 | $953167 | $835722 |
| **3/31/16** | $866794 | $1017828 | $902421 |
| **4/30/16** | $890449 | $1021774 | $916580 |
| **5/31/16** | $909571 | $1040123 | $937221 |
| **6/30/16** | $910591 | $1042818 | $936630 |
| **7/31/16** | $970422 | $1081265 | $992557 |
| **8/31/16** | $988394 | $1082784 | $1010105 |
| **9/30/16** | $1005235 | $1082988 | $1021358 |
| **10/31/16** | $966664 | $1063233 | $972802 |
| **11/30/16** | $1071683 | $1102610 | $1081279 |
| **12/31/16** | $1110397 | $1124405 | $1111577 |
| **1/31/17** | $1120774 | $1145730 | $1115957 |
| **2/28/17** | $1149859 | $1191223 | $1137495 |
| **3/31/17** | $1153219 | $1192612 | $1138985 |
| **4/30/17** | $1165931 | $1204860 | $1151479 |
| **5/31/17** | $1144755 | $1221816 | $1128058 |
| **6/30/17** | $1185686 | $1229442 | $1167055 |
| **7/31/17** | $1198524 | $1254723 | $1175726 |
| **8/31/17** | $1187748 | $1258564 | $1160771 |
| **9/30/17** | $1264629 | $1284525 | $1233215 |
| **10/31/17** | $1277565 | $1314500 | $1243722 |
| **11/30/17** | $1313128 | $1354816 | $1279566 |
| **12/31/17** | $1304214 | $1369880 | $1274397 |
| **1/31/18** | $1339927 | $1448311 | $1307696 |
| **2/28/18** | $1289051 | $1394930 | $1257062 |
| **3/31/18** | $1302599 | $1359480 | $1273316 |
| **4/30/18** | $1317262 | $1364697 | $1284330 |
| **5/31/18** | $1397323 | $1397561 | $1362289 |
| **6/30/18** | $1406525 | $1406163 | $1372057 |
| **7/31/18** | $1432969 | $1458492 | $1395972 |
| **8/31/18** | $1487114 | $1506017 | $1456152 |
| **9/30/18** | $1454465 | $1514589 | $1421132 |
| **10/31/18** | $1293562 | $1411067 | $1266768 |
| **11/30/18** | $1307498 | $1439822 | $1286897 |
| **12/31/18** | $1142496 | $1309819 | $1134027 |
| **1/31/19** | $1279039 | $1414783 | $1261605 |
| **2/28/19** | $1344523 | $1460209 | $1327196 |
| **3/31/19** | $1318222 | $1488583 | $1299418 |
| **4/30/19** | $1365852 | $1548856 | $1343559 |
| **5/31/19** | $1255183 | $1450428 | $1239070 |
| **6/30/19** | $1348912 | $1552649 | $1326648 |
| **7/31/19** | $1355990 | $1574964 | $1334289 |
| **8/31/19** | $1279556 | $1550016 | $1268415 |
| **9/30/19** | $1305768 | $1579018 | $1294811 |
| **10/31/19** | $1344468 | $1613219 | $1328916 |
| **11/30/19** | $1400369 | $1671777 | $1383615 |
| **12/31/19** | $1447202 | $1722235 | $1423504 |
| **1/31/20** | $1404289 | $1721559 | $1377852 |
| **2/29/20** | $1281469 | $1579842 | $1261865 |
| **3/31/20** | $950571 | $1384711 | $987712 |
| **4/30/20** | $1099097 | $1562223 | $1123374 |
| **5/31/20** | $1182272 | $1636628 | $1196472 |
| **6/30/20** | $1230674 | $1669176 | $1238768 |
| **7/31/20** | $1272954 | $1763293 | $1273057 |
| **8/31/20** | $1348456 | $1890039 | $1344781 |
| **9/30/20** | $1302807 | $1818224 | $1299865 |
| **10/31/20** | $1330658 | $1769870 | $1327084 |
| **11/30/20** | $1585959 | $1963607 | $1571692 |
| **12/31/20** | $1729320 | $2039105 | $1707644 |
| **1/31/21** | $1821171 | $2018518 | $1793572 |
| **2/28/21** | $1930441 | $2074179 | $1905366 |
| **3/31/21** | $1947370 | $2165019 | $1924495 |
| **4/30/21** | $1990497 | $2280563 | $1964910 |
| **5/31/21** | $1997132 | $2296491 | $1968958 |
| **6/30/21** | $2034880 | $2350103 | $2007096 |
| **7/31/21** | $1962267 | $2405929 | $1934620 |
| **8/31/21** | $2007218 | $2479083 | $1977898 |
| **9/30/21** | $1945657 | $2363781 | $1919589 |
| **10/31/21** | $2010996 | $2529392 | $2001248 |
| **11/30/21** | $1920247 | $2511866 | $1917856 |
| **12/31/21** | $1970351 | $2624438 | $1960701 |
| **1/31/22** | $1770679 | $2488631 | $1771945 |
| **2/28/22** | $1780097 | $2414118 | $1790851 |
| **3/31/22** | $1795167 | $2503753 | $1813147 |
| **4/30/22** | $1604913 | $2285421 | $1633446 |
| **5/31/22** | $1604913 | $2289614 | $1635913 |
| **6/30/22** | $1450450 | $2100621 | $1501375 |
| **7/31/22** | $1616215 | $2294307 | $1658119 |
| **8/31/22** | $1574774 | $2200741 | $1624194 |
| **9/30/22** | $1399590 | $1998056 | $1468531 |
| **10/31/22** | $1555937 | $2159821 | $1630202 |
| **11/30/22** | $1601146 | $2280521 | $1668283 |
| **12/31/22** | $1495746 | $2149130 | $1560012 |
| **1/31/23** | $1657449 | $2284168 | $1712066 |
| **2/28/23** | $1626535 | $2228437 | $1683149 |
| **3/31/23** | $1533794 | $2310252 | $1602728 |
| **4/30/23** | $1507636 | $2346311 | $1573911 |
| **5/31/23** | $1490990 | $2356510 | $1559368 |
| **6/30/23** | $1612267 | $2512217 | $1686145 |
| **7/31/23** | $1714520 | $2592922 | $1789253 |
| **8/31/23** | $1626535 | $2551639 | $1699736 |
| **9/30/23** | $1524175 | $2429982 | $1599673 |
| **10/31/23** | $1411362 | $2378888 | $1490575 |
| **11/30/23** | $1550578 | $2596140 | $1625487 |
| **12/31/23** | $1750519 | $2714085 | $1824089 |
| **1/31/24** | $1684783 | $2759693 | $1753150 |
| **2/29/24** | $1782170 | $2907048 | $1852273 |
| **3/31/24** | $1850423 | $3000582 | $1918585 |
| **4/30/24** | $1714906 | $2878024 | $1783555 |
| **5/31/24** | $1806072 | $3020730 | $1873036 |
| **6/30/24** | $1787193 | $3129120 | $1855710 |
| **7/31/24** | $1979392 | $3167209 | $2044250 |
| **8/31/24** | $1944447 | $3244035 | $2013709 |
| **9/30/24** | $1963584 | $3313318 | $2027785 |
| **10/31/24** | $1923150 | $3283271 | $1998504 |
| **11/30/24** | $2148065 | $3476003 | $2217720 |
| **12/31/24** | $1966825 | $3393141 | $2034558 |
| **1/31/25** | $2025423 | $3487632 | $2087904 |
| **2/28/25** | $1926062 | $3442124 | $1976222 |
| **3/31/25** | $1793742 | $3248180 | $1841701 |

---

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 | (3.06%) | 13.54% | 6.02% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| Russell 2000<sup>®</sup> Index | (4.01%) | 13.27% | 6.30% |

---

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 | $573462 |
| # of Portfolio Holdings | 1106 |
| Portfolio Turnover Rate | 679% |
| Total Net Advisory Fees Paid During the Reporting Period | $3788 |

---

---

| | |
|:---|:---|
| 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 | 68.1% |
| Asset-Backed Securities | 31.2% |
| Non-Agency Mortgage-Backed Securities | 13.2% |
| Corporate Bonds & Notes | 11.0% |
| Sovereign Issues | 10.3% |
| U.S. Treasury Obligations | 6.0% |
| Common Stocks | 0.9% |
| Short-Term Instruments | 37.6% |
| Affiliated Investments | 1.9% |
| Financial Derivative Instruments | (9.4%) |
| Other Assets and Liabilities, Net | (70.8%) |
| 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 0.08% 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](g932242ia208f5a1820733359ae7.jpg)

# I-3: PSNSX
![Image](g932242i67073b345faae17987ad.jpg)

# PIMCO StocksPLUS<sup>®</sup> Small Fund
Annual Shareholder Report \|

March 31, 2025

PIMS2203TSRAR_033125

# Institutional Class: PSCSX

# PIMCO StocksPLUS<sup>®</sup> Small Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g932242i572229cb99157f8c2553.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO StocksPLUS<sup>®</sup> Small 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 | $97 | 0.98% |

---

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

* The Fund's exposure to equity index derivatives linked to the Russell 2000 Index detracted from absolute performance, as the Russell 2000 Index returned -4.01%. 

* The Fund's bond alpha strategy contributed to performance. Highlights about the drivers of performance include the following:

* Long exposure to U.S. interest rates contributed to performance, as interest rates decreased. 

* Holdings of non-agency mortgage-backed securities contributed to performance, as excess yield was earned.

* Long exposure to U.K. interest rates detracted from performance, as interest rates increased. 

* Long exposure to Australian interest rates detracted from performance, as interest rates increased.

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g932242i7b5130e1e474e5bd139b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **S&P 500 Index** | **Russell 2000<sup>®</sup> Index** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $976042 | $1009593 | $974500 |
| **5/31/15** | $1001042 | $1022576 | $996748 |
| **6/30/15** | $1003980 | $1002781 | $1004213 |
| **7/31/15** | $994567 | $1023790 | $992545 |
| **8/31/15** | $915086 | $962021 | $930173 |
| **9/30/15** | $853286 | $938217 | $884539 |
| **10/31/15** | $906879 | $1017360 | $934374 |
| **11/30/15** | $939455 | $1020385 | $964769 |
| **12/31/15** | $890770 | $1004292 | $916328 |
| **1/31/16** | $801239 | $954455 | $835755 |
| **2/29/16** | $791040 | $953167 | $835722 |
| **3/31/16** | $868104 | $1017828 | $902421 |
| **4/30/16** | $891903 | $1021774 | $916580 |
| **5/31/16** | $911169 | $1040123 | $937221 |
| **6/30/16** | $912302 | $1042818 | $936630 |
| **7/31/16** | $972367 | $1081265 | $992557 |
| **8/31/16** | $990500 | $1082784 | $1010105 |
| **9/30/16** | $1007499 | $1082988 | $1021358 |
| **10/31/16** | $968967 | $1063233 | $972802 |
| **11/30/16** | $1074363 | $1102610 | $1081279 |
| **12/31/16** | $1113315 | $1124405 | $1111577 |
| **1/31/17** | $1123862 | $1145730 | $1115957 |
| **2/28/17** | $1153160 | $1191223 | $1137495 |
| **3/31/17** | $1156675 | $1192612 | $1138985 |
| **4/30/17** | $1169566 | $1204860 | $1151479 |
| **5/31/17** | $1148472 | $1221816 | $1128058 |
| **6/30/17** | $1189682 | $1229442 | $1167055 |
| **7/31/17** | $1202716 | $1254723 | $1175726 |
| **8/31/17** | $1192052 | $1258564 | $1160771 |
| **9/30/17** | $1269362 | $1284525 | $1233215 |
| **10/31/17** | $1282510 | $1314500 | $1243722 |
| **11/30/17** | $1318367 | $1354816 | $1279566 |
| **12/31/17** | $1309584 | $1369880 | $1274397 |
| **1/31/18** | $1345616 | $1448311 | $1307696 |
| **2/28/18** | $1294674 | $1394930 | $1257062 |
| **3/31/18** | $1308452 | $1359480 | $1273316 |
| **4/30/18** | $1323420 | $1364697 | $1284330 |
| **5/31/18** | $1404496 | $1397561 | $1362289 |
| **6/30/18** | $1414649 | $1406163 | $1372057 |
| **7/31/18** | $1439753 | $1458492 | $1395972 |
| **8/31/18** | $1494983 | $1506017 | $1456152 |
| **9/30/18** | $1462295 | $1514589 | $1421132 |
| **10/31/18** | $1300659 | $1411067 | $1266768 |
| **11/30/18** | $1314550 | $1439822 | $1286897 |
| **12/31/18** | $1150366 | $1309819 | $1134027 |
| **1/31/19** | $1286356 | $1414783 | $1261605 |
| **2/28/19** | $1352964 | $1460209 | $1327196 |
| **3/31/19** | $1327037 | $1488583 | $1299418 |
| **4/30/19** | $1374481 | $1548856 | $1343559 |
| **5/31/19** | $1264243 | $1450428 | $1239070 |
| **6/30/19** | $1357786 | $1552649 | $1326648 |
| **7/31/19** | $1364836 | $1574964 | $1334289 |
| **8/31/19** | $1288699 | $1550016 | $1268415 |
| **9/30/19** | $1315227 | $1579018 | $1294811 |
| **10/31/19** | $1353785 | $1613219 | $1328916 |
| **11/30/19** | $1410906 | $1671777 | $1383615 |
| **12/31/19** | $1458148 | $1722235 | $1423504 |
| **1/31/20** | $1415391 | $1721559 | $1377852 |
| **2/29/20** | $1291545 | $1579842 | $1261865 |
| **3/31/20** | $957868 | $1384711 | $987712 |
| **4/30/20** | $1108876 | $1562223 | $1123374 |
| **5/31/20** | $1191783 | $1636628 | $1196472 |
| **6/30/20** | $1241996 | $1669176 | $1238768 |
| **7/31/20** | $1282644 | $1763293 | $1273057 |
| **8/31/20** | $1359422 | $1890039 | $1344781 |
| **9/30/20** | $1314422 | $1818224 | $1299865 |
| **10/31/20** | $1342191 | $1769870 | $1327084 |
| **11/30/20** | $1599830 | $1963607 | $1571692 |
| **12/31/20** | $1746242 | $2039105 | $1707644 |
| **1/31/21** | $1837817 | $2018518 | $1793572 |
| **2/28/21** | $1948339 | $2074179 | $1905366 |
| **3/31/21** | $1965751 | $2165019 | $1924495 |
| **4/30/21** | $2010390 | $2280563 | $1964910 |
| **5/31/21** | $2017003 | $2296491 | $1968958 |
| **6/30/21** | $2054986 | $2350103 | $2007096 |
| **7/31/21** | $1980917 | $2405929 | $1934620 |
| **8/31/21** | $2027425 | $2479083 | $1977898 |
| **9/30/21** | $1964971 | $2363781 | $1919589 |
| **10/31/21** | $2031856 | $2529392 | $2001248 |
| **11/30/21** | $1941471 | $2511866 | $1917856 |
| **12/31/21** | $1992118 | $2624438 | $1960701 |
| **1/31/22** | $1789530 | $2488631 | $1771945 |
| **2/28/22** | $1800785 | $2414118 | $1790851 |
| **3/31/22** | $1815791 | $2503753 | $1813147 |
| **4/30/22** | $1622582 | $2285421 | $1633446 |
| **5/31/22** | $1624458 | $2289614 | $1635913 |
| **6/30/22** | $1466889 | $2100621 | $1501375 |
| **7/31/22** | $1633837 | $2294307 | $1658119 |
| **8/31/22** | $1592569 | $2200741 | $1624194 |
| **9/30/22** | $1416242 | $1998056 | $1468531 |
| **10/31/22** | $1573811 | $2159821 | $1630202 |
| **11/30/22** | $1620706 | $2280521 | $1668283 |
| **12/31/22** | $1515915 | $2149130 | $1560012 |
| **1/31/23** | $1680945 | $2284168 | $1712066 |
| **2/28/23** | $1647939 | $2228437 | $1683149 |
| **3/31/23** | $1553637 | $2310252 | $1602728 |
| **4/30/23** | $1527703 | $2346311 | $1573911 |
| **5/31/23** | $1511200 | $2356510 | $1559368 |
| **6/30/23** | $1633794 | $2512217 | $1686145 |
| **7/31/23** | $1737527 | $2592922 | $1789253 |
| **8/31/23** | $1650297 | $2551639 | $1699736 |
| **9/30/23** | $1547412 | $2429982 | $1599673 |
| **10/31/23** | $1430761 | $2378888 | $1490575 |
| **11/30/23** | $1571218 | $2596140 | $1625487 |
| **12/31/23** | $1774833 | $2714085 | $1824089 |
| **1/31/24** | $1709635 | $2759693 | $1753150 |
| **2/29/24** | $1806224 | $2907048 | $1852273 |
| **3/31/24** | $1879430 | $3000582 | $1918585 |
| **4/30/24** | $1740122 | $2878024 | $1783555 |
| **5/31/24** | $1832994 | $3020730 | $1873036 |
| **6/30/24** | $1814536 | $3129120 | $1855710 |
| **7/31/24** | $2010100 | $3167209 | $2044250 |
| **8/31/24** | $1975443 | $3244035 | $2013709 |
| **9/30/24** | $1995103 | $3313318 | $2027785 |
| **10/31/24** | $1955000 | $3283271 | $1998504 |
| **11/30/24** | $2180577 | $3476003 | $2217720 |
| **12/31/24** | $1998748 | $3393141 | $2034558 |
| **1/31/25** | $2056866 | $3487632 | $2087904 |
| **2/28/25** | $1955791 | $3442124 | $1976222 |
| **3/31/25** | $1825111 | $3248180 | $1841701 |

---

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 | (2.89%) | 13.76% | 6.20% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| Russell 2000<sup>®</sup> Index | (4.01%) | 13.27% | 6.30% |

---

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 | $573462 |
| # of Portfolio Holdings | 1106 |
| Portfolio Turnover Rate | 679% |
| Total Net Advisory Fees Paid During the Reporting Period | $3788 |

---

---

| | |
|:---|:---|
| 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 | 68.1% |
| Asset-Backed Securities | 31.2% |
| Non-Agency Mortgage-Backed Securities | 13.2% |
| Corporate Bonds & Notes | 11.0% |
| Sovereign Issues | 10.3% |
| U.S. Treasury Obligations | 6.0% |
| Common Stocks | 0.9% |
| Short-Term Instruments | 37.6% |
| Affiliated Investments | 1.9% |
| Financial Derivative Instruments | (9.4%) |
| Other Assets and Liabilities, Net | (70.8%) |
| 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 0.08% 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](g932242ia208f5a1820733359ae7.jpg)

# Institutional Class: PSCSX
![Image](g932242i67073b345faae17987ad.jpg)

# PIMCO StocksPLUS<sup>®</sup> Small Fund
Annual Shareholder Report \|

March 31, 2025

PIMS1885TSRAR_033125

# I-2: PCKPX

# PIMCO StocksPLUS<sup>®</sup> Small Fund

#### Annual Shareholder Report \| March 31, 2025
![Image](g932242i572229cb99157f8c2553.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO StocksPLUS<sup>®</sup> Small 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 | $106 | 1.08% |

---

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

* The Fund's exposure to equity index derivatives linked to the Russell 2000 Index detracted from absolute performance, as the Russell 2000 Index returned -4.01%. 

* The Fund's bond alpha strategy contributed to performance. Highlights about the drivers of performance include the following:

* Long exposure to U.S. interest rates contributed to performance, as interest rates decreased. 

* Holdings of non-agency mortgage-backed securities contributed to performance, as excess yield was earned.

* Long exposure to U.K. interest rates detracted from performance, as interest rates increased. 

* Long exposure to Australian interest rates detracted from performance, as interest rates increased.

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g932242i81a943e6882ecea8a839.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I-2** | **S&P 500 Index** | **Russell 2000<sup>®</sup> Index** |
| **3/31/15** | $1000000 | $1000000 | $1000000 |
| **4/30/15** | $975891 | $1009593 | $974500 |
| **5/31/15** | $1001048 | $1022576 | $996748 |
| **6/30/15** | $1003827 | $1002781 | $1004213 |
| **7/31/15** | $994357 | $1023790 | $992545 |
| **8/31/15** | $914388 | $962021 | $930173 |
| **9/30/15** | $851927 | $938217 | $884539 |
| **10/31/15** | $906890 | $1017360 | $934374 |
| **11/30/15** | $938599 | $1020385 | $964769 |
| **12/31/15** | $890382 | $1004292 | $916328 |
| **1/31/16** | $800317 | $954455 | $835755 |
| **2/29/16** | $791197 | $953167 | $835722 |
| **3/31/16** | $867581 | $1017828 | $902421 |
| **4/30/16** | $891522 | $1021774 | $916580 |
| **5/31/16** | $910903 | $1040123 | $937221 |
| **6/30/16** | $910903 | $1042818 | $936630 |
| **7/31/16** | $971325 | $1081265 | $992557 |
| **8/31/16** | $989566 | $1082784 | $1010105 |
| **9/30/16** | $1006667 | $1082988 | $1021358 |
| **10/31/16** | $967905 | $1063233 | $972802 |
| **11/30/16** | $1072790 | $1102610 | $1081279 |
| **12/31/16** | $1111187 | $1124405 | $1111577 |
| **1/31/17** | $1122970 | $1145730 | $1115957 |
| **2/28/17** | $1151251 | $1191223 | $1137495 |
| **3/31/17** | $1154786 | $1192612 | $1138985 |
| **4/30/17** | $1167748 | $1204860 | $1151479 |
| **5/31/17** | $1146538 | $1221816 | $1128058 |
| **6/30/17** | $1187792 | $1229442 | $1167055 |
| **7/31/17** | $1200897 | $1254723 | $1175726 |
| **8/31/17** | $1188983 | $1258564 | $1160771 |
| **9/30/17** | $1266403 | $1284525 | $1233215 |
| **10/31/17** | $1279620 | $1314500 | $1243722 |
| **11/30/17** | $1314464 | $1354816 | $1279566 |
| **12/31/17** | $1306576 | $1369880 | $1274397 |
| **1/31/18** | $1341551 | $1448311 | $1307696 |
| **2/28/18** | $1291587 | $1394930 | $1257062 |
| **3/31/18** | $1305135 | $1359480 | $1273316 |
| **4/30/18** | $1320180 | $1364697 | $1284330 |
| **5/31/18** | $1400418 | $1397561 | $1362289 |
| **6/30/18** | $1410380 | $1406163 | $1372057 |
| **7/31/18** | $1435610 | $1458492 | $1395972 |
| **8/31/18** | $1491117 | $1506017 | $1456152 |
| **9/30/18** | $1457905 | $1514589 | $1421132 |
| **10/31/18** | $1296761 | $1411067 | $1266768 |
| **11/30/18** | $1310719 | $1439822 | $1286897 |
| **12/31/18** | $1145310 | $1309819 | $1134027 |
| **1/31/19** | $1282022 | $1414783 | $1261605 |
| **2/28/19** | $1347588 | $1460209 | $1327196 |
| **3/31/19** | $1321306 | $1488583 | $1299418 |
| **4/30/19** | $1368996 | $1548856 | $1343559 |
| **5/31/19** | $1259589 | $1450428 | $1239070 |
| **6/30/19** | $1352000 | $1552649 | $1326648 |
| **7/31/19** | $1359086 | $1574964 | $1334289 |
| **8/31/19** | $1282557 | $1550016 | $1268415 |
| **9/30/19** | $1310349 | $1579018 | $1294811 |
| **10/31/19** | $1349100 | $1613219 | $1328916 |
| **11/30/19** | $1403638 | $1671777 | $1383615 |
| **12/31/19** | $1450752 | $1722235 | $1423504 |
| **1/31/20** | $1409260 | $1721559 | $1377852 |
| **2/29/20** | $1286265 | $1579842 | $1261865 |
| **3/31/20** | $953560 | $1384711 | $987712 |
| **4/30/20** | $1102321 | $1562223 | $1123374 |
| **5/31/20** | $1185627 | $1636628 | $1196472 |
| **6/30/20** | $1234398 | $1669176 | $1238768 |
| **7/31/20** | $1276755 | $1763293 | $1273057 |
| **8/31/20** | $1352392 | $1890039 | $1344781 |
| **9/30/20** | $1306755 | $1818224 | $1299865 |
| **10/31/20** | $1336208 | $1769870 | $1327084 |
| **11/30/20** | $1591978 | $1963607 | $1571692 |
| **12/31/20** | $1735756 | $2039105 | $1707644 |
| **1/31/21** | $1827779 | $2018518 | $1793572 |
| **2/28/21** | $1937256 | $2074179 | $1905366 |
| **3/31/21** | $1954474 | $2165019 | $1924495 |
| **4/30/21** | $1997685 | $2280563 | $1964910 |
| **5/31/21** | $2005995 | $2296491 | $1968958 |
| **6/30/21** | $2042252 | $2350103 | $2007096 |
| **7/31/21** | $1969500 | $2405929 | $1934620 |
| **8/31/21** | $2014537 | $2479083 | $1977898 |
| **9/30/21** | $1953016 | $2363781 | $1919589 |
| **10/31/21** | $2020298 | $2529392 | $2001248 |
| **11/30/21** | $1929376 | $2511866 | $1917856 |
| **12/31/21** | $1977893 | $2624438 | $1960701 |
| **1/31/22** | $1777839 | $2488631 | $1771945 |
| **2/28/22** | $1787275 | $2414118 | $1790851 |
| **3/31/22** | $1802374 | $2503753 | $1813147 |
| **4/30/22** | $1611756 | $2285421 | $1633446 |
| **5/31/22** | $1611756 | $2289614 | $1635913 |
| **6/30/22** | $1456997 | $2100621 | $1501375 |
| **7/31/22** | $1623080 | $2294307 | $1658119 |
| **8/31/22** | $1581559 | $2200741 | $1624194 |
| **9/30/22** | $1406040 | $1998056 | $1468531 |
| **10/31/22** | $1562686 | $2159821 | $1630202 |
| **11/30/22** | $1609869 | $2280521 | $1668283 |
| **12/31/22** | $1504305 | $2149130 | $1560012 |
| **1/31/23** | $1666160 | $2284168 | $1712066 |
| **2/28/23** | $1635217 | $2228437 | $1683149 |
| **3/31/23** | $1540008 | $2310252 | $1602728 |
| **4/30/23** | $1513826 | $2346311 | $1573911 |
| **5/31/23** | $1499544 | $2356510 | $1559368 |
| **6/30/23** | $1620936 | $2512217 | $1686145 |
| **7/31/23** | $1723286 | $2592922 | $1789253 |
| **8/31/23** | $1635217 | $2551639 | $1699736 |
| **9/30/23** | $1532769 | $2429982 | $1599673 |
| **10/31/23** | $1419854 | $2378888 | $1490575 |
| **11/30/23** | $1559196 | $2596140 | $1625487 |
| **12/31/23** | $1759336 | $2714085 | $1824089 |
| **1/31/24** | $1695980 | $2759693 | $1753150 |
| **2/29/24** | $1791013 | $2907048 | $1852273 |
| **3/31/24** | $1862066 | $3000582 | $1918585 |
| **4/30/24** | $1723952 | $2878024 | $1783555 |
| **5/31/24** | $1817672 | $3020730 | $1873036 |
| **6/30/24** | $1796220 | $3129120 | $1855710 |
| **7/31/24** | $1991081 | $3167209 | $2044250 |
| **8/31/24** | $1958604 | $3244035 | $2013709 |
| **9/30/24** | $1975545 | $3313318 | $2027785 |
| **10/31/24** | $1935073 | $3283271 | $1998504 |
| **11/30/24** | $2160199 | $3476003 | $2217720 |
| **12/31/24** | $1978963 | $3393141 | $2034558 |
| **1/31/25** | $2037618 | $3487632 | $2087904 |
| **2/28/25** | $1938160 | $3442124 | $1976222 |
| **3/31/25** | $1805796 | $3248180 | $1841701 |

---

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 | (3.02%) | 13.62% | 6.09% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| Russell 2000<sup>®</sup> Index | (4.01%) | 13.27% | 6.30% |

---

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 | $573462 |
| # of Portfolio Holdings | 1106 |
| Portfolio Turnover Rate | 679% |
| Total Net Advisory Fees Paid During the Reporting Period | $3788 |

---

---

| | |
|:---|:---|
| 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 | 68.1% |
| Asset-Backed Securities | 31.2% |
| Non-Agency Mortgage-Backed Securities | 13.2% |
| Corporate Bonds & Notes | 11.0% |
| Sovereign Issues | 10.3% |
| U.S. Treasury Obligations | 6.0% |
| Common Stocks | 0.9% |
| Short-Term Instruments | 37.6% |
| Affiliated Investments | 1.9% |
| Financial Derivative Instruments | (9.4%) |
| Other Assets and Liabilities, Net | (70.8%) |
| 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 0.08% 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](g932242ia208f5a1820733359ae7.jpg)

# I-2: PCKPX
![Image](g932242i67073b345faae17987ad.jpg)

# PIMCO StocksPLUS<sup>®</sup> Small Fund
Annual Shareholder Report \|

March 31, 2025

PIMS1928TSRAR_033125

------

**Item 2.** **Code of Ethics.** <br>

As of the end of the period covered by this report, the Registrant has adopted a code of ethics (the "Code") that applies to the Registrant's principal executive officer and principal financial officer. The Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code to the principal executive officer or principal financial officer during the period covered by this report.

A copy of the Code is included as an exhibit to this report.

**Item 3.** **Audit Committee Financial Expert.** <br>

The Board of Trustees has determined that Peter B. McCarthy, who serves on the Board's Audit Committee, qualifies as an "audit committee financial expert" as such term is defined in the instructions to this Item 3. The Board has also determined that Mr. McCarthy is "independent" as such term is interpreted under this Item 3.

**Item 4.** **Principal Accountant Fees and Services.** <br>

---

| | | |
|:---|:---|:---|
| (a) | <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 accordance with the Procedures, the Audit Committee is responsible for the engagement of the independent accountant to certify the Registrant's financial statements for each fiscal year. With respect to the pre-approval of non-audit services provided to the Registrant and its Service Affiliates, the Procedures provide that the Audit Committee may annually pre-approve a list of types or categories of non-audit services that may be provided to the Registrant or its Service Affiliates, or the Audit Committee may pre-approve such services on a project-by-project basis as they arise. Unless a type of service has received general pre-approval, it will require specific pre-approval by the Audit Committee if it is to be provided by the independent accountant. The Procedures also permit the Audit Committee to delegate authority to one or more of its members to pre-approve any proposed non-audit services that have not been previously pre-approved by the Audit Committee, subject to the ratification by the full Audit Committee no later than its next scheduled meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) With respect to the services described in paragraphs (b) through (d) of this Item 4, no amount was approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) ---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aggregate Non-Audit Fees Billed to Entity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aggregate Non-Audit Fees Billed to Entity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$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 |

---

(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.

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**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.

● Equity-Related Strategy Funds

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

● Asset Allocation Funds

● Tax-Efficient Strategy Funds

● Municipal Value Funds

● International Bond 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](g907223g13e39.jpg)

PIMCO FUNDS

## Annual Financial and Other Information
March 31, 2025

**Equity-Related Strategy Funds**

PIMCO RAE Fundamental Advantage PLUS Fund

PIMCO RAE PLUS EMG Fund

PIMCO RAE PLUS Fund

PIMCO RAE PLUS International Fund

PIMCO RAE PLUS Small Fund

PIMCO RAE Worldwide Long/Short PLUS Fund

PIMCO StocksPLUS<sup>®</sup> Absolute Return Fund

PIMCO StocksPLUS<sup>®</sup> Fund

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

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

PIMCO StocksPLUS<sup>®</sup> Long Duration Fund

PIMCO StocksPLUS<sup>®</sup> Short Fund

PIMCO StocksPLUS<sup>®</sup> Small Fund

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#### **Table of Contents**

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| | |
|:---|:---|
|  | Page |
| &nbsp;&nbsp; [Important Information About the Funds](#tx907223_1) | 2 |
| &nbsp;&nbsp; [Financial Highlights (N-CSR Item 7)](#tx907223_2) | 6 |
| &nbsp;&nbsp; [Statements of Assets and Liabilities (N-CSR Item 7)](#tx907223_3) | 20 |
| &nbsp;&nbsp; [Statements of Operations (N-CSR Item 7)](#tx907223_4) | 24 |
| &nbsp;&nbsp; [Statements of Changes in Net Assets (N-CSR Item 7)](#tx907223_5) | 26 |
| &nbsp;&nbsp; [Statement of Cash Flows (N-CSR Item 7)](#tx907223_6) | 29 |
| &nbsp;&nbsp; [Notes to Financial Statements (N-CSR Item 7)](#tx907223_7) | 238 |
| &nbsp;&nbsp; [Remuneration Paid to Directors, Officers and Others (N-CSR Item 10)](#tx907223_8) | 260 |
| &nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm (N-CSR Item 7)](#tx907223_9) | 271 |
| &nbsp;&nbsp; [Glossary](#tx907223_10) | 272 |
| &nbsp;&nbsp; [Distribution Information](#tx907223_11) | 273 |
| &nbsp;&nbsp; [Federal Income Tax Information](#tx907223_12) | 279 |
| &nbsp;&nbsp; [Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8)](#tx907223_13) | 280 |
| &nbsp;&nbsp; [Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9)](#tx907223_14) | 281 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)](#tx907223_15) | 282 |
| Fund | Schedule of<br>Investments<br> (N-CSR Item 6) |
| &nbsp;&nbsp; [PIMCO RAE Fundamental Advantage PLUS Fund](#tx907223_16) | 30 |
| &nbsp;&nbsp; [PIMCO RAE PLUS EMG Fund](#tx907223_17) | 46 |
| &nbsp;&nbsp; [PIMCO RAE PLUS Fund](#tx907223_18) | 62 |
| &nbsp;&nbsp; [PIMCO RAE PLUS International Fund](#tx907223_19) | 80 |
| &nbsp;&nbsp; [PIMCO RAE PLUS Small Fund](#tx907223_20) | 95 |
| &nbsp;&nbsp; [PIMCO RAE Worldwide Long/Short PLUS Fund](#tx907223_21) | 110 |
| &nbsp;&nbsp; [PIMCO StocksPLUS<sup>®</sup> Absolute Return Fund](#tx907223_22) | 128 |
| &nbsp;&nbsp; [PIMCO StocksPLUS<sup>®</sup> Fund](#tx907223_23) | 145 |
| &nbsp;&nbsp; [PIMCO StocksPLUS<sup>®</sup> International Fund (U.S. Dollar-Hedged)](#tx907223_24) | 160 |
| &nbsp;&nbsp; [PIMCO StocksPLUS<sup>®</sup> International Fund (Unhedged)](#tx907223_25) | 180 |
| &nbsp;&nbsp; [PIMCO StocksPLUS<sup>®</sup> Long Duration Fund](#tx907223_26) | 195 |
| &nbsp;&nbsp; [PIMCO StocksPLUS<sup>®</sup> Short Fund](#tx907223_27) | 210 |
| &nbsp;&nbsp; [PIMCO StocksPLUS<sup>®</sup> Small Fund](#tx907223_28) | 222 |

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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 RAE Fundamental Advantage PLUS Fund, PIMCO RAE PLUS EMG Fund, PIMCO RAE PLUS Fund, PIMCO RAE PLUS International Fund, PIMCO RAE PLUS Small Fund, PIMCO RAE Worldwide Long/Short PLUS Fund, PIMCO StocksPLUS<sup>®</sup> Absolute Return Fund, PIMCO StocksPLUS<sup>®</sup> Fund, PIMCO StocksPLUS<sup>®</sup> International Fund (U.S. Dollar-Hedged), PIMCO StocksPLUS<sup>®</sup> International Fund (Unhedged), PIMCO StocksPLUS<sup>®</sup> Long Duration Fund, PIMCO StocksPLUS<sup>®</sup> Short Fund and PIMCO StocksPLUS<sup>®</sup> Small Fund (each, a "Fund" and collectively, the "Funds").

The Funds may invest in both fixed income instruments and equity and equity-related securities. We believe that such funds have an important role to play in a well-diversified investment portfolio. 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.

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.

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| | |
|:---|:---|
| **2** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** |

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

The United States' enforcement of restrictions on U.S. investments in certain issuers and tariffs on goods from certain other countries has contributed to and may continue to contribute to international trade tensions and may impact portfolio securities. The U.S. government has indicated an intent to alter its approach to international trade policy, including in some cases renegotiating, modifying or terminating certain bilateral or multi-lateral trade arrangements with foreign countries, and it has proposed to take and/or taken related actions, including the imposition of or stated potential imposition of a broad range of tariffs. The imposition of tariffs, trade restrictions, currency restrictions or similar actions (or retaliatory measures taken in response) could lead to, for example, price volatility, reduced market sentiment, and changes in inflation expectations. These and other geopolitical events may contribute to increased instability in the U.S. and global economies and markets, which may have an adverse effect on the performance of the Funds and their investments.

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

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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.)

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 R | Diversification<br>Status |
|  PIMCO RAE Fundamental Advantage PLUS Fund | 02/29/08 | 02/29/08 |  |  | 07/31/08 |  |  | Diversified |
|  PIMCO RAE PLUS EMG Fund | 11/26/08 | 11/26/08 | 01/07/11 |  | 05/31/13 | 05/31/13 |  | Diversified |
|  PIMCO RAE PLUS Fund | 06/30/05 | 06/30/05 | 04/30/08 | 04/27/18 | 06/30/05 | 06/30/05 |  | Diversified |
|  PIMCO RAE PLUS International Fund | 09/30/11 | 09/30/11 | 05/30/14 |  | 02/28/14 |  |  | Diversified |
|  PIMCO RAE PLUS Small Fund | 09/30/11 | 09/30/11 | 05/30/14 |  | 02/28/14 | 02/28/14 |  | Diversified |
|  PIMCO RAE Worldwide Long/Short PLUS Fund | 12/04/14 | 12/04/14 | 08/23/19 |  | 08/23/19 | 08/23/19 |  | Diversified |
|  PIMCO StocksPLUS<sup>®</sup> Absolute Return Fund | 06/28/02 | 06/28/02 | 04/30/08 | 04/27/18 | 07/31/03 | 07/31/03 |  | Diversified |
|  PIMCO StocksPLUS<sup>®</sup> Fund | 05/13/93 | 05/13/93 | 04/30/08 | 04/27/18 | 01/20/97 | 01/20/97 | 12/31/02 | Diversified |
|  PIMCO StocksPLUS<sup>®</sup> International Fund (U.S. Dollar-Hedged) | 10/30/03 | 10/30/03 | 03/09/12 | 04/27/18 | 10/30/03 | 10/30/03 |  | Diversified |
|  PIMCO StocksPLUS<sup>®</sup> International Fund (Unhedged) | 11/30/06 | 11/30/06 | 04/30/08 | 04/27/18 | 11/30/06 | 11/30/06 |  | Diversified |
|  PIMCO StocksPLUS<sup>®</sup> Long Duration Fund | 08/31/07 | 08/31/07 |  |  |  |  |  | Diversified |
|  PIMCO StocksPLUS<sup>®</sup> Short Fund | 07/23/03 | 07/23/03 | 01/29/10 | 04/27/18 | 07/31/06 | 07/31/06 |  | Diversified |
|  PIMCO StocksPLUS<sup>®</sup> Small Fund | 03/31/06 | 03/31/06 | 04/30/08 | 04/27/18 | 07/31/06 | 07/31/06 |  | 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 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.

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| | |
|:---|:---|
| **4** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** |

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In August 2024, the SEC adopted amendments to Form N-PORT requiring funds to file Form N-PORT reports on a monthly basis and within 30 days of month end, with each report being made public 60 days after month end. On April 16, 2025, the SEC extended the compliance date for Form N-PORT amendments and fund groups with $1 billion or more in assets will be required to comply with the amendments for reports filed on or after November 17, 2027.

Paper copies of the Funds' shareholder reports are required to be provided free of charge by the Fund or financial intermediary upon request.

In October 2022, the SEC adopted changes to the mutual fund and exchange-traded fund ("ETF") shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which impact the disclosures provided to shareholders. The rule amendments were effective as of January 2023, and compliance with the rule amendments was required as of July 2024. As such, the Funds have made significant updates to the content of their shareholder reports. In addition, shareholder reports are now mailed to shareholders who have not opted to receive shareholder report documents electronically.

In September 2023, the SEC adopted amendments to Rule 35d-1 under the Investment Company Act of 1940, as amended, the rule governing fund naming conventions (the "Names Rule"). In general, the Names Rule requires funds with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivative instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective on December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end.

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| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025<sub>5</sub> |

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Financial Highlights

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^: | **<br>Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gains** | **Tax Basis<br>Return of<br>Capital** | **Total** |
|  **PIMCO RAE Fundamental Advantage PLUS Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | $8.64 | $0.36 | $(0.56) | $(0.20) | $(0.38) | $0.00 | $(0.02) | $(0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.46 | 0.36 | 0.08 | 0.44 | (0.26) | 0.00 | 0.00 | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.56 | 0.21 | 0.21 | 0.42 | (0.52) | 0.00 | 0.00 | (0.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.51 | 0.07 | (0.59) | (0.52) | (0.41) | 0.00 | (0.02) | (0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 8.58 | 0.06 | 0.93 | 0.99 | (0.06) | 0.00 | 0.00 | (0.06) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.33 | 0.31 | (0.53) | (0.22) | (0.35) | 0.00 | (0.02) | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.17 | 0.31 | 0.08 | 0.39 | (0.23) | 0.00 | 0.00 | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.28 | 0.17 | 0.21 | 0.38 | (0.49) | 0.00 | 0.00 | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.23 | 0.03 | (0.57) | (0.54) | (0.39) | 0.00 | (0.02) | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 8.35 | 0.04 | 0.88 | 0.92 | (0.04) | 0.00 | 0.00 | (0.04) |
|  **PIMCO RAE PLUS EMG Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | $7.11 | $0.33 | $0.17 | $0.50 | $(0.65) | $0.00 | $0.00 | $(0.65) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 6.11 | 0.30 | 1.13 | 1.43 | (0.43) | 0.00 | 0.00 | (0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 7.31 | 0.20 | (0.81) | (0.61) | 0.00 | (0.59) | 0.00 | (0.59) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.27 | 0.12 | 0.11 | 0.23 | (3.19) | 0.00 | 0.00 | (3.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 6.81 | 0.14 | 5.35 | 5.49 | (2.03) | 0.00 | 0.00 | (2.03) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 7.05 | 0.32 | 0.17 | 0.49 | (0.64) | 0.00 | 0.00 | (0.64) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 6.06 | 0.30 | 1.11 | 1.41 | (0.42) | 0.00 | 0.00 | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 7.27 | 0.17 | (0.79) | (0.62) | 0.00 | (0.59) | 0.00 | (0.59) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.25 | 0.12 | 0.09 | 0.21 | (3.19) | 0.00 | 0.00 | (3.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 6.80 | 0.13 | 5.35 | 5.48 | (2.03) | 0.00 | 0.00 | (2.03) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 6.83 | 0.29 | 0.16 | 0.45 | (0.62) | 0.00 | 0.00 | (0.62) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 5.89 | 0.27 | 1.08 | 1.35 | (0.41) | 0.00 | 0.00 | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 7.10 | 0.17 | (0.79) | (0.62) | 0.00 | (0.59) | 0.00 | (0.59) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.07 | 0.09 | 0.10 | 0.19 | (3.16) | 0.00 | 0.00 | (3.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 6.72 | 0.10 | 5.25 | 5.35 | (2.00) | 0.00 | 0.00 | (2.00) |
| Class C |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 6.24 | 0.22 | 0.15 | 0.37 | (0.57) | 0.00 | 0.00 | (0.57) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 5.41 | 0.20 | 1.00 | 1.20 | (0.37) | 0.00 | 0.00 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 6.63 | 0.10 | (0.73) | (0.63) | 0.00 | (0.59) | 0.00 | (0.59) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.61 | 0.02 | 0.10 | 0.12 | (3.10) | 0.00 | 0.00 | (3.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 6.46 | 0.04 | 5.05 | 5.09 | (1.94) | 0.00 | 0.00 | (1.94) |
|  **PIMCO RAE PLUS Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | $20.53 | $0.83 | $(0.71) | $0.12 | $(1.54) | $0.00 | $0.00 | $(1.54) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 16.51 | 0.80 | 4.05 | 4.85 | (0.83) | 0.00 | 0.00 | (0.83) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023<sup>(h)</sup> | 20.25 | 0.51 | (1.72) | (1.21) | (0.62) | (1.91) | 0.00 | (2.53) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022<sup>(h)</sup> | 20.85 | 0.27 | 1.71 | 1.98 | (2.58) | 0.00 | 0.00 | (2.58) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021<sup>(h)</sup> | 13.92 | 0.30 | 9.72 | 10.02 | (3.09) | 0.00 | 0.00 | (3.09) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 20.19 | 0.80 | (0.71) | 0.09 | (1.52) | 0.00 | 0.00 | (1.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 16.25 | 0.77 | 3.99 | 4.76 | (0.82) | 0.00 | 0.00 | (0.82) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023<sup>(h)</sup> | 19.98 | 0.49 | (1.71) | (1.22) | (0.60) | (1.91) | 0.00 | (2.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022<sup>(h)</sup> | 20.61 | 0.27 | 1.65 | 1.92 | (2.55) | 0.00 | 0.00 | (2.55) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021<sup>(h)</sup> | 13.80 | 0.30 | 9.57 | 9.87 | (3.06) | 0.00 | 0.00 | (3.06) |
| I-3 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 20.15 | 0.79 | (0.72) | 0.07 | (1.51) | 0.00 | 0.00 | (1.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 16.20 | 0.75 | 3.98 | 4.73 | (0.78) | 0.00 | 0.00 | (0.78) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023<sup>(h)</sup> | 19.92 | 0.50 | (1.71) | (1.21) | (0.60) | (1.91) | 0.00 | (2.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022<sup>(h)</sup> | 20.58 | 0.24 | 1.65 | 1.89 | (2.55) | 0.00 | 0.00 | (2.55) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021<sup>(h)</sup> | 13.77 | 0.30 | 9.57 | 9.87 | (3.06) | 0.00 | 0.00 | (3.06) |

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| | | |
|:---|:---|:---|
| **6** | **PIMCO EQUITY-RELATED STRATEGY 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** | **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** |
| <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |  |  |  |  |  |  |  |  |
| $8.04 | (2.12)% | $453827 | 1.13% | 1.13% | 0.89% | 0.89% | 4.45% | 666% |
| 8.64 | 5.31 | 560983 | 1.33 | 1.33 | 0.89 | 0.89 | 4.31 | 443 |
| 8.46 | 4.82 | 583106 | 1.07 | 1.07 | 0.89 | 0.89 | 2.37 | 113 |
| 8.56 | (5.44) | 665443 | 0.90 | 0.90 | 0.89 | 0.89 | 0.73 | 112 |
| 9.51 | 11.60 | 1075166 | 0.91 | 0.91 | 0.89 | 0.89 | 0.69 | 355 |
| 7.74 | (2.45) | 9343 | 1.53 | 1.53 | 1.29 | 1.29 | 4.05 | 666 |
| 8.33 | 4.86 | 10968 | 1.73 | 1.73 | 1.29 | 1.29 | 3.90 | 443 |
| 8.17 | 4.47 | 13211 | 1.47 | 1.47 | 1.29 | 1.29 | 1.99 | 113 |
| 8.28 | (5.85) | 12280 | 1.30 | 1.30 | 1.29 | 1.29 | 0.32 | 112 |
| 9.23 | 11.05 | 10355 | 1.31 | 1.31 | 1.29 | 1.29 | 0.44 | 355 |
| $6.96 | 7.14% | $169241 | 1.29% | 1.29% | 1.10% | 1.10% | 4.58% | 620% |
| 7.11 | 23.93 | 211661 | 1.45 | 1.45 | 1.10 | 1.10 | 4.63 | 486 |
| 6.11 | (7.88) | 181436 | 1.20 | 1.20 | 1.10 | 1.10 | 3.13 | 266 |
| 7.31 | 0.27 | 170539 | 1.12 | 1.12 | 1.10 | 1.10 | 1.18 | 137 |
| 10.27 | 84.08 | 936800 | 1.17 <sup>(e)</sup> | 1.17 <sup>(e)</sup> | 1.13 <sup>(e)</sup> | 1.13 <sup>(e)</sup> | 1.66 | 331 |
| 6.90 | 7.06 | 4777 | 1.39 | 1.39 | 1.20 | 1.20 | 4.47 | 620 |
| 7.05 | 23.83 | 5671 | 1.55 | 1.55 | 1.20 | 1.20 | 4.54 | 486 |
| 6.06 | (8.07) | 5609 | 1.30 | 1.30 | 1.20 | 1.20 | 2.76 | 266 |
| 7.27 | 0.04 | 18428 | 1.22 | 1.22 | 1.20 | 1.20 | 1.28 | 137 |
| 10.25 | 84.04 | 24161 | 1.27 <sup>(e)</sup> | 1.27 <sup>(e)</sup> | 1.23 <sup>(e)</sup> | 1.23 <sup>(e)</sup> | 1.41 | 331 |
| 6.66 | 6.72 | 8997 | 1.69 | 1.69 | 1.50 | 1.50 | 4.17 | 620 |
| 6.83 | 23.35 | 9567 | 1.85 | 1.85 | 1.50 | 1.50 | 4.22 | 486 |
| 5.89 | (8.28) | 8962 | 1.60 | 1.60 | 1.50 | 1.50 | 2.74 | 266 |
| 7.10 | (0.16) | 10770 | 1.52 | 1.52 | 1.50 | 1.50 | 0.96 | 137 |
| 10.07 | 83.06 | 12242 | 1.57 <sup>(e)</sup> | 1.57 <sup>(e)</sup> | 1.53 <sup>(e)</sup> | 1.53 <sup>(e)</sup> | 1.10 | 331 |
| 6.04 | 6.08 | 482 | 2.44 | 2.44 | 2.25 | 2.25 | 3.44 | 620 |
| 6.24 | 22.61 | 573 | 2.60 | 2.60 | 2.25 | 2.25 | 3.48 | 486 |
| 5.41 | (9.04) | 573 | 2.35 | 2.35 | 2.25 | 2.25 | 1.75 | 266 |
| 6.63 | (0.96) | 1110 | 2.27 | 2.27 | 2.25 | 2.25 | 0.28 | 137 |
| 9.61 | 82.02 | 1540 | 2.32 <sup>(e)</sup> | 2.32 <sup>(e)</sup> | 2.28 <sup>(e)</sup> | 2.28 <sup>(e)</sup> | 0.46 | 331 |
| $19.11 | 0.71% | $387699 | 1.03% | 1.03% | 0.79% | 0.79% | 4.18% | 632% |
| 20.53 | 29.96 | 371837 | 0.99 | 0.99 | 0.79 | 0.79 | 4.61 | 366 |
| 16.51 | (5.86) | 370230 | 0.83 | 0.83 | 0.79 | 0.79 | 2.83 | 120 |
| 20.25 | 9.93 | 453630 | 0.80 | 0.80 | 0.79 | 0.79 | 1.31 | 120 |
| 20.85 | 75.31 | 695032 | 0.80 | 0.80 | 0.79 | 0.79 | 1.71 | 271 |
| 18.76 | 0.59 | 231343 | 1.13 | 1.13 | 0.89 | 0.89 | 4.08 | 632 |
| 20.19 | 29.85 | 236943 | 1.09 | 1.09 | 0.89 | 0.89 | 4.51 | 366 |
| 16.25 | (5.96) | 193574 | 0.93 | 0.93 | 0.89 | 0.89 | 2.81 | 120 |
| 19.98 | 9.83 | 288189 | 0.90 | 0.90 | 0.89 | 0.89 | 1.25 | 120 |
| 20.61 | 74.92 | 293626 | 0.90 | 0.90 | 0.89 | 0.89 | 1.64 | 271 |
| 18.71 | 0.50 | 3788 | 1.18 | 1.23 | 0.94 | 0.99 | 4.02 | 632 |
| 20.15 | 29.72 | 2851 | 1.08 <sup>(k)</sup> | 1.13 <sup>(k)</sup> | 0.94 <sup>(k)</sup> | 0.99 <sup>(k)</sup> | 4.52 | 366 |
| 16.20 | (5.96) | 9051 | 0.98 | 1.03 | 0.94 | 0.99 | 2.85 | 120 |
| 19.92 | 9.66 | 8445 | 0.95 | 1.00 | 0.94 | 0.99 | 1.23 | 120 |
| 20.58 | 75.06 | 6529 | 0.95 | 1.00 | 0.94 | 0.99 | 1.61 | 271 |

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| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025<sub>7</sub> |

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------

Financial Highlights (Cont.)

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^: | **<br>Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gains** | **Tax Basis<br>Return of<br>Capital** | **Total** |
|  **PIMCO RAE PLUS Fund (Cont.)** |  |  |  |  |  |  |  |  |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | $18.37 | $0.67 | $(0.65) | $0.02 | $(1.47) | $0.00 | $0.00 | $(1.47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 14.86 | 0.66 | 3.62 | 4.28 | (0.77) | 0.00 | 0.00 | (0.77) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023<sup>(h)</sup> | 18.51 | 0.41 | (1.58) | (1.17) | (0.57) | (1.91) | 0.00 | (2.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022<sup>(h)</sup> | 19.29 | 0.18 | 1.56 | 1.74 | (2.52) | 0.00 | 0.00 | (2.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021<sup>(h)</sup> | 13.05 | 0.24 | 9.03 | 9.27 | (3.03) | 0.00 | 0.00 | (3.03) |
| Class C |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 15.10 | 0.44 | (0.53) | (0.09) | (1.38) | 0.00 | 0.00 | (1.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 12.35 | 0.45 | 2.99 | 3.44 | (0.69) | 0.00 | 0.00 | (0.69) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023<sup>(h)</sup> | 15.87 | 0.23 | (1.34) | (1.11) | (0.50) | (1.91) | 0.00 | (2.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022<sup>(h)</sup> | 16.89 | 0.03 | 1.35 | 1.38 | (2.40) | 0.00 | 0.00 | (2.40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021<sup>(h)</sup> | 11.67 | 0.09 | 8.04 | 8.13 | (2.91) | 0.00 | 0.00 | (2.91) |
|  **PIMCO RAE PLUS International Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | $7.30 | $0.38 | $0.25 | $0.63 | $(0.54) | $0.00 | $0.00 | $(0.54) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 6.65 | 0.34 | 0.72 | 1.06 | (0.41) | 0.00 | 0.00 | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.93 | 0.28 | (0.98) | (0.70) | (0.16) | (3.42) | 0.00 | (3.58) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022<sup>(f)</sup> | 34.35 | 0.38 | (0.50) | (0.12) | (4.49) | (18.81) | 0.00 | (23.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021<sup>(f)</sup> | 25.50 | 0.30 | 14.90 | 15.20 | (6.35) | 0.00 | 0.00 | (6.35) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 7.01 | 0.36 | 0.24 | 0.60 | (0.53) | 0.00 | 0.00 | (0.53) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 6.41 | 0.32 | 0.69 | 1.01 | (0.41) | 0.00 | 0.00 | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.67 | 0.27 | (0.96) | (0.69) | (0.15) | (3.42) | 0.00 | (3.57) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022<sup>(f)</sup> | 34.10 | 0.35 | (0.46) | (0.11) | (4.51) | (18.81) | 0.00 | (23.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021<sup>(f)</sup> | 25.40 | 0.35 | 14.70 | 15.05 | (6.35) | 0.00 | 0.00 | (6.35) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 6.99 | 0.34 | 0.24 | 0.58 | (0.52) | 0.00 | 0.00 | (0.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 6.39 | 0.31 | 0.68 | 0.99 | (0.39) | 0.00 | 0.00 | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.67 | 0.25 | (0.97) | (0.72) | (0.14) | (3.42) | 0.00 | (3.56) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022<sup>(f)</sup> | 34.15 | 0.28 | (0.50) | (0.22) | (4.45) | (18.81) | 0.00 | (23.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021<sup>(f)</sup> | 25.40 | 0.20 | 14.80 | 15.00 | (6.25) | 0.00 | 0.00 | (6.25) |
|  **PIMCO RAE PLUS Small Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | $16.70 | $0.81 | $(0.32) | $0.49 | $(1.25) | $0.00 | $0.00 | $(1.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 13.16 | 0.73 | 3.57 | 4.30 | (0.76) | 0.00 | 0.00 | (0.76) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 16.37 | 0.46 | (3.11) | (2.65) | (0.56) | 0.00 | 0.00 | (0.56) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022<sup>(g)</sup> | 43.76 | 0.47 | 4.73 | 5.20 | (10.69) | (21.90) | 0.00 | (32.59) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021<sup>(g)</sup> | 26.44 | 0.40 | 31.08 | 31.48 | (11.92) | (2.24) | 0.00 | (14.16) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 16.38 | 0.78 | (0.32) | 0.46 | (1.23) | 0.00 | 0.00 | (1.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 12.91 | 0.70 | 3.51 | 4.21 | (0.74) | 0.00 | 0.00 | (0.74) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 16.08 | 0.49 | (3.11) | (2.62) | (0.55) | 0.00 | 0.00 | (0.55) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022<sup>(g)</sup> | 43.52 | 0.41 | 4.73 | 5.14 | (10.68) | (21.90) | 0.00 | (32.58) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021<sup>(g)</sup> | 26.36 | 0.40 | 30.92 | 31.32 | (11.92) | (2.24) | 0.00 | (14.16) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 15.77 | 0.71 | (0.30) | 0.41 | (1.20) | 0.00 | 0.00 | (1.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 12.46 | 0.65 | 3.37 | 4.02 | (0.71) | 0.00 | 0.00 | (0.71) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 15.55 | 0.41 | (2.98) | (2.57) | (0.52) | 0.00 | 0.00 | (0.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022<sup>(g)</sup> | 43.08 | 0.33 | 4.66 | 4.99 | (10.62) | (21.90) | 0.00 | (32.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021<sup>(g)</sup> | 26.20 | 0.28 | 30.64 | 30.92 | (11.80) | (2.24) | 0.00 | (14.04) |
| Class C |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 13.84 | 0.51 | (0.25) | 0.26 | (1.11) | 0.00 | 0.00 | (1.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 11.03 | 0.48 | 2.96 | 3.44 | (0.63) | 0.00 | 0.00 | (0.63) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 13.87 | 0.31 | (2.67) | (2.36) | (0.48) | 0.00 | 0.00 | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022<sup>(g)</sup> | 41.68 | 0.11 | 4.41 | 4.52 | (10.43) | (21.90) | 0.00 | (32.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021<sup>(g)</sup> | 25.60 | 0.00 | 29.92 | 29.92 | (11.60) | (2.24) | 0.00 | (13.84) |

---

---

| | | |
|:---|:---|:---|
| **8** | **PIMCO EQUITY-RELATED 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<br>Rate** |
| $16.92 | 0.27% | $427514 | 1.43% | 1.43% | 1.19% | 1.19% | 3.78% | 632% |
| 18.37 | 29.42 | 482416 | 1.39 | 1.39 | 1.19 | 1.19 | 4.21 | 366 |
| 14.86 | (6.19) | 443313 | 1.23 | 1.23 | 1.19 | 1.19 | 2.56 | 120 |
| 18.51 | 9.44 | 532609 | 1.20 | 1.20 | 1.19 | 1.19 | 0.95 | 120 |
| 19.29 | 74.44 | 508605 | 1.20 | 1.20 | 1.19 | 1.19 | 1.34 | 271 |
| 13.63 | (0.44) | 26357 | 2.18 | 2.18 | 1.94 | 1.94 | 3.04 | 632 |
| 15.10 | 28.43 | 39644 | 2.14 | 2.14 | 1.94 | 1.94 | 3.47 | 366 |
| 12.35 | (6.92) | 51114 | 1.98 | 1.98 | 1.94 | 1.94 | 1.69 | 120 |
| 15.87 | 8.63 | 94548 | 1.95 | 1.95 | 1.94 | 1.94 | 0.18 | 120 |
| 16.89 | 73.29 | 131664 | 1.95 | 1.95 | 1.94 | 1.94 | 0.61 | 271 |
| $7.39 | 9.01% | $126820 | 0.95% | 0.95% | 0.82% | 0.82% | 5.22% | 680% |
| 7.30 | 16.40 | 153666 | 1.22 | 1.22 | 0.82 | 0.82 | 4.99 | 444 |
| 6.65 | (4.09) | 159335 | 0.98 | 0.98 | 0.82 | 0.82 | 3.43 | 70 |
| 10.93 | (0.61) | 130866 | 0.84 | 0.84 | 0.83 | 0.83 | 1.25 | 39 |
| 34.35 | 62.21 | 1163251 | 0.83 | 0.83 | 0.82 | 0.82 | 0.92 | 457 |
| 7.08 | 9.01 | 590 | 1.05 | 1.05 | 0.92 | 0.92 | 5.11 | 680 |
| 7.01 | 16.14 | 588 | 1.32 | 1.32 | 0.92 | 0.92 | 4.91 | 444 |
| 6.41 | (4.04) | 567 | 1.08 | 1.08 | 0.92 | 0.92 | 3.37 | 70 |
| 10.67 | (0.62) | 502 | 0.94 | 0.94 | 0.93 | 0.93 | 1.52 | 39 |
| 34.10 | 61.72 | 493 | 0.93 | 0.93 | 0.92 | 0.92 | 1.13 | 457 |
| 7.05 | 8.66 | 3948 | 1.30 | 1.30 | 1.17 | 1.17 | 4.86 | 680 |
| 6.99 | 15.90 | 4028 | 1.57 | 1.57 | 1.17 | 1.17 | 4.64 | 444 |
| 6.39 | (4.48) | 4174 | 1.33 | 1.33 | 1.17 | 1.17 | 3.05 | 70 |
| 10.67 | (0.98) | 4664 | 1.19 | 1.19 | 1.18 | 1.18 | 1.32 | 39 |
| 34.15 | 61.55 | 5474 | 1.18 | 1.18 | 1.17 | 1.17 | 0.60 | 457 |
| $15.94 | 2.97% | $136538 | 1.07% | 1.07% | 0.84% | 0.84% | 4.76% | 623% |
| 16.70 | 33.09 | 114444 | 1.10 | 1.10 | 0.84 | 0.84 | 5.19 | 466 |
| 13.16 | (16.42) | 101494 | 0.95 | 0.95 | 0.84 | 0.84 | 3.24 | 123 |
| 16.37 | 13.79 | 154994 | 0.85 | 0.85 | 0.84 | 0.84 | 1.28 | 96 |
| 43.76 | 131.16 | 683013 | 0.86 | 0.86 | 0.84 | 0.84 | 1.14 | 338 |
| 15.61 | 2.89 | 27105 | 1.17 | 1.17 | 0.94 | 0.94 | 4.63 | 623 |
| 16.38 | 33.01 | 17975 | 1.20 | 1.20 | 0.94 | 0.94 | 5.08 | 466 |
| 12.91 | (16.52) | 21011 | 1.05 | 1.05 | 0.94 | 0.94 | 3.49 | 123 |
| 16.08 | 13.72 | 26641 | 0.95 | 0.95 | 0.94 | 0.94 | 1.46 | 96 |
| 43.52 | 130.85 | 18798 | 0.96 | 0.96 | 0.94 | 0.94 | 1.00 | 338 |
| 14.98 | 2.62 | 18141 | 1.42 | 1.42 | 1.19 | 1.19 | 4.41 | 623 |
| 15.77 | 32.68 | 19306 | 1.45 | 1.45 | 1.19 | 1.19 | 4.84 | 466 |
| 12.46 | (16.73) | 19953 | 1.30 | 1.30 | 1.19 | 1.19 | 3.07 | 123 |
| 15.55 | 13.41 | 28003 | 1.20 | 1.20 | 1.19 | 1.19 | 1.17 | 96 |
| 43.08 | 130.09 | 18414 | 1.21 | 1.21 | 1.19 | 1.19 | 0.75 | 338 |
| 12.99 | 1.88 | 3571 | 2.17 | 2.17 | 1.94 | 1.94 | 3.66 | 623 |
| 13.84 | 31.60 | 3977 | 2.20 | 2.20 | 1.94 | 1.94 | 4.09 | 466 |
| 11.03 | (17.28) | 3978 | 2.05 | 2.05 | 1.94 | 1.94 | 2.60 | 123 |
| 13.87 | 12.50 | 3599 | 1.95 | 1.95 | 1.94 | 1.94 | 0.41 | 96 |
| 41.68 | 128.64 | 2943 | 1.96 | 1.96 | 1.94 | 1.94 | (0.01) | 338 |

---

---

| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025<sub>9</sub> |

---

------

Financial Highlights (Cont.)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^: | **<br>Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gains** | **Tax Basis<br>Return of<br>Capital** | **Total** |
|  **PIMCO RAE Worldwide Long/Short <br>PLUS Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | $8.04 | $0.31 | $0.81 | $1.12 | $(1.07) | $0.00 | $0.00 | $(1.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.51 | 0.31 | 0.65 | 0.96 | (0.43) | 0.00 | 0.00 | (0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.19 | 0.18 | (0.07) | 0.11 | (0.79) | 0.00 | 0.00 | (0.79) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 8.54 | 0.08 | 0.76 | 0.84 | (1.19) | 0.00 | 0.00 | (1.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 8.21 | 0.09 | 0.98 | 1.07 | (0.74) | 0.00 | 0.00 | (0.74) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.04 | 0.30 | 0.82 | 1.12 | (1.07) | 0.00 | 0.00 | (1.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.51 | 0.30 | 0.65 | 0.95 | (0.42) | 0.00 | 0.00 | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.19 | 0.16 | (0.06) | 0.10 | (0.78) | 0.00 | 0.00 | (0.78) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 8.55 | 0.07 | 0.76 | 0.83 | (1.19) | 0.00 | 0.00 | (1.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 8.20 | 0.09 | 0.99 | 1.08 | (0.73) | 0.00 | 0.00 | (0.73) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 7.98 | 0.27 | 0.80 | 1.07 | (1.04) | 0.00 | 0.00 | (1.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.46 | 0.28 | 0.64 | 0.92 | (0.40) | 0.00 | 0.00 | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.15 | 0.15 | (0.08) | 0.07 | (0.76) | 0.00 | 0.00 | (0.76) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 8.51 | 0.05 | 0.75 | 0.80 | (1.16) | 0.00 | 0.00 | (1.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 8.18 | 0.06 | 0.98 | 1.04 | (0.71) | 0.00 | 0.00 | (0.71) |
| Class C |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 7.97 | 0.21 | 0.81 | 1.02 | (0.97) | 0.00 | 0.00 | (0.97) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.48 | 0.22 | 0.64 | 0.86 | (0.37) | 0.00 | 0.00 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.17 | 0.08 | (0.06) | 0.02 | (0.71) | 0.00 | 0.00 | (0.71) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 8.53 | (0.02) | 0.75 | 0.73 | (1.09) | 0.00 | 0.00 | (1.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 8.18 | 0.00 | 0.98 | 0.98 | (0.63) | 0.00 | 0.00 | (0.63) |
|  **PIMCO StocksPLUS<sup>®</sup> Absolute <br>Return Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | $12.12 | $0.51 | $0.65 | $1.16 | $(0.66) | $(0.66) | $0.00 | $(1.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.59 | 0.44 | 2.53 | 2.97 | (0.44) | 0.00 | 0.00 | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 11.14 | 0.28 | (1.53) | (1.25) | (0.07) | (0.23) | 0.00 | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 13.03 | 0.15 | 1.65 | 1.80 | (1.10) | (2.59) | 0.00 | (3.69) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 8.35 | 0.13 | 5.28 | 5.41 | (0.61) | (0.12) | 0.00 | (0.73) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 11.84 | 0.49 | 0.62 | 1.11 | (0.65) | (0.66) | 0.00 | (1.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.37 | 0.42 | 2.48 | 2.90 | (0.43) | 0.00 | 0.00 | (0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.90 | 0.26 | (1.50) | (1.24) | (0.06) | (0.23) | 0.00 | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 12.82 | 0.13 | 1.63 | 1.76 | (1.09) | (2.59) | 0.00 | (3.68) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 8.23 | 0.12 | 5.19 | 5.31 | (0.60) | (0.12) | 0.00 | (0.72) |
| I-3 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 11.85 | 0.48 | 0.63 | 1.11 | (0.64) | (0.66) | 0.00 | (1.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.38 | 0.43 | 2.47 | 2.90 | (0.43) | 0.00 | 0.00 | (0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.92 | 0.25 | (1.50) | (1.25) | (0.06) | (0.23) | 0.00 | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 12.82 | 0.12 | 1.64 | 1.76 | (1.07) | (2.59) | 0.00 | (3.66) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 8.22 | 0.12 | 5.18 | 5.30 | (0.58) | (0.12) | 0.00 | (0.70) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 11.70 | 0.44 | 0.62 | 1.06 | (0.61) | (0.66) | 0.00 | (1.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.27 | 0.39 | 2.44 | 2.83 | (0.40) | 0.00 | 0.00 | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.80 | 0.23 | (1.49) | (1.26) | (0.04) | (0.23) | 0.00 | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 12.74 | 0.09 | 1.61 | 1.70 | (1.05) | (2.59) | 0.00 | (3.64) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 8.18 | 0.09 | 5.16 | 5.25 | (0.57) | (0.12) | 0.00 | (0.69) |
| Class C |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.69 | 0.29 | 0.53 | 0.82 | (0.55) | (0.66) | 0.00 | (1.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.75 | 0.26 | 2.03 | 2.29 | (0.35) | 0.00 | 0.00 | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.11 | 0.13 | (1.25) | (1.12) | (0.01) | (0.23) | 0.00 | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.25 | 0.00 | 1.44 | 1.44 | (0.99) | (2.59) | 0.00 | (3.58) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 7.29 | 0.00 | 4.58 | 4.58 | (0.50) | (0.12) | 0.00 | (0.62) |

---

---

| | | |
|:---|:---|:---|
| **10** | **PIMCO EQUITY-RELATED 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<br>Rate** |
| <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |  |  |  |  |  |  |  |  |
| $8.09 | 15.26% | $457571 | 1.32% | 1.32% | 1.19% | 1.19% | 3.82% | 576% |
| 8.04 | 13.22 | 564111 | 1.42 | 1.42 | 1.19 | 1.19 | 4.02 | 369 |
| 7.51 | 1.27 | 585631 | 1.28 | 1.28 | 1.19 | 1.19 | 2.25 | 140 |
| 8.19 | 10.30 | 693103 | 1.20 | 1.20 | 1.19 | 1.19 | 0.91 | 162 |
| 8.54 | 13.72 | 1156430 | 1.21 | 1.21 | 1.19 | 1.19 | 1.06 | 267 |
| 8.09 | 15.18 | 3185 | 1.42 | 1.42 | 1.29 | 1.29 | 3.72 | 576 |
| 8.04 | 13.05 | 3504 | 1.52 | 1.52 | 1.29 | 1.29 | 3.93 | 369 |
| 7.51 | 1.16 | 6784 | 1.38 | 1.38 | 1.29 | 1.29 | 2.07 | 140 |
| 8.19 | 10.07 | 6769 | 1.30 | 1.30 | 1.29 | 1.29 | 0.82 | 162 |
| 8.55 | 13.78 | 9127 | 1.31 | 1.31 | 1.29 | 1.29 | 1.08 | 267 |
| 8.01 | 14.70 | 22185 | 1.72 | 1.72 | 1.59 | 1.59 | 3.41 | 576 |
| 7.98 | 12.83 | 21855 | 1.82 | 1.82 | 1.59 | 1.59 | 3.62 | 369 |
| 7.46 | 0.85 | 23215 | 1.68 | 1.68 | 1.59 | 1.59 | 1.86 | 140 |
| 8.15 | 9.82 | 22597 | 1.60 | 1.60 | 1.59 | 1.59 | 0.55 | 162 |
| 8.51 | 13.30 | 24572 | 1.61 | 1.61 | 1.59 | 1.59 | 0.76 | 267 |
| 8.02 | 14.00 | 934 | 2.47 | 2.47 | 2.34 | 2.34 | 2.68 | 576 |
| 7.97 | 11.86 | 1557 | 2.57 | 2.57 | 2.34 | 2.34 | 2.86 | 369 |
| 7.48 | 0.20 | 3155 | 2.43 | 2.43 | 2.34 | 2.34 | 0.96 | 140 |
| 8.17 | 8.91 | 6329 | 2.35 | 2.35 | 2.34 | 2.34 | (0.26) | 162 |
| 8.53 | 12.44 | 11690 | 2.36 | 2.36 | 2.34 | 2.34 | 0.01 | 267 |
| $11.96 | 9.25% | $663403 | 0.98% | 0.98% | 0.64% | 0.64% | 4.05% | 664% |
| 12.12 | 31.48 | 995829 | 0.95 | 0.95 | 0.64 | 0.64 | 4.22 | 366 |
| 9.59 | (11.07) | 939383 | 0.70 | 0.70 | 0.64 | 0.64 | 2.93 | 102 |
| 11.14 | 12.97 | 1129735 | 0.65 | 0.65 | 0.64 | 0.64 | 1.12 | 106 |
| 13.03 | 65.92 | 1085516 | 0.65 | 0.65 | 0.64 | 0.64 | 1.19 | 363 |
| 11.64 | 9.04 | 310541 | 1.08 | 1.08 | 0.74 | 0.74 | 3.94 | 664 |
| 11.84 | 31.47 | 344458 | 1.05 | 1.05 | 0.74 | 0.74 | 4.13 | 366 |
| 9.37 | (11.20) | 331896 | 0.80 | 0.80 | 0.74 | 0.74 | 2.76 | 102 |
| 10.90 | 12.85 | 452175 | 0.75 | 0.75 | 0.74 | 0.74 | 1.04 | 106 |
| 12.82 | 65.66 | 396293 | 0.75 | 0.75 | 0.74 | 0.74 | 1.07 | 363 |
| 11.66 | 9.08 | 16406 | 1.13 | 1.18 | 0.79 | 0.84 | 3.89 | 664 |
| 11.85 | 31.43 | 13536 | 1.15 <sup>(k)</sup> | 1.20 <sup>(k)</sup> | 0.79 <sup>(k)</sup> | 0.84 <sup>(k)</sup> | 4.08 | 366 |
| 9.38 | (11.32) | 3704 | 0.85 | 0.90 | 0.79 | 0.84 | 2.68 | 102 |
| 10.92 | 12.92 | 5376 | 0.80 | 0.85 | 0.79 | 0.84 | 0.92 | 106 |
| 12.82 | 65.57 | 11887 | 0.80 | 0.85 | 0.79 | 0.84 | 1.19 | 363 |
| 11.49 | 8.75 | 529079 | 1.38 | 1.38 | 1.04 | 1.04 | 3.64 | 664 |
| 11.70 | 31.02 | 548789 | 1.35 | 1.35 | 1.04 | 1.04 | 3.83 | 366 |
| 9.27 | (11.51) | 489063 | 1.10 | 1.10 | 1.04 | 1.04 | 2.48 | 102 |
| 10.80 | 12.48 | 665057 | 1.05 | 1.05 | 1.04 | 1.04 | 0.73 | 106 |
| 12.74 | 65.28 | 611691 | 1.05 | 1.05 | 1.04 | 1.04 | 0.78 | 363 |
| 9.30 | 8.07 | 63260 | 2.13 | 2.13 | 1.79 | 1.79 | 2.89 | 664 |
| 9.69 | 30.02 | 77653 | 2.10 | 2.10 | 1.79 | 1.79 | 3.08 | 366 |
| 7.75 | (12.18) | 84922 | 1.85 | 1.85 | 1.79 | 1.79 | 1.70 | 102 |
| 9.11 | 11.68 | 132068 | 1.80 | 1.80 | 1.79 | 1.79 | (0.02) | 106 |
| 11.25 | 63.90 | 136038 | 1.80 | 1.80 | 1.79 | 1.79 | 0.04 | 363 |

---

---

| | | |
|:---|:---|:---|
| **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^: | **<br>Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gains** | **Tax Basis<br>Return of<br>Capital** | **Total** |
|  **PIMCO StocksPLUS<sup>®</sup> Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | $12.58 | $0.51 | $0.56 | $1.07 | $(0.62) | $(0.86) | $0.00 | $(1.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.08 | 0.49 | 2.54 | 3.03 | (0.53) | 0.00 | 0.00 | (0.53) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 12.25 | 0.26 | (1.56) | (1.30) | (0.05) | (0.82) | 0.00 | (0.87) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 12.20 | 0.05 | 1.69 | 1.74 | (0.41) | (1.28) | 0.00 | (1.69) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 8.02 | 0.05 | 4.71 | 4.76 | (0.46) | (0.12) | 0.00 | (0.58) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 12.51 | 0.49 | 0.57 | 1.06 | (0.61) | (0.86) | 0.00 | (1.47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.04 | 0.48 | 2.51 | 2.99 | (0.52) | 0.00 | 0.00 | (0.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 12.20 | 0.24 | (1.54) | (1.30) | (0.04) | (0.82) | 0.00 | (0.86) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 12.16 | 0.04 | 1.67 | 1.71 | (0.39) | (1.28) | 0.00 | (1.67) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 7.99 | 0.05 | 4.69 | 4.74 | (0.45) | (0.12) | 0.00 | (0.57) |
| I-3 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 12.47 | 0.48 | 0.57 | 1.05 | (0.61) | (0.86) | 0.00 | (1.47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.01 | 0.47 | 2.51 | 2.98 | (0.52) | 0.00 | 0.00 | (0.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 12.17 | 0.26 | (1.56) | (1.30) | (0.04) | (0.82) | 0.00 | (0.86) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 12.14 | 0.03 | 1.67 | 1.70 | (0.39) | (1.28) | 0.00 | (1.67) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 7.98 | 0.03 | 4.70 | 4.73 | (0.45) | (0.12) | 0.00 | (0.57) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 10.84 | 0.39 | 0.50 | 0.89 | (0.59) | (0.86) | 0.00 | (1.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.76 | 0.38 | 2.20 | 2.58 | (0.50) | 0.00 | 0.00 | (0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.79 | 0.19 | (1.37) | (1.18) | (0.03) | (0.82) | 0.00 | (0.85) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.92 | 0.00 | 1.52 | 1.52 | (0.37) | (1.28) | 0.00 | (1.65) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 7.23 | 0.01 | 4.23 | 4.24 | (0.43) | (0.12) | 0.00 | (0.55) |
| Class C |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.69 | 0.30 | 0.46 | 0.76 | (0.55) | (0.86) | 0.00 | (1.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.89 | 0.30 | 1.96 | 2.26 | (0.46) | 0.00 | 0.00 | (0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.83 | 0.13 | (1.25) | (1.12) | 0.00 | (0.82) | 0.00 | (0.82) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.09 | (0.06) | 1.40 | 1.34 | (0.32) | (1.28) | 0.00 | (1.60) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 6.71 | (0.03) | 3.91 | 3.88 | (0.38) | (0.12) | 0.00 | (0.50) |
| Class R |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 11.44 | 0.38 | 0.52 | 0.90 | (0.55) | (0.86) | 0.00 | (1.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.22 | 0.38 | 2.31 | 2.69 | (0.47) | 0.00 | 0.00 | (0.47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 11.31 | 0.18 | (1.44) | (1.26) | (0.01) | (0.82) | 0.00 | (0.83) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.38 | (0.03) | 1.58 | 1.55 | (0.34) | (1.28) | 0.00 | (1.62) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 7.52 | (0.01) | 4.39 | 4.38 | (0.40) | (0.12) | 0.00 | (0.52) |
|  **PIMCO StocksPLUS<sup>®</sup> International Fund (U.S. Dollar-Hedged)** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | $8.89 | $0.37 | $0.28 | $0.65 | $(0.81) | $0.00 | $0.00 | $(0.81) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.02 | 0.35 | 1.41 | 1.76 | (0.89) | 0.00 | 0.00 | (0.89) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.59 | 0.24 | 0.00 | 0.24 | (0.47) | (0.34) | 0.00 | (0.81) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 8.78 | 0.15 | 0.32 | 0.47 | (0.66) | 0.00 | 0.00 | (0.66) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 5.90 | 0.14 | 2.74 | 2.88 | 0.00 | 0.00 | 0.00 | 0.00 |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.75 | 0.35 | 0.27 | 0.62 | (0.80) | 0.00 | 0.00 | (0.80) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.90 | 0.34 | 1.40 | 1.74 | (0.89) | 0.00 | 0.00 | (0.89) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.48 | 0.23 | 0.00 | 0.23 | (0.47) | (0.34) | 0.00 | (0.81) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 8.67 | 0.14 | 0.32 | 0.46 | (0.65) | 0.00 | 0.00 | (0.65) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 5.83 | 0.13 | 2.71 | 2.84 | 0.00 | 0.00 | 0.00 | 0.00 |
| I-3 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.71 | 0.34 | 0.28 | 0.62 | (0.80) | 0.00 | 0.00 | (0.80) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.87 | 0.34 | 1.39 | 1.73 | (0.89) | 0.00 | 0.00 | (0.89) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.45 | 0.23 | (0.01) | 0.22 | (0.46) | (0.34) | 0.00 | (0.80) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 8.65 | 0.14 | 0.31 | 0.45 | (0.65) | 0.00 | 0.00 | (0.65) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 5.82 | 0.12 | 2.71 | 2.83 | 0.00 | 0.00 | 0.00 | 0.00 |

---

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| | | |
|:---|:---|:---|
| **12** | **PIMCO EQUITY-RELATED 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<br>Rate** |
| $12.17 | 8.07% | $1794882 | 0.79% | 0.79% | 0.50% | 0.50% | 3.90% | 327% |
| 12.58 | 30.66 | 1870917 | 0.70 | 0.70 | 0.50 | 0.50 | 4.44 | 200 |
| 10.08 | (10.23) | 1614756 | 0.51 | 0.51 | 0.50 | 0.50 | 2.50 | 17 |
| 12.25 | 13.81 | 1698700 | 0.51 | 0.51 | 0.50 | 0.50 | 0.41 | 28 |
| 12.20 | 60.21 | 852795 | 0.51 | 0.51 | 0.50 | 0.50 | 0.43 | 211 |
| 12.10 | 8.03 | 108809 | 0.89 | 0.89 | 0.60 | 0.60 | 3.79 | 327 |
| 12.51 | 30.37 | 94954 | 0.80 | 0.80 | 0.60 | 0.60 | 4.33 | 200 |
| 10.04 | (10.26) | 63205 | 0.61 | 0.61 | 0.60 | 0.60 | 2.30 | 17 |
| 12.20 | 13.66 | 101287 | 0.61 | 0.61 | 0.60 | 0.60 | 0.30 | 28 |
| 12.16 | 60.16 | 84275 | 0.61 | 0.61 | 0.60 | 0.60 | 0.43 | 211 |
| 12.05 | 7.91 | 37839 | 0.94 | 0.99 | 0.65 | 0.70 | 3.74 | 327 |
| 12.47 | 30.32 | 37721 | 0.85 | 0.90 | 0.65 | 0.70 | 4.28 | 200 |
| 10.01 | (10.29) | 21735 | 0.66 | 0.71 | 0.65 | 0.70 | 2.49 | 17 |
| 12.17 | 13.55 | 16071 | 0.66 | 0.71 | 0.65 | 0.70 | 0.26 | 28 |
| 12.14 | 60.07 | 11837 | 0.66 | 0.71 | 0.65 | 0.70 | 0.32 | 211 |
| 10.28 | 7.62 | 393285 | 1.19 | 1.19 | 0.90 | 0.90 | 3.50 | 327 |
| 10.84 | 30.05 | 393739 | 1.10 | 1.10 | 0.90 | 0.90 | 4.04 | 200 |
| 8.76 | (10.56) | 333005 | 0.91 | 0.91 | 0.90 | 0.90 | 2.08 | 17 |
| 10.79 | 13.38 | 413908 | 0.91 | 0.91 | 0.90 | 0.90 | (0.01) | 28 |
| 10.92 | 59.48 | 390280 | 0.91 | 0.91 | 0.90 | 0.90 | 0.10 | 211 |
| 9.04 | 7.17 | 48426 | 1.69 | 1.69 | 1.40 | 1.40 | 3.00 | 327 |
| 9.69 | 29.29 | 53413 | 1.60 | 1.60 | 1.40 | 1.40 | 3.54 | 200 |
| 7.89 | (10.93) | 52566 | 1.41 | 1.41 | 1.40 | 1.40 | 1.53 | 17 |
| 9.83 | 12.71 | 76325 | 1.41 | 1.41 | 1.40 | 1.40 | (0.52) | 28 |
| 10.09 | 58.72 | 82416 | 1.41 | 1.41 | 1.40 | 1.40 | (0.36) | 211 |
| 10.93 | 7.38 | 58840 | 1.44 | 1.44 | 1.15 | 1.15 | 3.25 | 327 |
| 11.44 | 29.72 | 58423 | 1.35 | 1.35 | 1.15 | 1.15 | 3.79 | 200 |
| 9.22 | (10.78) | 52145 | 1.16 | 1.16 | 1.15 | 1.15 | 1.86 | 17 |
| 11.31 | 13.09 | 59898 | 1.16 | 1.16 | 1.15 | 1.15 | (0.25) | 28 |
| 11.38 | 59.07 | 51526 | 1.16 | 1.16 | 1.15 | 1.15 | (0.15) | 211 |
| $8.73 | 7.85% | $1564312 | 0.97% | 0.97% | 0.75% | 0.75% | 4.19% | 565% |
| 8.89 | 23.43 | 1356406 | 1.17 | 1.17 | 0.75 | 0.75 | 4.31 | 347 |
| 8.02 | 3.44 | 959154 | 0.90 | 0.90 | 0.75 | 0.75 | 3.05 | 159 |
| 8.59 | 5.14 | 964480 | 0.76 | 0.76 | 0.75 | 0.75 | 1.71 | 113 |
| 8.78 | 48.81 | 1120187 | 0.78 | 0.78 | 0.75 | 0.75 | 1.92 | 288 |
| 8.57 | 7.67 | 1009809 | 1.07 | 1.07 | 0.85 | 0.85 | 4.09 | 565 |
| 8.75 | 23.44 | 870087 | 1.27 | 1.27 | 0.85 | 0.85 | 4.21 | 347 |
| 7.90 | 3.27 | 638703 | 1.00 | 1.00 | 0.85 | 0.85 | 2.96 | 159 |
| 8.48 | 5.14 | 615198 | 0.86 | 0.86 | 0.85 | 0.85 | 1.61 | 113 |
| 8.67 | 48.71 | 601962 | 0.88 | 0.88 | 0.85 | 0.85 | 1.81 | 288 |
| 8.53 | 7.72 | 96203 | 1.12 | 1.17 | 0.90 | 0.95 | 4.03 | 565 |
| 8.71 | 23.39 | 46732 | 1.32 | 1.37 | 0.90 | 0.95 | 4.18 | 347 |
| 7.87 | 3.23 | 15217 | 1.05 | 1.10 | 0.90 | 0.95 | 2.95 | 159 |
| 8.45 | 5.01 | 15417 | 0.91 | 0.96 | 0.90 | 0.95 | 1.58 | 113 |
| 8.65 | 48.63 | 11852 | 0.93 | 0.98 | 0.90 | 0.95 | 1.75 | 288 |

---

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| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025<sub>13</sub> |

---

------

Financial Highlights (Cont.)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^: | **<br>Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gains** | **Tax Basis<br>Return of<br>Capital** | **Total** |
|  **PIMCO StocksPLUS<sup>®</sup> International Fund (U.S. Dollar-Hedged) (Cont.)** |  |  |  |  |  |  |  |  |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | $8.12 | $0.30 | $0.26 | $0.56 | $(0.79) | $0.00 | $0.00 | $(0.79) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.39 | 0.29 | 1.31 | 1.60 | (0.87) | 0.00 | 0.00 | (0.87) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 7.99 | 0.20 | (0.01) | 0.19 | (0.45) | (0.34) | 0.00 | (0.79) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 8.22 | 0.11 | 0.30 | 0.41 | (0.64) | 0.00 | 0.00 | (0.64) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 5.54 | 0.10 | 2.58 | 2.68 | 0.00 | 0.00 | 0.00 | 0.00 |
| Class C |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 6.93 | 0.20 | 0.23 | 0.43 | (0.76) | 0.00 | 0.00 | (0.76) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 6.44 | 0.20 | 1.12 | 1.32 | (0.83) | 0.00 | 0.00 | (0.83) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 7.07 | 0.12 | (0.01) | 0.11 | (0.40) | (0.34) | 0.00 | (0.74) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 7.35 | 0.04 | 0.28 | 0.32 | (0.60) | 0.00 | 0.00 | (0.60) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 5.00 | 0.05 | 2.30 | 2.35 | 0.00 | 0.00 | 0.00 | 0.00 |
|  **PIMCO StocksPLUS<sup>®</sup> International <br>Fund (Unhedged)** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | $11.52 | $0.57 | $0.10 | $0.67 | $(0.87) | $0.00 | $0.00 | $(0.87) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.28 | 0.53 | 1.16 | 1.69 | (0.45) | 0.00 | 0.00 | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 15.49 | 0.37 | (1.47) | (1.10) | (0.35) | (3.76) | 0.00 | (4.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022<sup>(i)</sup> | 20.43 | 0.28 | 0.02 | 0.30 | (5.24) | 0.00 | 0.00 | (5.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021<sup>(i)</sup> | 13.53 | 0.24 | 6.78 | 7.02 | (0.12) | 0.00 | 0.00 | (0.12) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 11.53 | 0.56 | 0.10 | 0.66 | (0.86) | 0.00 | 0.00 | (0.86) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.29 | 0.52 | 1.16 | 1.68 | (0.44) | 0.00 | 0.00 | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 15.50 | 0.40 | (1.50) | (1.10) | (0.35) | (3.76) | 0.00 | (4.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022<sup>(i)</sup> | 20.46 | 0.27 | (0.01) | 0.26 | (5.22) | 0.00 | 0.00 | (5.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021<sup>(i)</sup> | 13.56 | 0.24 | 6.78 | 7.02 | (0.12) | 0.00 | 0.00 | (0.12) |
| I-3 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 11.45 | 0.55 | 0.09 | 0.64 | (0.85) | 0.00 | 0.00 | (0.85) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.22 | 0.51 | 1.16 | 1.67 | (0.44) | 0.00 | 0.00 | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 15.43 | 0.38 | (1.49) | (1.11) | (0.34) | (3.76) | 0.00 | (4.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022<sup>(i)</sup> | 20.40 | 0.25 | 0.00 | 0.25 | (5.22) | 0.00 | 0.00 | (5.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021<sup>(i)</sup> | 13.53 | 0.24 | 6.75 | 6.99 | (0.12) | 0.00 | 0.00 | (0.12) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 10.60 | 0.48 | 0.09 | 0.57 | (0.83) | 0.00 | 0.00 | (0.83) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.50 | 0.44 | 1.07 | 1.51 | (0.41) | 0.00 | 0.00 | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 14.68 | 0.34 | (1.44) | (1.10) | (0.32) | (3.76) | 0.00 | (4.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022<sup>(i)</sup> | 19.65 | 0.20 | 0.02 | 0.22 | (5.19) | 0.00 | 0.00 | (5.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021<sup>(i)</sup> | 13.08 | 0.18 | 6.51 | 6.69 | (0.12) | 0.00 | 0.00 | (0.12) |
| Class C |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.16 | 0.34 | 0.08 | 0.42 | (0.77) | 0.00 | 0.00 | (0.77) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.26 | 0.32 | 0.93 | 1.25 | (0.35) | 0.00 | 0.00 | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 13.40 | 0.22 | (1.33) | (1.11) | (0.27) | (3.76) | 0.00 | (4.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022<sup>(i)</sup> | 18.39 | 0.07 | 0.04 | 0.11 | (5.10) | 0.00 | 0.00 | (5.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021<sup>(i)</sup> | 12.33 | 0.06 | 6.09 | 6.15 | (0.09) | 0.00 | 0.00 | (0.09) |
|  **PIMCO StocksPLUS<sup>®</sup> Long Duration Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | $17.06 | $0.45 | $0.61 | $1.06 | $(2.45) | $0.00 | $0.00 | $(2.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 14.98 | 0.39 | 2.76 | 3.15 | (1.07) | 0.00 | 0.00 | (1.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023<sup>(h)</sup> | 20.10 | 0.46 | (5.35) | (4.89) | (0.23) | 0.00 | 0.00 | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022<sup>(h)</sup> | 24.45 | 0.69 | 2.79 | 3.48 | (5.49) | (2.34) | 0.00 | (7.83) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021<sup>(h)</sup> | 18.84 | 0.69 | 9.42 | 10.11 | (3.12) | (1.38) | 0.00 | (4.50) |
|  **PIMCO StocksPLUS<sup>®</sup> Short Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | $7.51 | $0.41 | $(0.24) | $0.17 | $0.00 | $0.00 | $0.00 | $0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.72 | 0.44 | (1.65) | (1.21) | 0.00 | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.37 | 0.31 | 0.31 | 0.62 | (0.27) | 0.00 | 0.00 | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.82 | 0.34 | (1.79) | (1.45) | 0.00 | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021<sup>(j)</sup> | 15.52 | 0.42 | (5.54) | (5.12) | (0.50) | 0.00 | (0.08) | (0.58) |

---

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| | | |
|:---|:---|:---|
| **14** | **PIMCO EQUITY-RELATED 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<br>Rate** |
| <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |  |  |  |  |  |  |  |  |
| $7.89 | 7.42% | $391833 | 1.37% | 1.37% | 1.15% | 1.15% | 3.79% | 565% |
| 8.12 | 23.11 | 391836 | 1.57 | 1.57 | 1.15 | 1.15 | 3.90 | 347 |
| 7.39 | 2.95 | 346558 | 1.30 | 1.30 | 1.15 | 1.15 | 2.65 | 159 |
| 7.99 | 4.73 | 357191 | 1.16 | 1.16 | 1.15 | 1.15 | 1.31 | 113 |
| 8.22 | 48.38 | 351950 | 1.18 | 1.18 | 1.15 | 1.15 | 1.51 | 288 |
| 6.60 | 6.73 | 37092 | 2.12 | 2.12 | 1.90 | 1.90 | 3.04 | 565 |
| 6.93 | 22.01 | 40433 | 2.32 | 2.32 | 1.90 | 1.90 | 3.14 | 347 |
| 6.44 | 2.25 | 45378 | 2.05 | 2.05 | 1.90 | 1.90 | 1.84 | 159 |
| 7.07 | 4.08 | 60498 | 1.91 | 1.91 | 1.90 | 1.90 | 0.56 | 113 |
| 7.35 | 47.00 | 75127 | 1.93 | 1.93 | 1.90 | 1.90 | 0.76 | 288 |
| $11.32 | 6.08% | $83208 | 0.79% | 0.79% | 0.64% | 0.64% | 4.99% | 525% |
| 11.52 | 16.67 | 140133 | 0.96 | 0.96 | 0.64 | 0.64 | 4.96 | 343 |
| 10.28 | (5.05) | 103003 | 0.78 | 0.78 | 0.64 | 0.64 | 2.92 | 203 |
| 15.49 | (0.73) | 295367 | 0.65 | 0.65 | 0.64 | 0.64 | 1.56 | 127 |
| 20.43 | 52.09 | 326828 | 0.65 | 0.65 | 0.64 | 0.64 | 1.38 | 369 |
| 11.33 | 5.99 | 29639 | 0.89 | 0.89 | 0.74 | 0.74 | 4.88 | 525 |
| 11.53 | 16.56 | 26966 | 1.06 | 1.06 | 0.74 | 0.74 | 4.87 | 343 |
| 10.29 | (5.11) | 18162 | 0.88 | 0.88 | 0.74 | 0.74 | 3.26 | 203 |
| 15.50 | (0.92) | 23463 | 0.75 | 0.75 | 0.74 | 0.74 | 1.46 | 127 |
| 20.46 | 51.91 | 23112 | 0.75 | 0.75 | 0.74 | 0.74 | 1.34 | 369 |
| 11.24 | 5.87 | 13704 | 0.94 | 0.99 | 0.79 | 0.84 | 4.84 | 525 |
| 11.45 | 16.54 | 15784 | 1.11 | 1.16 | 0.79 | 0.84 | 4.81 | 343 |
| 10.22 | (5.17) | 5602 | 0.98 <sup>(k)</sup> | 1.03 <sup>(k)</sup> | 0.79 <sup>(k)</sup> | 0.84 <sup>(k)</sup> | 3.19 | 203 |
| 15.43 | (0.97) | 3950 | 0.80 | 0.85 | 0.79 | 0.84 | 1.41 | 127 |
| 20.40 | 51.84 | 3027 | 0.80 | 0.85 | 0.79 | 0.84 | 1.35 | 369 |
| 10.34 | 5.65 | 26185 | 1.19 | 1.19 | 1.04 | 1.04 | 4.58 | 525 |
| 10.60 | 16.12 | 31899 | 1.36 | 1.36 | 1.04 | 1.04 | 4.55 | 343 |
| 9.50 | (5.38) | 36337 | 1.18 | 1.18 | 1.04 | 1.04 | 2.97 | 203 |
| 14.68 | (1.20) | 43859 | 1.05 | 1.05 | 1.04 | 1.04 | 1.16 | 127 |
| 19.65 | 51.27 | 47442 | 1.05 | 1.05 | 1.04 | 1.04 | 1.07 | 369 |
| 8.81 | 4.89 | 844 | 1.94 | 1.94 | 1.79 | 1.79 | 3.84 | 525 |
| 9.16 | 15.38 | 1150 | 2.11 | 2.11 | 1.79 | 1.79 | 3.77 | 343 |
| 8.26 | (6.09) | 1674 | 1.93 | 1.93 | 1.79 | 1.79 | 2.16 | 203 |
| 13.40 | (1.96) | 2807 | 1.80 | 1.80 | 1.79 | 1.79 | 0.41 | 127 |
| 18.39 | 50.07 | 3830 | 1.80 | 1.80 | 1.79 | 1.79 | 0.32 | 369 |
| $15.67 | 5.99% | $527740 | 3.65% | 3.65% | 0.59% | 0.59% | 2.65% | 286% |
| 17.06 | 21.73 | 924182 | 2.88 | 2.88 | 0.59 | 0.59 | 2.59 | 112 |
| 14.98 | (24.31) | 727497 | 1.71 | 1.71 | 0.59 | 0.59 | 3.07 | 76 |
| 20.10 | 11.04 | 1286592 | 0.61 | 0.61 | 0.59 | 0.59 | 2.85 | 38 |
| 24.45 | 54.20 | 816276 | 0.61 | 0.61 | 0.59 | 0.59 | 2.75 | 104 |
| $7.68 | 2.26% | $19815 | 0.73% | 0.73% | 0.64% | 0.64% | 5.57% | 503% |
| 7.51 | (13.88) | 40366 | 0.76 | 0.76 | 0.64 | 0.64 | 5.31 | 317 |
| 8.72 | 7.30 | 78263 | 0.72 | 0.72 | 0.64 | 0.64 | 3.29 | 102 |
| 8.37 | (14.77) | 47013 | 0.64 | 0.64 | 0.64 | 0.64 | 3.75 | 161 |
| 9.82 | (33.47) | 270743 | 0.72 | 0.72 | 0.64 | 0.64 | 3.52 | 206 |

---

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **15** |

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------

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^: | **<br>Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gains** | **Tax Basis<br>Return of<br>Capital** | **Total** |
|  **PIMCO StocksPLUS<sup>®</sup> Short Fund (Cont.)** |  |  |  |  |  |  |  |  |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | $7.48 | $0.40 | $(0.24) | $0.16 | $0.00 | $0.00 | $0.00 | $0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.69 | 0.43 | (1.64) | (1.21) | 0.00 | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.35 | 0.30 | 0.31 | 0.61 | (0.27) | 0.00 | 0.00 | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.80 | 0.29 | (1.74) | (1.45) | 0.00 | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021<sup>(j)</sup> | 15.50 | 0.42 | (5.55) | (5.13) | (0.49) | 0.00 | (0.08) | (0.57) |
| I-3 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 7.44 | 0.40 | (0.24) | 0.16 | 0.00 | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.65 | 0.42 | (1.63) | (1.21) | 0.00 | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.31 | 0.33 | 0.28 | 0.61 | (0.27) | 0.00 | 0.00 | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.77 | 0.30 | (1.76) | (1.46) | 0.00 | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021<sup>(j)</sup> | 15.44 | 0.42 | (5.52) | (5.10) | (0.49) | 0.00 | (0.08) | (0.57) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 7.16 | 0.36 | (0.23) | 0.13 | 0.00 | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.35 | 0.39 | (1.58) | (1.19) | 0.00 | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.03 | 0.24 | 0.32 | 0.56 | (0.24) | 0.00 | 0.00 | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.46 | 0.28 | (1.71) | (1.43) | 0.00 | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021<sup>(j)</sup> | 14.98 | 0.37 | (5.35) | (4.98) | (0.46) | 0.00 | (0.08) | (0.54) |
| Class C |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 6.64 | 0.28 | (0.21) | 0.07 | 0.00 | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.80 | 0.31 | (1.47) | (1.16) | 0.00 | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 7.52 | 0.16 | 0.31 | 0.47 | (0.19) | 0.00 | 0.00 | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 8.93 | 0.21 | (1.62) | (1.41) | 0.00 | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021<sup>(j)</sup> | 14.18 | 0.27 | (5.05) | (4.78) | (0.40) | 0.00 | (0.07) | (0.47) |
|  **PIMCO StocksPLUS<sup>®</sup> Small Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | $7.69 | $0.31 | $(0.52) | $(0.21) | $(0.38) | $0.00 | $0.00 | $(0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 6.59 | 0.30 | 1.06 | 1.36 | (0.26) | 0.00 | 0.00 | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.67 | 0.24 | (1.63) | (1.39) | 0.00 | (1.69) | 0.00 | (1.69) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.89 | 0.13 | (0.90) | (0.77) | (1.38) | (0.07) | 0.00 | (1.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 6.47 | 0.11 | 6.50 | 6.61 | (1.19) | 0.00 | 0.00 | (1.19) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 7.55 | 0.29 | (0.51) | (0.22) | (0.37) | 0.00 | 0.00 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 6.47 | 0.29 | 1.04 | 1.33 | (0.25) | 0.00 | 0.00 | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.54 | 0.22 | (1.60) | (1.38) | 0.00 | (1.69) | 0.00 | (1.69) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.76 | 0.12 | (0.89) | (0.77) | (1.38) | (0.07) | 0.00 | (1.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 6.41 | 0.10 | 6.44 | 6.54 | (1.19) | 0.00 | 0.00 | (1.19) |
| I-3 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 7.51 | 0.28 | (0.50) | (0.22) | (0.37) | 0.00 | 0.00 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 6.45 | 0.28 | 1.03 | 1.31 | (0.25) | 0.00 | 0.00 | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.52 | 0.21 | (1.59) | (1.38) | 0.00 | (1.69) | 0.00 | (1.69) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.74 | 0.12 | (0.90) | (0.78) | (1.37) | (0.07) | 0.00 | (1.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 6.40 | 0.10 | 6.42 | 6.52 | (1.18) | 0.00 | 0.00 | (1.18) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 7.30 | 0.26 | (0.49) | (0.23) | (0.35) | 0.00 | 0.00 | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 6.27 | 0.26 | 1.01 | 1.27 | (0.24) | 0.00 | 0.00 | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.33 | 0.19 | (1.56) | (1.37) | 0.00 | (1.69) | 0.00 | (1.69) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.54 | 0.08 | (0.87) | (0.79) | (1.35) | (0.07) | 0.00 | (1.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 6.30 | 0.07 | 6.33 | 6.40 | (1.16) | 0.00 | 0.00 | (1.16) |

---

---

| | | |
|:---|:---|:---|
| **16** | **PIMCO EQUITY-RELATED 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<br>Rate** |
| $7.64 | 2.14% | $44813 | 0.83% | 0.83% | 0.74% | 0.74% | 5.45% | 503% |
| 7.48 | (13.92) | 65422 | 0.86 | 0.86 | 0.74 | 0.74 | 5.17 | 317 |
| 8.69 | 7.11 | 211603 | 0.82 | 0.82 | 0.74 | 0.74 | 3.22 | 102 |
| 8.35 | (14.80) | 49110 | 0.74 | 0.74 | 0.74 | 0.74 | 3.32 | 161 |
| 9.80 | (33.59) | 52490 | 0.82 | 0.82 | 0.74 | 0.74 | 3.48 | 206 |
| 7.60 | 2.15 | 2140 | 0.88 | 0.93 | 0.79 | 0.84 | 5.50 | 503 |
| 7.44 | (13.99) | 4335 | 0.91 | 0.96 | 0.79 | 0.84 | 5.10 | 317 |
| 8.65 | 7.20 | 29729 | 0.87 | 0.92 | 0.79 | 0.84 | 3.58 | 102 |
| 8.31 | (14.94) | 4381 | 0.79 | 0.84 | 0.79 | 0.84 | 3.46 | 161 |
| 9.77 | (33.54) | 4347 | 0.87 | 0.92 | 0.79 | 0.84 | 3.61 | 206 |
| 7.29 | 1.82 | 16252 | 1.13 | 1.13 | 1.04 | 1.04 | 5.15 | 503 |
| 7.16 | (14.25) | 18100 | 1.16 | 1.16 | 1.04 | 1.04 | 4.94 | 317 |
| 8.35 | 6.81 | 24629 | 1.12 | 1.12 | 1.04 | 1.04 | 2.68 | 102 |
| 8.03 | (15.12) | 29123 | 1.04 | 1.04 | 1.04 | 1.04 | 3.34 | 161 |
| 9.46 | (33.73) | 27958 | 1.12 | 1.12 | 1.04 | 1.04 | 3.23 | 206 |
| 6.71 | 1.05 | 3095 | 1.88 | 1.88 | 1.79 | 1.79 | 4.41 | 503 |
| 6.64 | (14.87) | 3828 | 1.91 | 1.91 | 1.79 | 1.79 | 4.19 | 317 |
| 7.80 | 6.11 | 5008 | 1.87 | 1.87 | 1.79 | 1.79 | 1.99 | 102 |
| 7.52 | (15.79) | 4948 | 1.79 | 1.79 | 1.79 | 1.79 | 2.65 | 161 |
| 8.93 | (34.20) | 5897 | 1.87 | 1.87 | 1.79 | 1.79 | 2.52 | 206 |
| $7.10 | (2.89)% | $311541 | 0.98% | 0.98% | 0.69% | 0.69% | 3.95% | 679% |
| 7.69 | 20.97 | 666549 | 0.90 | 0.90 | 0.69 | 0.69 | 4.43 | 368 |
| 6.59 | (14.35) | 664036 | 0.75 | 0.75 | 0.69 | 0.69 | 3.03 | 108 |
| 9.67 | (7.72) | 837675 | 0.70 | 0.70 | 0.69 | 0.69 | 1.17 | 90 |
| 11.89 | 105.22 | 1181348 | 0.70 | 0.70 | 0.69 | 0.69 | 1.18 | 339 |
| 6.96 | (3.02) | 71870 | 1.08 | 1.08 | 0.79 | 0.79 | 3.79 | 679 |
| 7.55 | 20.91 | 98117 | 1.00 | 1.00 | 0.79 | 0.79 | 4.32 | 368 |
| 6.47 | (14.47) | 124084 | 0.85 | 0.85 | 0.79 | 0.79 | 2.72 | 108 |
| 9.54 | (7.88) | 293999 | 0.80 | 0.80 | 0.79 | 0.79 | 1.09 | 90 |
| 11.76 | 104.97 | 321158 | 0.80 | 0.80 | 0.79 | 0.79 | 1.06 | 339 |
| 6.92 | (3.06) | 4420 | 1.13 | 1.18 | 0.84 | 0.89 | 3.73 | 679 |
| 7.51 | 20.64 | 3874 | 1.05 | 1.10 | 0.84 | 0.89 | 4.27 | 368 |
| 6.45 | (14.47) | 3293 | 0.90 | 0.95 | 0.84 | 0.89 | 2.57 | 108 |
| 9.52 | (7.91) | 11876 | 0.85 | 0.90 | 0.84 | 0.89 | 1.06 | 90 |
| 11.74 | 104.86 | 13355 | 0.85 | 0.90 | 0.84 | 0.89 | 1.02 | 339 |
| 6.72 | (3.27) | 165254 | 1.38 | 1.38 | 1.09 | 1.09 | 3.52 | 679 |
| 7.30 | 20.47 | 243223 | 1.30 | 1.30 | 1.09 | 1.09 | 4.03 | 368 |
| 6.27 | (14.69) | 274964 | 1.15 | 1.15 | 1.09 | 1.09 | 2.55 | 108 |
| 9.33 | (8.13) | 408780 | 1.10 | 1.10 | 1.09 | 1.09 | 0.79 | 90 |
| 11.54 | 104.53 | 472314 | 1.10 | 1.10 | 1.09 | 1.09 | 0.76 | 339 |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **17** |

---

------

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^: | **<br>Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gains** | **Tax Basis<br>Return of<br>Capital** | **Total** |
|  **PIMCO StocksPLUS<sup>®</sup> Small Fund (Cont.)** |  |  |  |  |  |  |  |  |
| Class C |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | $6.09 | $0.17 | $(0.41) | $(0.24) | $(0.31) | $0.00 | $0.00 | $(0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 5.27 | 0.18 | 0.84 | 1.02 | (0.20) | 0.00 | 0.00 | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.22 | 0.12 | (1.38) | (1.26) | 0.00 | (1.69) | 0.00 | (1.69) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.35 | 0.00 | (0.76) | (0.76) | (1.30) | (0.07) | 0.00 | (1.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 5.73 | 0.00 | 5.72 | 5.72 | (1.10) | 0.00 | 0.00 | (1.10) |

---

---

| | |
|:---|:---|
| ^ | 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 October 1, 2020, the Fund's Investment advisory fee was decreased by 0.05% to an annual rate of 0.80%. 

<sup>(f)</sup> A one for five reverse share split, effective March 25, 2022, has been retroactively applied.

<sup>(g)</sup> A one for four reverse share split, effective March 25, 2022, has been retroactively applied.

<sup>(h)</sup> A one for three reverse share split, effective March 24, 2023, has been retroactively applied.

<sup>(i)</sup> A one for three reverse share split, effective March 25, 2022, has been retroactively applied.

<sup>(j)</sup> A one for two reverse share split, effective March 26, 2021, has been retroactively applied.

<sup>(k)</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. 

---

| | | |
|:---|:---|:---|
| **18** | **PIMCO EQUITY-RELATED 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<br>Rate** |
| $5.54 | (4.02)% | $20377 | 2.13% | 2.13% | 1.84% | 1.84% | 2.76% | 679% |
| 6.09 | 19.65 | 27840 | 2.05 | 2.05 | 1.84 | 1.84 | 3.27 | 368 |
| 5.27 | (15.38) | 33316 | 1.90 | 1.90 | 1.84 | 1.84 | 1.77 | 108 |
| 8.22 | (8.77) | 58090 | 1.85 | 1.85 | 1.84 | 1.84 | 0.03 | 90 |
| 10.35 | 102.78 | 81026 | 1.85 | 1.85 | 1.84 | 1.84 | 0.03 | 339 |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **19** |

---

------

Statements of Assets and Liabilities

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) | **PIMCO RAE<br>Fundamental<br>Advantage<br>PLUS Fund** | **PIMCO RAE<br>PLUS EMG<br>Fund** | **PIMCO RAE<br>PLUS Fund** | **PIMCO RAE<br>PLUS<br>International<br>Fund** | **PIMCO RAE**<br> **PLUS Small**<br> **Fund** | **PIMCO RAE<br>Worldwide<br>Long/Short<br>PLUS Fund** |
|  **Assets:** |  |  |  |  |  |  |
|  *Investments, at value* |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities\* | $720867 | $299211 | $1666015 | $182387 | $251325 | $717191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 29763 | 32 | 92589 | 11962 | 16761 | 76 |
|  *Financial Derivative Instruments* |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 267 | 137 | 669 | 100 | 109 | 384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 14290 | 2322 | 12228 | 1601 | 2194 | 8772 |
|  Cash | 46 | 144 | 594 | 753 | 616 | 465 |
|  Deposits with counterparty | 10673 | 3487 | 26983 | 3859 | 4462 | 12238 |
|  Foreign currency, at value | 1280 | 805 | 3045 | 470 | 579 | 3075 |
|  Receivable for investments sold | 11392 | 2710 | 668 | 107 | 71 | 18246 |
|  Receivable for TBA investments sold | 504157 | 191837 | 1052816 | 126447 | 163291 | 496068 |
|  Receivable for Fund shares sold | 0 | 172 | 118 | 248 | 44 | 96 |
|  Interest and/or dividends receivable | 1840 | 809 | 4230 | 518 | 808 | 2099 |
|  Dividends receivable from Affiliates | 114 | 0 | 296 | 46 | 64 | 0 |
|  Reimbursement receivable from PIMCO | 0 | 0 | 0 | 0 | 0 | 0 |
|  **Total Assets** | 1294689 | 501666 | 2860251 | 328498 | 440324 | 1258710 |
|  **Liabilities:** |  |  |  |  |  |  |
|  *Borrowings & Other Financing Transactions* |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for reverse repurchase agreements | $548 | $0 | $0 | $0 | $0 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for sale-buyback transactions | 0 | 0 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for short sales | 18388 | 8293 | 42364 | 5048 | 6670 | 29658 |
|  *Financial Derivative Instruments* |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 451 | 169 | 992 | 168 | 200 | 554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 12621 | 3495 | 40395 | 1586 | 7283 | 10351 |
|  Payable for investments purchased | 72601 | 35416 | 150918 | 4849 | 4637 | 8027 |
|  Payable for investments in Affiliates purchased | 118 | 0 | 308 | 47 | 66 | 0 |
|  Payable for investments purchased on a delayed-delivery basis | 0 | 0 | 0 | 0 | 0 | 0 |
|  Payable for TBA investments purchased | 715374 | 266670 | 1542523 | 182714 | 235238 | 709719 |
|  Deposits from counterparty | 11082 | 3457 | 4702 | 2634 | 612 | 16044 |
|  Payable for Fund shares redeemed | 0 | 500 | 486 | 1 | 126 | 13 |
|  Accrued investment advisory fees | 235 | 119 | 466 | 62 | 87 | 360 |
|  Accrued supervisory and administrative fees | 93 | 46 | 289 | 28 | 41 | 99 |
|  Accrued distribution fees | 0 | 0 | 16 | 0 | 2 | 1 |
|  Accrued servicing fees | 2 | 2 | 91 | 1 | 4 | 5 |
|  Foreign capital gains tax payable | 6 | 2 | 0 | 2 | 3 | 4 |
|  **Total Liabilities** | 831519 | 318169 | 1783550 | 197140 | 254969 | 774835 |
|  **Commitments and Contingent Liabilities^** |  |  |  |  |  |  |
|  **Net Assets** | $463170 | $183497 | $1076701 | $131358 | $185355 | $483875 |
|  **Net Assets Consist of:** |  |  |  |  |  |  |
|  Paid in capital | $1406523 | $374103 | $1042922 | $133884 | $194258 | $626806 |
|  Distributable earnings (accumulated loss) | (943353) | (190606) | 33779 | (2526) | (8903) | (142931) |
|  **Net Assets** | $463170 | $183497 | $1076701 | $131358 | $185355 | $483875 |
|  Cost of investments in securities | $731590 | $306812 | $1672912 | $186022 | $255166 | $729267 |
|  Cost of investments in Affiliates | $29587 | $32 | $92044 | $11815 | $16622 | $76 |
|  Cost of foreign currency held | $1280 | $805 | $3030 | $469 | $579 | $3912 |
|  Proceeds received on short sales | $18309 | $8257 | $42183 | $5026 | $6642 | $29595 |
|  Cost or premiums of financial derivative instruments, net | $14032 | $3389 | $16867 | $3736 | $3553 | $9210 |
|  \* Includes repurchase agreements of: | $130300 | $67700 | $287500 | $27000 | $17000 | $91400 |

---

---

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

---

<sup>^</sup> See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information.

---

| | | |
|:---|:---|:---|
| **20** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **PIMCO<br>StocksPLUS<sup>®</sup><br>Absolute<br>Return Fund** | **PIMCO**<br> **StocksPLUS<sup>®</sup><br>Fund** | **PIMCO**<br> **StocksPLUS<sup>®</sup><br>International Fund<br>(U.S. Dollar-Hedged)** | **PIMCO**<br> **StocksPLUS<sup>®</sup><br>International Fund<br>(Unhedged)** | **PIMCO**<br> **StocksPLUS<sup>®</sup><br>Long Duration<br>Fund** | **PIMCO**<br> **StocksPLUS<sup>®</sup><br>Short Fund** | **PIMCO**<br> **StocksPLUS<sup>®</sup><br>Small Fund** |
| $2313308 | $3080635 | $4691587 | $200915 | $1034818 | $107021 | $1022291 |
| 166051 | 200365 | 322301 | 17974 | 251 | 12629 | 11197 |
| 3661 | 4062 | 1867 | 124 | 864 | 83 | 612 |
| 18737 | 26847 | 65751 | 1908 | 1496 | 1104 | 7506 |
| 535 | 316 | 605 | 700 | 242 | 2 | 525 |
| 54787 | 36441 | 26417 | 4162 | 3262 | 3653 | 21457 |
| 5386 | 2263 | 6847 | 603 | 1018 | 207 | 2019 |
| 36 | 46 | 729 | 129 | 60533 | 1351 | 1664 |
| 1696381 | 1135054 | 2981185 | 145948 | 326438 | 74717 | 800230 |
| 192 | 1186 | 3748 | 1728 | 36 | 442 | 450 |
| 6264 | 13089 | 11498 | 697 | 7898 | 298 | 2484 |
| 598 | 702 | 1430 | 61 | 18 | 46 | 53 |
| 1 | 1 | 4 | 0 | 0 | 0 | 0 |
| 4265937 | 4501007 | 8113969 | 374949 | 1436874 | 201553 | 1870488 |
| $0 | $0 | $0 | $0 | $344611 | $0 | $0 |
| 0 | 0 | 0 | 0 | 6390 | 0 | 0 |
| 72436 | 0 | 104517 | 5408 | 812 | 3966 | 35875 |
| 1370 | 569 | 3682 | 139 | 690 | 145 | 923 |
| 58174 | 35956 | 93263 | 2969 | 2895 | 2490 | 61293 |
| 115464 | 342649 | 546217 | 4047 | 23357 | 59 | 58568 |
| 619 | 728 | 1472 | 63 | 18 | 48 | 54 |
| 0 | 0 | 0 | 0 | 313 | 0 | 0 |
| 2419971 | 1641729 | 4181167 | 205761 | 527612 | 106762 | 1131050 |
| 12844 | 32175 | 79333 | 1758 | 1647 | 1807 | 5012 |
| 1291 | 3945 | 2902 | 1129 | 536 | 105 | 3841 |
| 500 | 488 | 1144 | 49 | 150 | 27 | 210 |
| 420 | 564 | 913 | 39 | 103 | 23 | 149 |
| 39 | 22 | 23 | 1 | 0 | 2 | 13 |
| 120 | 101 | 87 | 6 | 0 | 4 | 38 |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 2683248 | 2058926 | 5014720 | 221369 | 909134 | 115438 | 1297026 |
| $1582689 | $2442081 | $3099249 | $153580 | $527740 | $86115 | $573462 |
| $1399204 | $2208748 | $2923073 | $223886 | $873070 | $4206979 | $870783 |
| 183485 | 233333 | 176176 | (70306) | (345330) | (4120864) | (297321) |
| $1582689 | $2442081 | $3099249 | $153580 | $527740 | $86115 | $573462 |
| $2323839 | $3083106 | $4691634 | $204215 | $1167047 | $112010 | $1047970 |
| $166209 | $197788 | $323825 | $17975 | $251 | $12546 | $11199 |
| $5377 | $2263 | $6348 | $440 | $1005 | $208 | $2022 |
| $72322 | $0 | $104311 | $5385 | $810 | $3949 | $35721 |
| $36671 | $28897 | $65804 | $3955 | $16856 | $375 | $13613 |
| $210000 | $839902 | $1055300 | $15900 | $0 | $0 | $122000 |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **21** |

---

------

Statements of Assets and Liabilities (Cont.)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **PIMCO RAE<br>Fundamental<br>Advantage<br>PLUS Fund** | **PIMCO RAE<br>PLUS EMG<br>Fund** | **PIMCO RAE<br>PLUS Fund** | **PIMCO RAE<br>PLUS<br>International<br>Fund** | **PIMCO RAE<br>PLUS Small**<br> **Fund** | **PIMCO RAE<br>Worldwide<br>Long/Short<br>PLUS Fund** |
|  **Net Assets:** |  |  |  |  |  |  |
|  Institutional Class | $453827 | $169241 | $387699 | $126820 | $136538 | $457571 |
|  I-2 | N/A | 4777 | 231343 | 590 | 27105 | 3185 |
|  I-3 | N/A | N/A | 3788 | N/A | N/A | N/A |
|  Class A | 9343 | 8997 | 427514 | 3948 | 18141 | 22185 |
|  Class C | N/A | 482 | 26357 | N/A | 3571 | 934 |
|  Class R | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Shares Issued and Outstanding:** |  |  |  |  |  |  |
|  Institutional Class | 56426 | 24308 | 20292 | 17157 | 8565 | 56588 |
|  I-2 | N/A | 692 | 12334 | 83 | 1737 | 393 |
|  I-3 | N/A | N/A | 202 | N/A | N/A | N/A |
|  Class A | 1207 | 1351 | 25267 | 560 | 1211 | 2769 |
|  Class C | N/A | 80 | 1934 | N/A | 275 | 117 |
|  Class R | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** |  |  |  |  |  |  |
|  Institutional Class | $8.04 | $6.96 | $19.11 | $7.39 | $15.94 | $8.09 |
|  I-2 | N/A | 6.90 | 18.76 | 7.08 | 15.61 | 8.09 |
|  I-3 | N/A | N/A | 18.71 | N/A | N/A | N/A |
|  Class A | 7.74 | 6.66 | 16.92 | 7.05 | 14.98 | 8.01 |
|  Class C | N/A | 6.04 | 13.63 | N/A | 12.99 | 8.02 |
|  Class R | N/A | N/A | 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.

---

| | | |
|:---|:---|:---|
| **22** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **PIMCO<br>StocksPLUS<sup>®</sup><br>Absolute<br>Return Fund** | **PIMCO**<br> **StocksPLUS<sup>®</sup><br>Fund** | **PIMCO**<br> **StocksPLUS<sup>®</sup><br>International Fund<br>(U.S. Dollar-Hedged)** | **PIMCO**<br> **StocksPLUS<sup>®</sup><br>International Fund<br>(Unhedged)** | **PIMCO**<br> **StocksPLUS<sup>®</sup><br>Long Duration<br>Fund** | **PIMCO**<br> **StocksPLUS<sup>®</sup><br>Short Fund** | **PIMCO**<br> **StocksPLUS<sup>®</sup><br>Small Fund** |
| $663403 | $1794882 | $1564312 | $83208 | $527740 | $19815 | $311541 |
| 310541 | 108809 | 1009809 | 29639 | N/A | 44813 | 71870 |
| 16406 | 37839 | 96203 | 13704 | N/A | 2140 | 4420 |
| 529079 | 393285 | 391833 | 26185 | N/A | 16252 | 165254 |
| 63260 | 48426 | 37092 | 844 | N/A | 3095 | 20377 |
| N/A | 58840 | N/A | N/A | N/A | N/A | N/A |
| 55490 | 147506 | 179093 | 7351 | 33674 | 2581 | 43909 |
| 26670 | 8995 | 117777 | 2616 | N/A | 5864 | 10326 |
| 1408 | 3139 | 11279 | 1219 | N/A | 282 | 638 |
| 46029 | 38253 | 49673 | 2533 | N/A | 2230 | 24601 |
| 6804 | 5357 | 5624 | 96 | N/A | 462 | 3680 |
| N/A | 5384 | N/A | N/A | N/A | N/A | N/A |
| $11.96 | $12.17 | $8.73 | $11.32 | $15.67 | $7.68 | $7.10 |
| 11.64 | 12.10 | 8.57 | 11.33 | N/A | 7.64 | 6.96 |
| 11.66 | 12.05 | 8.53 | 11.24 | N/A | 7.60 | 6.92 |
| 11.49 | 10.28 | 7.89 | 10.34 | N/A | 7.29 | 6.72 |
| 9.30 | 9.04 | 6.60 | 8.81 | N/A | 6.71 | 5.54 |
| N/A | 10.93 | N/A | N/A | N/A | N/A | N/A |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **23** |

---

------

Statements of Operations

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Year Ended March 31, 2025 | Year Ended March 31, 2025 | Year Ended March 31, 2025 | Year Ended March 31, 2025 | Year Ended March 31, 2025 | Year Ended March 31, 2025 | Year Ended March 31, 2025 |
| (Amounts in thousands<sup>†</sup>) | **PIMCO RAE<br>Fundamental<br>Advantage<br>PLUS Fund** | **PIMCO RAE<br>PLUS EMG<br>Fund** | **PIMCO RAE<br>PLUS Fund** | **PIMCO RAE<br>PLUS<br>International<br>Fund** | **PIMCO RAE<br>PLUS Small<br>Fund** | **PIMCO RAE<br>Worldwide<br>Long/Short<br>PLUS Fund** |
|  **Investment Income:** |  |  |  |  |  |  |
|  Interest, net of foreign taxes\* | $25444 | $11091 | $53759 | $7572 | $10048 | $25128 |
|  Dividends | 4 | 275 | 1521 | 174 | 240 | 627 |
|  Dividends from Investments in Affiliates | 1974 | 744 | 3436 | 735 | 776 | 775 |
|  Miscellaneous income | 0 | 0 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 27422 | 12110 | 58716 | 8481 | 11064 | 26530 |
|  **Expenses:** |  |  |  |  |  |  |
|  Investment advisory fees | 3142 | 1648 | 6083 | 783 | 1121 | 4850 |
|  Supervisory and administrative fees | 1243 | 640 | 3792 | 348 | 525 | 1327 |
|  Distribution and/or servicing fees - Class A | 25 | 26 | 1138 | 10 | 49 | 53 |
|  Distribution and/or servicing fees - Class C | N/A | 7 | 329 | N/A | 39 | 12 |
|  Distribution and/or servicing fees - Class R | N/A | N/A | N/A | N/A | N/A | N/A |
|  Trustee fees | 3 | 2 | 8 | 1 | 1 | 4 |
|  Interest expense | 1200 | 401 | 2676 | 179 | 425 | 684 |
|  Miscellaneous expense | 3 | 0 | 9 | 3 | 0 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 5616 | 2724 | 14035 | 1324 | 2160 | 6935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | 0 | 0 | (2) | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 5616 | 2724 | 14033 | 1324 | 2160 | 6935 |
|  **Net Investment Income (Loss)** | 21806 | 9386 | 44683 | 7157 | 8904 | 19595 |
|  **Net Realized Gain (Loss):** |  |  |  |  |  |  |
|  Investments in securities | (1681) | 1129 | 5395 | 879 | 1866 | 2130 |
|  Investments in Affiliates | 55 | 147 | 41 | 12 | 1 | (214) |
|  Exchange-traded or centrally cleared financial derivative instruments | 5384 | 730 | 9734 | 214 | (742) | (2136) |
|  Over the counter financial derivative instruments | (24222) | 21224 | 51485 | 10990 | 13408 | 58189 |
|  Foreign currency | (120) | (125) | (249) | (50) | 10 | (129) |
|  **Net Realized Gain (Loss)** | (20584) | 23105 | 66406 | 12045 | 14543 | 57840 |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |  |  |  |  |  |
|  Investments in securities | 6783 | 980 | 11721 | 446 | 325 | 7065 |
|  Investments in Affiliates | 142 | (79) | 280 | 57 | 71 | 235 |
|  Exchange-traded or centrally cleared financial derivative instruments | (5923) | (717) | (12117) | (766) | 97 | (5257) |
|  Over the counter financial derivative instruments | (15693) | (16007) | (105036) | (6969) | (17825) | (9015) |
|  Foreign currency assets and liabilities | 62 | 16 | 98 | 5 | 15 | (168) |
|  **Net Change in Unrealized Appreciation (Depreciation)** | (14629) | (15807) | (105054) | (7227) | (17317) | (7140) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $(13407) | $16684 | $6035 | $11975 | $6130 | $70295 |
|  \* Foreign tax withholdings | $8 | $2 | $0 | $2 | $3 | $5 |

---

---

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

---

---

| | | |
|:---|:---|:---|
| **24** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **PIMCO<br>StocksPLUS<sup>®</sup><br>Absolute<br>Return Fund** | **PIMCO**<br> **StocksPLUS<sup>®</sup><br>Fund** | **PIMCO**<br> **StocksPLUS<sup>®</sup><br>International Fund<br>(U.S. Dollar-Hedged)** | **PIMCO**<br> **StocksPLUS<sup>®</sup><br>International Fund<br>(Unhedged)** | **PIMCO**<br> **StocksPLUS<sup>®</sup><br>Long Duration<br>Fund** | **PIMCO**<br> **StocksPLUS<sup>®</sup><br>Short Fund** | **PIMCO**<br> **StocksPLUS<sup>®</sup><br>Small Fund** |
| $81107 | $111654 | $134376 | $9442 | $41232 | $6121 | $38091 |
| 2277 | 3448 | 3812 | 235 | 478 | 47 | 1136 |
| 8652 | 6625 | 12754 | 498 | 537 | 760 | 2981 |
| 0 | 0 | 0 | 0 | 14 | 0 | 0 |
| 92036 | 121727 | 150942 | 10175 | 42261 | 6928 | 42208 |
| 7141 | 6494 | 13156 | 688 | 2349 | 430 | 3788 |
| 5880 | 7469 | 10480 | 548 | 1611 | 373 | 2611 |
| 1388 | 1020 | 968 | 73 | 0 | 43 | 533 |
| 738 | 394 | 388 | 10 | 0 | 34 | 250 |
| 0 | 306 | 0 | 0 | 0 | 0 | 0 |
| 13 | 17 | 19 | 1 | 5 | 1 | 6 |
| 6256 | 7482 | 6482 | 260 | 20532 | 98 | 2451 |
| 6 | 1 | 10 | 1 | 0 | 0 | 0 |
| 21422 | 23183 | 31503 | 1581 | 24497 | 979 | 9639 |
| (8) | (20) | (29) | (8) | 0 | (1) | (2) |
| 21414 | 23163 | 31474 | 1573 | 24497 | 978 | 9637 |
| 70622 | 98564 | 119468 | 8602 | 17764 | 5950 | 32571 |
| (9102) | (11106) | 5966 | 1139 | (86114) | 1019 | 2749 |
| (1603) | 14 | 141 | 83 | 14 | 55 | (1248) |
| <br>24588 | 56927 | 11826 | 416 | 16979 | (3966) | 1329 |
| 278807 | 286072 | 240275 | 12824 | 11663 | (976) | 69049 |
| (1438) | 954 | 3625 | (337) | (489) | (3) | (1324) |
| 291252 | 332861 | 261833 | 14125 | (57947) | (3871) | 70555 |
| 35640 | 36551 | 28221 | 735 | 87956 | 62 | 15259 |
| 2036 | 1862 | 740 | (71) | 0 | 5 | 1347 |
| <br>(26868) | (44305) | (10197) | (875) | (13192) | (630) | (13586) |
| (198795) | (215955) | (185545) | (13335) | 1164 | (1566) | (104495) |
| 1258 | (43) | 3198 | 271 | 509 | 1 | 1049 |
| <br>(186729) | (221890) | (163583) | (13275) | 76437 | (2128) | (100426) |
| $175145 | $209535 | $217718 | $9452 | $36254 | $(49) | $2700 |
| $0 | $0 | $0 | $0 | $0 | $0 | $0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **25** |

---

------

Statements of Changes in Net Assets

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **PIMCO**<br> **RAE Fundamental**<br> **Advantage PLUS Fund** | **PIMCO**<br> **RAE Fundamental**<br> **Advantage PLUS Fund** | **PIMCO**<br> **RAE PLUS EMG Fund** | **PIMCO**<br> **RAE PLUS EMG Fund** | **PIMCO**<br> **RAE PLUS Fund** | **PIMCO**<br> **RAE PLUS Fund** | **PIMCO**<br> **RAE PLUS**<br> **International Fund** | **PIMCO**<br> **RAE PLUS**<br> **International 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) | $21806 | $25712 | $9386 | $9804 | $44683 | $44001 | $7157 | $7982 |
|  Net realized gain (loss) | (20584) | (33005) | 23105 | 23122 | 66406 | 100270 | 12045 | 20787 |
|  Net change in unrealized appreciation (depreciation) | (14629) | 36990 | (15807) | 13611 | (105054) | 123242 | (7227) | (4831) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | (13407) | 29697 | 16684 | 46537 | 6035 | 267513 | 11975 | 23938 |
|  **Distributions to Shareholders:** |  |  |  |  |  |  |  |  |
|  From net investment income and/or net realized capital gains |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (22326) | (17797) | (16821) | (12726) | (30657) | (15220) | (9660) | (9086) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | N/A | N/A | (465) | (358) | (18327) | (9074) | (45) | (33) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A | (301) | (141) | 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 | (448) | (304) | (896) | (583) | (37442) | (20596) | (296) | (232) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | N/A | N/A | (68) | (34) | (3060) | (1970) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  Tax basis return of capital |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (1300) | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A | 0 | 0 | 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 | (28) | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | N/A | N/A | 0 | 0 | 0 | 0 | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Total Distributions<sup>(a)</sup>** | (24102) | (18101) | (18250) | (13701) | (89787) | (47001) | (10001) | (9351) |
|  **Fund Share Transactions:** |  |  |  |  |  |  |  |  |
|  Net increase (decrease) resulting from Fund share transactions\* | (71272) | (35962) | (42409) | (1944) | 26762 | (154103) | (28898) | (20381) |
|  **Total Increase (Decrease) in Net Assets** | (108781) | (24366) | (43975) | 30892 | (56990) | 66409 | (26924) | (5794) |
|  **Net Assets:** |  |  |  |  |  |  |  |  |
|  Beginning of year | 571951 | 596317 | 227472 | 196580 | 1133691 | 1067282 | 158282 | 164076 |
|  End of year | $463170 | $571951 | $183497 | $227472 | $1076701 | $1133691 | $131358 | $158282 |

---

---

| | |
|:---|:---|
| <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.

---

| | | |
|:---|:---|:---|
| **26** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **PIMCO**<br> **RAE PLUS**<br> **Small Fund** | **PIMCO**<br> **RAE PLUS**<br> **Small Fund** | **PIMCO**<br> **RAE Worldwide<br>Long/Short PLUS Fund** | **PIMCO**<br> **RAE Worldwide<br>Long/Short PLUS Fund** | **PIMCO**<br> **Stocks PLUS<sup>®</sup>**<br> **Absolute Return Fund** | **PIMCO**<br> **Stocks PLUS<sup>®</sup>**<br> **Absolute Return Fund** | **PIMCO**<br> **StocksPLUS<sup>®</sup> Fund** | **PIMCO**<br> **StocksPLUS<sup>®</sup> Fund** | **PIMCO**<br> **StocksPLUS<sup>®</sup> International**<br> **Fund (U.S. Dollar-Hedged)** | **PIMCO**<br> **StocksPLUS<sup>®</sup> International**<br> **Fund (U.S. Dollar-Hedged)** |
| **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** | **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2024** |
| <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |  |  |  |  |  |  |  |  |  |
| $8904 | $7169 | $19595 | $24739 | $70622 | $72892 | $98564 | $96809 | $119468 | $92063 |
| 14543 | 20268 | 57840 | 23929 | 291252 | 195928 | 332861 | 296476 | 261833 | 321641 |
| (17317) | 13353 | (7140) | 26236 | (186729) | 229668 | (221890) | 216025 | (163583) | 72908 |
| 6130 | 40790 | 70295 | 74904 | 175145 | 498488 | <br>209535 | 609310 | 217718 | 486612 |
| (10219) | (5146) | (61983) | (31021) | (81534) | (36144) | (216046) | (80059) | (135211) | (118824) |
| (2038) | (803) | (418) | (225) | (34055) | (13049) | (12712) | (3362) | (87653) | (77851) |
| N/A | N/A | N/A | N/A | (1627) | (393) | (4622) | (1324) | (5015) | (3401) |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| (1445) | (871) | (2727) | (1118) | (56864) | (19374) | (52128) | (18178) | (37769) | (40032) |
| (303) | (180) | (127) | (88) | (8693) | (3046) | (7257) | (2637) | (4355) | (4898) |
| N/A | N/A | N/A | N/A | N/A | N/A | (7239) | (2444) | N/A | N/A |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| N/A | N/A | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| N/A | N/A | N/A | N/A | N/A | N/A | 0 | 0 | N/A | N/A |
| (14005) | (7000) | (65255) | (32452) | (182773) | (72006) | (300004) | (108004) | (270003) | (245006) |
| 37528 | (24524) | (112192) | (70210) | (389948) | (295185) | 23383 | (129551) | 446040 | 458878 |
| 29653 | 9266 | (107152) | (27758) | (397576) | 131297 | (67086) | 371755 | 393755 | 700484 |
| 155702 | 146436 | 591027 | 618785 | 1980265 | 1848968 | 2509167 | 2137412 | 2705494 | 2005010 |
| $185355 | $155702 | $483875 | $591027 | $1582689 | $1980265 | $2442081 | $2509167 | $3099249 | $2705494 |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **27** |

---

------

Statements of Changes in Net Assets (Cont.)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **PIMCO**<br> **StocksPLUS<sup>®</sup><br>International Fund<br>(Unhedged)** | **PIMCO**<br> **StocksPLUS<sup>®</sup><br>International Fund<br>(Unhedged)** | **PIMCO**<br> **StocksPLUS<sup>®</sup>**<br> **Long Duration Fund** | **PIMCO**<br> **StocksPLUS<sup>®</sup>**<br> **Long Duration Fund** | **PIMCO**<br> **StocksPLUS<sup>®</sup><br>Short Fund** | **PIMCO**<br> **StocksPLUS<sup>®</sup><br>Short Fund** | **PIMCO**<br> **StocksPLUS<sup>®</sup><br>Small Fund** | **PIMCO**<br> **StocksPLUS<sup>®</sup><br>Small 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) | $8602 | $9333 | $17764 | $20858 | $5950 | $11917 | $32571 | $44539 |
|  Net realized gain (loss) | 14125 | 20798 | (57947) | 148901 | (3871) | (54025) | 70555 | 32202 |
|  Net change in unrealized appreciation (depreciation) | (13275) | (473) | 76437 | (14020) | (2128) | 10334 | (100426) | 111969 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 9452 | 29658 | 36254 | 155739 | (49) | (31774) | 2700 | 188710 |
|  **Distributions to Shareholders:** |  |  |  |  |  |  |  |  |
|  From net investment income and/or net realized capital gains |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (7276) | (5384) | (94500) | (57001) | 0 | 0 | (23895) | (23917) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (2255) | (1035) | N/A | N/A | 0 | 0 | (4322) | (3557) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | (1118) | (457) | N/A | N/A | 0 | 0 | (229) | (129) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | N/A | N/A | N/A | N/A | N/A | (34)<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (2270) | (1327) | N/A | N/A | 0 | 0 | (9819) | (8395) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (81) | (48) | N/A | N/A | 0 | 0 | (1238) | (971) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  Tax basis return of capital |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 0 | 0 | N/A | N/A | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | 0 | 0 | N/A | N/A | 0 | 0 | 0 | 0 |
| &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 | 0 | N/A | N/A | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 0 | 0 | N/A | N/A | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Total Distributions<sup>(a)</sup>** | (13000) | (8251) | (94500) | (57001) | 0 | 0 | (39503) | (37003) |
|  **Fund Share Transactions:** |  |  |  |  |  |  |  |  |
|  Net increase (decrease) resulting from Fund share transactions\* | (58804) | 29747 | (338196) | 97947 | (45887) | (185407) | (429338) | (213089) |
|  **Total Increase (Decrease) in Net Assets** | (62352) | 51154 | (396442) | 196685 | (45936) | (217181) | (466141) | (61382) |
|  **Net Assets:** |  |  |  |  |  |  |  |  |
|  Beginning of year | 215932 | 164778 | 924182 | 727497 | 132051 | 349232 | 1039603 | 1100985 |
|  End of year | $153580 | $215932 | $527740 | $924182 | $86115 | $132051 | $573462 | $1039603 |

---

---

| | |
|:---|:---|
| <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.

<sup>(b)</sup> Administrative Class Shares liquidated at the close of business on March 15, 2024.

---

| | | |
|:---|:---|:---|
| **28** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

Statement of Cash Flows

---

| | |
|:---|:---|
| Year Ended March 31, 2025 |  |
| (Amounts in thousands<sup>†</sup>) | **PIMCO<br>StocksPLUS<sup>®</sup><br>Long Duration Fund** |
|  **Cash Flows Provided by (Used for) Operating Activities:** |  |
|  Net increase (decrease) in net assets resulting from operations | $36254 |
|  **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 | (3441114) |
|  Proceeds from sales of long-term securities | 3749331 |
| (Purchases) Proceeds from sales of short-term portfolio investments, net | 43428 |
| (Increase) decrease in deposits with counterparty | 889 |
| (Increase) decrease in receivable for investments sold | (32955) |
| (Increase) decrease in interest and/or dividends receivable | 3626 |
| (Increase) decrease in dividends receivable from Affiliates | 169 |
|  Proceeds from (Payments on) exchange-traded or centrally cleared financial derivative instruments | 3909 |
|  Proceeds from (Payments on) over the counter financial derivative instruments | 12528 |
|  Increase (decrease) in payable for investments purchased | 375178 |
|  Increase (decrease) in deposits from counterparty | (15303) |
|  Increase (decrease) in accrued investment advisory fees | (118) |
|  Increase (decrease) in accrued supervisory and administrative fees | (81) |
|  Proceeds from (Payments on) short sales transactions, net | 810 |
|  Proceeds from (Payments on) foreign currency transactions | 20 |
|  Increase (decrease) in foreign capital gains tax payable | (1) |
|  *Net Realized (Gain) Loss* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 86114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | (14) |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared financial derivative instruments | (16979) |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter financial derivative instruments | (11663) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency | 489 |
|  *Net Change in Unrealized (Appreciation) Depreciation* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (87956) |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared financial derivative instruments | 13192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter financial derivative instruments | (1164) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency assets and liabilities | (509) |
|  Net amortization (accretion) on investments | (1862) |
|  **Net Cash Provided by (Used for) Operating Activities** | 716218 |
|  **Cash Flows Received from (Used for) Financing Activities:** |  |
|  Proceeds from shares sold | 181640 |
|  Payments on shares redeemed | (612158) |
|  Cash distributions paid\* | (719) |
|  Proceeds from reverse repurchase agreements | 72947896 |
|  Payments on reverse repurchase agreements | (73194784) |
|  Proceeds from sale-buyback transactions | 67675 |
|  Payments on sale-buyback transactions | (105169) |
|  **Net Cash Received from (Used for) Financing Activities** | (715619) |
|  **Net Increase (Decrease) in Cash and Foreign Currency** | 599 |
|  **Cash and Foreign Currency:** |  |
|  Beginning of year | 661 |
|  End of year | $1260 |
|  \*Reinvestment of distributions | $93781 |
|  **Supplemental Disclosure of Cash Flow Information:** |  |
|  Interest expense paid during the year | $20301 |

---

---

| | |
|:---|:---|
| <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.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **29** |

---

------

Schedule of Investments PIMCO RAE Fundamental Advantage PLUS Fund

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

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 155.7% | INVESTMENTS IN SECURITIES 155.7% | INVESTMENTS IN SECURITIES 155.7% |
| CORPORATE BONDS & NOTES 8.3% | CORPORATE BONDS & NOTES 8.3% | CORPORATE BONDS & NOTES 8.3% |
| BANKING & FINANCE 5.8% | BANKING & FINANCE 5.8% | BANKING & FINANCE 5.8% |
|  AerCap Ireland Capital DAC | AerCap Ireland Capital DAC | AerCap Ireland Capital DAC |
|  3.000% due 10/29/2028 | 300 | 282 |
|  3.300% due 01/30/2032 | 300 | 266 |
|  American Express Co. | American Express Co. | American Express Co. |
|  5.284% due 07/26/2035 •  | 900 | 900 |
|  American Tower Corp. | American Tower Corp. | American Tower Corp. |
|  1.000% due 01/15/2032 (h) | 1804 | 1652 |
|  3.800% due 08/15/2029 | 881 | 846 |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  2.528% due 11/18/2027 | 10 | 9 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  1.734% due 07/22/2027 •  | 100 | 96 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  4.337% due 01/10/2028 | 200 | 199 |
|  4.972% due 05/16/2029 •  | 200 | 201 |
|  Citibank NA | Citibank NA | Citibank NA |
|  4.838% due 08/06/2029 | 800 | 809 |
|  Credit Suisse AG AT1 Claim | 1374 | 165 |
|  Discover Bank | Discover Bank | Discover Bank |
|  4.650% due 09/13/2028 | 400 | 397 |
|  Equinix, Inc. | Equinix, Inc. | Equinix, Inc. |
|  1.550% due 03/15/2028 | 500 | 459 |
|  Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP |
|  5.400% due 06/15/2035 | 300 | 298 |
|  Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. |
|  2.750% due 03/29/2028 | 441 | 470 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  2.900% due 02/16/2028 | 200 | 185 |
|  4.389% due 01/08/2026 | 200 | 199 |
|  5.800% due 03/05/2027 | 800 | 804 |
|  5.800% due 03/08/2029 | 300 | 297 |
|  GLP Capital LP | GLP Capital LP | GLP Capital LP |
|  5.625% due 09/15/2034 | 100 | 98 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  6.208% due 03/15/2028 •  | 2000 | 2042 |
|  Greengrove RE Ltd. | Greengrove RE Ltd. | Greengrove RE Ltd. |
|  12.042% due 04/08/2032 •  | 250 | 251 |
|  GSPA Monetization Trust | GSPA Monetization Trust | GSPA Monetization Trust |
|  6.422% due 10/09/2029 | 21 | 21 |
|  Healthcare Realty Holdings LP | Healthcare Realty Holdings LP | Healthcare Realty Holdings LP |
|  2.400% due 03/15/2030 | 346 | 305 |
|  Hestia Re Ltd. | Hestia Re Ltd. | Hestia Re Ltd. |
|  11.042% due 03/13/2032 ~ | 250 | 250 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  2.357% due 08/18/2031 •  | 1569 | 1367 |
|  Integrity RE Ltd. | Integrity RE Ltd. | Integrity RE Ltd. |
|  16.532% due 06/06/2028 ~ | 250 | 252 |
|  Jackson National Life Global Funding | Jackson National Life Global Funding | Jackson National Life Global Funding |
|  5.600% due 04/10/2026 | 1100 | 1110 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  2.182% due 06/01/2028 •  | 3138 | 2987 |
|  5.040% due 01/23/2028 •  | 500 | 504 |
|  Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. |
|  5.594% due 07/10/2035 •  | 500 | 512 |
|  MMIFS Re Ltd. | MMIFS Re Ltd. | MMIFS Re Ltd. |
|  5.783% due 01/10/2033 ~ | 250 | 173 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  1.512% due 07/20/2027 •  | 1500 | 1442 |
|  4.654% due 10/18/2030 •  | 500 | 496 |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
|  2.875% due 09/19/2026 •  | 158 | 202 |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
|  2.679% due 07/16/2030 | 1491 | 1330 |
|  Prologis LP | Prologis LP | Prologis LP |
|  4.200% due 02/15/2033 | 200 | 140 |
|  5.000% due 01/31/2035 | 300 | 298 |
|  Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC |
|  6.833% due 11/21/2026 •  | 200 | 203 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  4.751% due 05/12/2028 •  | 2400 | 2402 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  0.625% due 03/25/2030 | 1500 | 1424 |
|  1.741% due 05/04/2030 ~ | 700 | 714 |
|  |  | 27057 |
| INDUSTRIALS 1.1% | INDUSTRIALS 1.1% | INDUSTRIALS 1.1% |
|  AngloGold Ashanti Holdings PLC | AngloGold Ashanti Holdings PLC | AngloGold Ashanti Holdings PLC |
|  3.375% due 11/01/2028 | 700 | 661 |
|  Cheniere Corpus Christi Holdings LLC | Cheniere Corpus Christi Holdings LLC | Cheniere Corpus Christi Holdings LLC |
|  3.700% due 11/15/2029 | 700 | 669 |
|  DAE Funding LLC | DAE Funding LLC | DAE Funding LLC |
|  3.375% due 03/20/2028 | 600 | 572 |
|  MPLX LP | MPLX LP | MPLX LP |
|  2.650% due 08/15/2030 | 900 | 802 |
|  Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. |
|  5.550% due 10/01/2034 | 1200 | 1173 |
|  Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. |
|  4.900% due 06/15/2030 | 800 | 765 |
|  T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
|  3.875% due 04/15/2030 | 100 | 96 |
|  United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust |
|  5.450% due 08/15/2038 | 198 | 200 |
|  |  | 4938 |
| UTILITIES 1.4% | UTILITIES 1.4% | UTILITIES 1.4% |
|  Edison International | Edison International | Edison International |
|  6.250% due 03/15/2030 | 200 | 203 |
|  ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |
|  5.050% due 11/01/2034 | 1700 | 1642 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  2.500% due 02/01/2031 | 2118 | 1821 |
|  4.550% due 07/01/2030 | 800 | 775 |
|  Rio Oil Finance Trust | Rio Oil Finance Trust | Rio Oil Finance Trust |
|  8.200% due 04/06/2028 | 283 | 290 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  2.950% due 02/01/2051 | 400 | 243 |
|  4.875% due 02/01/2027 | 600 | 602 |
|  5.150% due 06/01/2029 | 800 | 805 |
|  |  | 6381 |
|  Total Corporate Bonds & Notes (Cost $40,451) | Total Corporate Bonds & Notes (Cost $40,451) | 38376 |
| MUNICIPAL BONDS & NOTES 0.1% | MUNICIPAL BONDS & NOTES 0.1% | MUNICIPAL BONDS & NOTES 0.1% |
| ILLINOIS 0.1% | ILLINOIS 0.1% | ILLINOIS 0.1% |
|  Illinois State General Obligation Bonds, (BABs), Series 2010 | Illinois State General Obligation Bonds, (BABs), Series 2010 | Illinois State General Obligation Bonds, (BABs), Series 2010 |
|  6.630% due 02/01/2035 | 65 | 69 |
|  6.725% due 04/01/2035 | 157 | 164 |
|  Total Municipal Bonds & Notes (Cost $229) | Total Municipal Bonds & Notes (Cost $229) | 233 |
| U.S. GOVERNMENT AGENCIES 58.7% | U.S. GOVERNMENT AGENCIES 58.7% | U.S. GOVERNMENT AGENCIES 58.7% |
|  Fannie Mae | Fannie Mae | Fannie Mae |
|  2.242% due 01/25/2031 ~(a) | 390 | 24 |
|  4.202% due 10/01/2029 ~ | 2400 | 2386 |
|  4.300% due 12/01/2029 | 1604 | 1600 |
|  4.500% due 09/25/2040 | 649 | 622 |
|  4.540% due 07/01/2030 | 500 | 503 |
|  4.705% due 09/01/2031 •  | 4700 | 4751 |
|  4.720% due 10/01/2028 | 1200 | 1219 |
|  4.770% due 10/01/2028 | 1000 | 1017 |
|  4.860% due 08/01/2030 | 700 | 717 |
|  4.930% due 06/01/2029 | 1100 | 1126 |
|  5.290% due 11/25/2054 •  | 1879 | 1877 |
|  5.300% due 11/01/2030 | 2100 | 2181 |
|  6.426% due 12/01/2034 •  | 23 | 24 |
|  6.673% due 03/01/2034 •  | 7 | 7 |
|  Freddie Mac | Freddie Mac | Freddie Mac |
|  3.000% due 09/01/2032 | 1280 | 1239 |
|  3.500% due 07/15/2042 | 852 | 796 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.000% due 01/01/2048 - 03/01/2049 | $— | 404 | 381 |
|  5.280% due 11/25/2054 •  |  | 1786 | 1788 |
|  5.490% due 12/25/2054 •  |  | 3495 | 3513 |
|  6.500% due 05/01/2035 |  | 18 | 19 |
|  Ginnie Mae | Ginnie Mae | Ginnie Mae | Ginnie Mae |
|  4.750% due 11/20/2044 •  |  | 108 | 111 |
|  4.787% due 08/20/2047 •  |  | 61 | 59 |
|  6.473% due 04/20/2068 •  |  | 445 | 449 |
|  Ginnie Mae, TBA | Ginnie Mae, TBA | Ginnie Mae, TBA | Ginnie Mae, TBA |
|  5.000% due 05/01/2055 |  | 7630 | 7501 |
|  U.S. Small Business Administration | U.S. Small Business Administration | U.S. Small Business Administration | U.S. Small Business Administration |
|  5.490% due 03/01/2028 |  | 3 | 3 |
|  6.020% due 08/01/2028 |  | 26 | 27 |
|  Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security |
|  3.000% due 01/01/2027 |  | 206 | 203 |
|  3.500% due 02/01/2043 - 09/01/2048 |  | 2765 | 2526 |
|  4.500% due 07/01/2052 - 12/01/2053 |  | 11880 | 11383 |
|  5.000% due 02/01/2053 |  | 911 | 896 |
|  6.000% due 08/01/2036 - 04/01/2041 |  | 194 | 202 |
|  6.500% due 09/01/2036 |  | 25 | 26 |
|  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 |  | 10200 | 8839 |
|  4.000% due 05/01/2055 |  | 33490 | 31160 |
|  4.500% due 05/01/2055 |  | 7850 | 7506 |
|  5.000% due 04/01/2055 - 05/01/2055 |  | 14110 | 13819 |
|  5.500% due 05/01/2055 |  | 21100 | 21056 |
|  6.000% due 06/01/2055 |  | 52880 | 53608 |
|  6.500% due 06/01/2055 |  | 84070 | 86548 |
|  Total U.S. Government Agencies (Cost $270,972) | Total U.S. Government Agencies (Cost $270,972) | Total U.S. Government Agencies (Cost $270,972) | 271712 |
| U.S. TREASURY OBLIGATIONS 8.3% | U.S. TREASURY OBLIGATIONS 8.3% | U.S. TREASURY OBLIGATIONS 8.3% | U.S. TREASURY OBLIGATIONS 8.3% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  3.875% due 05/15/2043 (l) |  | 1500 | 1370 |
|  4.125% due 08/15/2053 (l) |  | 1000 | 922 |
|  4.625% due 05/15/2044 (l) |  | 5700 | 5720 |
|  U.S. Treasury Inflation Protected Securities (e) | U.S. Treasury Inflation Protected Securities (e) | U.S. Treasury Inflation Protected Securities (e) | U.S. Treasury Inflation Protected Securities (e) |
|  0.125% due 02/15/2051 (l) |  | 2196 | 1264 |
|  0.125% due 02/15/2052 |  | 456 | 259 |
|  0.625% due 07/15/2032 |  | 1640 | 1531 |
|  0.625% due 02/15/2043 (j) |  | 867 | 668 |
|  1.125% due 01/15/2033 |  | 960 | 920 |
|  1.375% due 07/15/2033 (l) |  | 627 | 612 |
|  1.875% due 07/15/2034 |  | 19130 | 19314 |
|  2.125% due 04/15/2029 |  | 5750 | 5922 |
|  Total U.S. Treasury Obligations (Cost $39,727) | Total U.S. Treasury Obligations (Cost $39,727) | Total U.S. Treasury Obligations (Cost $39,727) | 38502 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 9.4% | NON-AGENCY MORTGAGE-BACKED SECURITIES 9.4% | NON-AGENCY MORTGAGE-BACKED SECURITIES 9.4% | NON-AGENCY MORTGAGE-BACKED SECURITIES 9.4% |
|  Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust |
|  5.581% due 01/25/2036 ~ |  | 476 | 360 |
|  American Home Mortgage Assets Trust | American Home Mortgage Assets Trust | American Home Mortgage Assets Trust | American Home Mortgage Assets Trust |
|  4.625% due 10/25/2046 •  |  | 117 | 60 |
|  6.750% due 11/25/2046 þ |  | 112 | 100 |
|  Atrium Hotel Portfolio Trust | Atrium Hotel Portfolio Trust | Atrium Hotel Portfolio Trust | Atrium Hotel Portfolio Trust |
|  6.117% due 12/15/2036 •  |  | 2300 | 2250 |
|  Avon Finance PLC | Avon Finance PLC | Avon Finance PLC | Avon Finance PLC |
|  5.357% due 12/28/2049 •  |  | 1851 | 2396 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  4.940% due 09/20/2046 ~ | $— | 434 | 390 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  4.755% due 08/25/2036 •  |  | 71 | 63 |
|  5.564% due 05/25/2035 •  |  | 14 | 13 |
|  BX Trust | BX Trust | BX Trust | BX Trust |
|  5.068% due 04/15/2039 •  |  | 867 | 860 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  4.906% due 09/25/2036 •  |  | 114 | 95 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  4.821% due 09/25/2037 •  |  | 9 | 9 |
|  6.170% due 09/25/2062 þ |  | 2516 | 2519 |

---

---

| | | |
|:---|:---|:---|
| **30** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust |
|  5.035% due 04/25/2037 •  | 155 | 131 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.675% due 12/25/2046 •  | 681 | 604 |
|  5.500% due 06/25/2025 | 206 | 166 |
|  5.500% due 05/25/2035 | 308 | 246 |
|  5.500% due 11/25/2035 | 83 | 47 |
|  6.000% due 12/25/2035 | 278 | 201 |
|  6.000% due 05/25/2036 | 48 | 22 |
|  6.250% due 08/25/2036 | 636 | 342 |
|  7.000% due 10/25/2037 | 102 | 35 |
|  Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust |
|  6.000% due 01/25/2037 | 227 | 107 |
|  6.000% due 02/25/2037 | 228 | 106 |
|  Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust |
|  2.000% due 01/25/2060 ~ | 1342 | 1181 |
|  4.471% due 06/25/2050 ~ | 568 | 501 |
|  CSAB Mortgage-Backed Trust | CSAB Mortgage-Backed Trust | CSAB Mortgage-Backed Trust |
|  6.184% due 12/25/2036 þ | 1824 | 292 |
|  Deutsche ALT-A Securities, Inc. Mortgage Loan Trust | Deutsche ALT-A Securities, Inc. Mortgage Loan Trust | Deutsche ALT-A Securities, Inc. Mortgage Loan Trust |
|  4.815% due 02/25/2037 •  | 512 | 444 |
|  4.935% due 02/25/2035 •  | 27 | 27 |
|  First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust |
|  5.292% due 06/25/2036 •  | 293 | 235 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.841% due 12/19/2036 •  | 269 | 211 |
|  Impac CMB Trust | Impac CMB Trust | Impac CMB Trust |
|  5.075% due 03/25/2035 ~ | 93 | 89 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  4.835% due 11/25/2046 •  | 615 | 585 |
|  4.915% due 07/25/2035 ~ | 172 | 159 |
|  JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
|  5.817% due 12/15/2031 ~ | 198 | 193 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  4.262% due 07/27/2037 ~ | 66 | 61 |
|  5.750% due 01/25/2036 | 11 | 5 |
|  Lehman Mortgage Trust | Lehman Mortgage Trust | Lehman Mortgage Trust |
|  5.085% due 11/25/2036 •  | 170 | 80 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.885% due 08/25/2046 •  | 297 | 303 |
|  Luminent Mortgage Trust | Luminent Mortgage Trust | Luminent Mortgage Trust |
|  4.491% due 04/25/2036 ~ | 3158 | 2119 |
|  MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust |
|  6.370% due 11/21/2034 •  | 464 | 442 |
|  MASTR Asset Securitization Trust | MASTR Asset Securitization Trust | MASTR Asset Securitization Trust |
|  6.000% due 06/25/2036 | 112 | 63 |
|  Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust |
|  4.835% due 03/25/2037 •  | 2153 | 510 |
|  6.000% due 03/25/2037 | 53 | 18 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  5.205% due 04/25/2035 •  | 7 | 7 |
|  5.793% due 02/25/2036 •  | 1 | 1 |
|  MFA Trust | MFA Trust | MFA Trust |
|  6.775% due 10/25/2058 þ | 950 | 962 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  6.000% due 08/25/2036 | 83 | 35 |
|  MortgageIT Mortgage Loan Trust | MortgageIT Mortgage Loan Trust | MortgageIT Mortgage Loan Trust |
|  4.955% due 12/25/2035 •  | 150 | 148 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  3.500% due 12/25/2057 •  | 885 | 855 |
|  Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust |
|  5.476% due 05/25/2035 þ | 25 | 12 |
|  Nomura Resecuritization Trust | Nomura Resecuritization Trust | Nomura Resecuritization Trust |
|  5.335% due 07/25/2036 •  | 2075 | 2002 |
|  NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust |
|  0.490% due 09/25/2046 •  | 627 | 219 |
|  OBX Trust | OBX Trust | OBX Trust |
|  7.159% due 10/25/2063 þ | 1298 | 1325 |
|  Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust |
|  4.755% due 01/25/2037 •  | 1375 | 1231 |
|  4.935% due 08/25/2037 ~ | 12 | 11 |
|  5.544% due 10/25/2037 •  | 291 | 234 |
|  6.000% due 01/25/2037 | 29 | 23 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.000% due 03/25/2037 | $| 69 | 57 |
|  Residential Funding Mortgage Securities, Inc. Trust | Residential Funding Mortgage Securities, Inc. Trust | Residential Funding Mortgage Securities, Inc. Trust | Residential Funding Mortgage Securities, Inc. Trust |
|  5.610% due 04/25/2037 ~ |  | 146 | 127 |
|  Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust |
|  3.575% due 09/20/2046 •  |  | 76 | 51 |
|  Starwood Mortgage Residential Trust | Starwood Mortgage Residential Trust | Starwood Mortgage Residential Trust | Starwood Mortgage Residential Trust |
|  1.486% due 04/25/2065 •  |  | 216 | 205 |
|  Stratton Mortgage Funding PLC | Stratton Mortgage Funding PLC | Stratton Mortgage Funding PLC | Stratton Mortgage Funding PLC |
|  5.608% due 06/20/2060 •  | GBP | 472 | 611 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  5.124% due 08/25/2035 ~ | $| 28 | 15 |
|  5.342% due 03/25/2036 ~ |  | 31 | 24 |
|  Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust |
|  3.130% due 03/25/2044 ~ |  | 32 | 31 |
|  5.682% due 12/25/2044 ~ |  | 60 | 57 |
|  Towd Point Mortgage Funding | Towd Point Mortgage Funding | Towd Point Mortgage Funding | Towd Point Mortgage Funding |
|  5.483% due 07/20/2053 •  | GBP | 1072 | 1389 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  3.000% due 01/25/2058 ~ | $| 214 | 211 |
|  3.361% due 10/25/2057 ~ |  | 1479 | 1232 |
|  Trinity Square PLC | Trinity Square PLC | Trinity Square PLC | Trinity Square PLC |
|  5.470% due 07/15/2059 ~ | GBP | 511 | 661 |
|  Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust |
|  4.260% due 02/25/2067 þ | $| 982 | 937 |
|  5.811% due 05/25/2068 þ |  | 858 | 859 |
|  6.443% due 08/25/2068 þ |  | 1305 | 1317 |
|  6.476% due 06/25/2068 þ |  | 796 | 803 |
|  6.665% due 09/25/2068 þ |  | 1084 | 1095 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  4.237% due 06/25/2037 ~ |  | 103 | 90 |
|  4.640% due 06/25/2037 ~ |  | 98 | 87 |
|  4.975% due 12/25/2045 •  |  | 12 | 12 |
|  5.005% due 10/25/2035 •  |  | 16 | 15 |
|  5.075% due 08/25/2045 •  |  | 2596 | 2606 |
|  5.179% due 12/25/2035 ~ |  | 148 | 139 |
|  5.215% due 01/25/2045 ~ |  | 487 | 469 |
|  5.337% due 01/25/2035 ~ |  | 37 | 34 |
|  5.635% due 02/25/2046 ~ |  | 50 | 46 |
|  5.705% due 01/25/2046 •  |  | 4160 | 3709 |
|  Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust |
|  4.209% due 09/25/2036 •  |  | 469 | 123 |
|  4.935% due 02/25/2036 •  |  | 445 | 367 |
|  5.385% due 02/25/2047 •  |  | 657 | 605 |
|  5.575% due 04/25/2046 •  |  | 56 | 45 |
|  Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust |
|  6.935% due 09/25/2036 ~ |  | 3 | 3 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $47,497) | Total Non-Agency Mortgage-Backed Securities (Cost $47,497) | Total Non-Agency Mortgage-Backed Securities (Cost $47,497) | 43737 |
| ASSET-BACKED SECURITIES 29.5% | ASSET-BACKED SECURITIES 29.5% | ASSET-BACKED SECURITIES 29.5% | ASSET-BACKED SECURITIES 29.5% |
| AUTOMOBILE ABS OTHER 0.7% | AUTOMOBILE ABS OTHER 0.7% | AUTOMOBILE ABS OTHER 0.7% | AUTOMOBILE ABS OTHER 0.7% |
|  CPS Auto Receivables Trust | CPS Auto Receivables Trust | CPS Auto Receivables Trust | CPS Auto Receivables Trust |
|  5.190% due 08/15/2028 |  | 1000 | 1002 |
|  Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust |
|  4.919% due 09/15/2027 ~ |  | 2203 | 2204 |
|  |  |  | 3206 |
| AUTOMOBILE SEQUENTIAL 4.1% | AUTOMOBILE SEQUENTIAL 4.1% | AUTOMOBILE SEQUENTIAL 4.1% | AUTOMOBILE SEQUENTIAL 4.1% |
|  Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC |
|  5.900% due 08/21/2028 |  | 1300 | 1334 |
|  6.120% due 04/20/2027 |  | 3300 | 3340 |
|  CarMax Auto Owner Trust | CarMax Auto Owner Trust | CarMax Auto Owner Trust | CarMax Auto Owner Trust |
|  5.300% due 03/15/2027 |  | 984 | 986 |
|  Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
|  5.380% due 03/12/2029 |  | 600 | 609 |
|  5.420% due 04/10/2028 |  | 795 | 799 |
|  6.410% due 09/10/2027 |  | 281 | 282 |
|  Citizens Auto Receivables Trust | Citizens Auto Receivables Trust | Citizens Auto Receivables Trust | Citizens Auto Receivables Trust |
|  5.110% due 04/17/2028 |  | 300 | 302 |
|  5.430% due 10/15/2026 |  | 182 | 183 |
|  CPS Auto Receivables Trust | CPS Auto Receivables Trust | CPS Auto Receivables Trust | CPS Auto Receivables Trust |
|  4.910% due 06/15/2028 |  | 1180 | 1181 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.710% due 09/15/2027 | 156 | 156 |
|  DT Auto Owner Trust | DT Auto Owner Trust | DT Auto Owner Trust |
|  6.290% due 08/16/2027 | 427 | 428 |
|  Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust |
|  6.320% due 03/15/2027 | 349 | 349 |
|  Foursight Capital Automobile Receivables Trust | Foursight Capital Automobile Receivables Trust | Foursight Capital Automobile Receivables Trust |
|  5.990% due 05/15/2028 | 616 | 619 |
|  GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust |
|  5.570% due 02/16/2027 | 365 | 366 |
|  GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust |
|  5.960% due 10/16/2028 | 1000 | 1014 |
|  6.270% due 08/16/2027 | 450 | 451 |
|  Hertz Vehicle Financing LLC | Hertz Vehicle Financing LLC | Hertz Vehicle Financing LLC |
|  1.990% due 06/25/2026 | 450 | 448 |
|  5.440% due 01/25/2029 | 2200 | 2231 |
|  5.490% due 06/25/2027 | 500 | 503 |
|  Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust |
|  2.650% due 03/25/2030 | 203 | 199 |
|  5.320% due 09/25/2030 | 236 | 236 |
|  5.380% due 11/25/2030 | 348 | 348 |
|  7.130% due 01/26/2032 | 281 | 283 |
|  SCCU Auto Receivables Trust | SCCU Auto Receivables Trust | SCCU Auto Receivables Trust |
|  5.700% due 10/16/2028 | 1300 | 1317 |
|  SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust |
|  5.350% due 06/21/2027 | 188 | 188 |
|  Tricolor Auto Securitization Trust | Tricolor Auto Securitization Trust | Tricolor Auto Securitization Trust |
|  6.610% due 10/15/2027 | 338 | 340 |
|  Veros Auto Receivables Trust | Veros Auto Receivables Trust | Veros Auto Receivables Trust |
|  7.120% due 11/15/2028 | 345 | 346 |
|  |  | 18838 |
| CMBS OTHER 3.2% | CMBS OTHER 3.2% | CMBS OTHER 3.2% |
|  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 •  | 2062 | 2065 |
|  Fortress Credit Investments Ltd. | Fortress Credit Investments Ltd. | Fortress Credit Investments Ltd. |
|  6.192% due 02/23/2039 •  | 627 | 615 |
|  MF1 Ltd. | MF1 Ltd. | MF1 Ltd. |
|  6.067% due 02/19/2037 •  | 2700 | 2711 |
|  PFP Ltd. | PFP Ltd. | PFP Ltd. |
|  6.595% due 08/19/2035 •  | 1718 | 1720 |
|  Ready Capital Mortgage Financing LLC | Ready Capital Mortgage Financing LLC | Ready Capital Mortgage Financing LLC |
|  6.872% due 10/25/2039 •  | 1623 | 1634 |
|  Starwood Commercial Mortgage Trust | Starwood Commercial Mortgage Trust | Starwood Commercial Mortgage Trust |
|  6.149% due 11/15/2038 •  | 4300 | 4277 |
|  TPG Real Estate Finance Issuer Ltd. | TPG Real Estate Finance Issuer Ltd. | TPG Real Estate Finance Issuer Ltd. |
|  5.969% due 02/15/2039 •  | 1834 | 1829 |
|  |  | 14851 |
| HOME EQUITY OTHER 10.8% | HOME EQUITY OTHER 10.8% | HOME EQUITY OTHER 10.8% |
|  Aegis Asset-Backed Securities Trust | Aegis Asset-Backed Securities Trust | Aegis Asset-Backed Securities Trust |
|  5.170% due 08/25/2035 •  | 4370 | 3694 |
|  Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates |
|  5.095% due 11/25/2035 •  | 1271 | 1239 |
|  Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust |
|  5.245% due 06/25/2034 •  | 711 | 717 |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  5.485% due 08/25/2037 •  | 514 | 456 |
|  6.035% due 08/25/2037 •  | 3000 | 2576 |
|  Centex Home Equity Loan Trust | Centex Home Equity Loan Trust | Centex Home Equity Loan Trust |
|  5.080% due 03/25/2034 •  | 68 | 67 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  4.625% due 05/25/2037 •  | 790 | 526 |
|  4.755% due 09/25/2036 •  | 2664 | 2025 |
|  4.915% due 08/25/2036 •  | 1000 | 930 |
|  5.335% due 09/25/2035 •  | 1370 | 1326 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.835% due 02/25/2037 •  | 234 | 218 |
|  5.175% due 08/25/2047 •  | 233 | 227 |
|  Countrywide Partnership Trust | Countrywide Partnership Trust | Countrywide Partnership Trust |
|  5.335% due 02/25/2035 •  | 3110 | 3070 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **31** |

---

------

Schedule of Investments PIMCO RAE Fundamental Advantage PLUS Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC |
|  4.955% due 03/25/2036 •  | 971 | 880 |
|  Ellington Loan Acquisition Trust | Ellington Loan Acquisition Trust | Ellington Loan Acquisition Trust |
|  5.535% due 05/25/2037 •  | 993 | 969 |
|  Encore Credit Receivables Trust | Encore Credit Receivables Trust | Encore Credit Receivables Trust |
|  5.170% due 09/25/2035 •  | 7 | 7 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  4.575% due 11/25/2036 •  | 293 | 172 |
|  4.735% due 10/25/2036 •  | 1010 | 404 |
|  4.775% due 02/25/2037 ~ | 932 | 295 |
|  5.170% due 01/25/2035 ~ | 67 | 66 |
|  GSAA Home Equity Trust | GSAA Home Equity Trust | GSAA Home Equity Trust |
|  4.575% due 03/25/2036 ~ | 188 | 61 |
|  5.075% due 04/25/2047 •  | 358 | 157 |
|  6.795% due 06/25/2036 þ | 341 | 77 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  4.525% due 01/25/2037 ~ | 1395 | 836 |
|  4.635% due 12/25/2046 •  | 134 | 64 |
|  4.695% due 12/25/2046 •  | 1314 | 661 |
|  4.895% due 01/25/2037 •  | 410 | 351 |
|  HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust |
|  4.915% due 11/25/2035 •  | 1628 | 1520 |
|  IndyMac Residential Asset Backed Trust | IndyMac Residential Asset Backed Trust | IndyMac Residential Asset Backed Trust |
|  4.655% due 04/25/2037 ~ | 262 | 201 |
|  JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. |
|  4.645% due 10/25/2036 •  | 74 | 73 |
|  5.035% due 07/25/2036 •  | 6824 | 6609 |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  4.875% due 02/25/2036 •  | 339 | 333 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.955% due 02/25/2037 •  | 2280 | 645 |
|  Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust |
|  4.650% due 03/25/2037 •  | 778 | 307 |
|  5.365% due 07/25/2035 •  | 507 | 494 |
|  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 |
|  6.532% due 10/25/2036 þ | 242 | 51 |
|  NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust |
|  4.635% due 09/25/2037 •  | 322 | 316 |
|  Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust |
|  4.975% due 01/25/2036 •  | 2012 | 1887 |
|  5.215% due 02/25/2035 •  | 280 | 266 |
|  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 |
|  5.410% due 07/25/2035 •  | 1400 | 1136 |
|  6.160% due 02/25/2035 •  | 4155 | 3801 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  5.535% due 09/25/2037 •  | 229 | 94 |
|  Residential Asset Securities Corp. Trust | Residential Asset Securities Corp. Trust | Residential Asset Securities Corp. Trust |
|  5.015% due 06/25/2033 ~ | 58 | 54 |
|  5.095% due 12/25/2035 •  | 1405 | 1377 |
|  5.395% due 01/25/2036 •  | 5075 | 4813 |
|  Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust |
|  4.885% due 09/25/2036 •  | 1700 | 1402 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  5.155% due 10/25/2035 •  | 1509 | 1302 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  4.900% due 02/25/2036 •  | 726 | 679 |
|  5.735% due 10/25/2037 •  | 412 | 315 |
|  |  | 49746 |
| WHOLE LOAN COLLATERAL 1.3% | WHOLE LOAN COLLATERAL 1.3% | WHOLE LOAN COLLATERAL 1.3% |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  4.885% due 10/25/2036 •  | 66 | 66 |
|  4.915% due 11/25/2036 •  | 3100 | 2894 |
|  7.250% due 05/25/2036 þ | 86 | 43 |
|  First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust |
|  4.715% due 03/25/2037 •  | 1772 | 924 |
|  4.745% due 09/25/2036 •  | 98 | 91 |
|  5.155% due 11/25/2035 •  | 434 | 405 |
|  PRET LLC | PRET LLC | PRET LLC |
|  6.721% due 07/25/2051 þ | 1443 | 1444 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust |
|  5.035% due 12/25/2036 ~ | 249 | 244 |
|  |  | 6111 |
| OTHER ABS 9.4% | OTHER ABS 9.4% | OTHER ABS 9.4% |
|  Anchorage Credit Funding Ltd. | Anchorage Credit Funding Ltd. | Anchorage Credit Funding Ltd. |
|  2.875% due 07/27/2039 | 300 | 278 |
|  4.300% due 07/25/2036 | 212 | 209 |
|  Arbour CLO DAC | Arbour CLO DAC | Arbour CLO DAC |
|  3.681% due 12/15/2038 •  | 1900 | 2058 |
|  Atlas Senior Loan Fund Ltd. | Atlas Senior Loan Fund Ltd. | Atlas Senior Loan Fund Ltd. |
|  6.505% due 07/20/2032 •  | 2500 | 2506 |
|  Barings CLO Ltd. | Barings CLO Ltd. | Barings CLO Ltd. |
|  5.514% due 04/15/2031 •  | 1423 | 1424 |
|  Blackrock European CLO DAC | Blackrock European CLO DAC | Blackrock European CLO DAC |
|  3.405% due 10/15/2031 •  | 1413 | 1526 |
|  BlueMountain CLO Ltd. | BlueMountain CLO Ltd. | BlueMountain CLO Ltd. |
|  5.490% due 10/25/2030 ~ | 903 | 904 |
|  BNPP AM Euro CLO DAC | BNPP AM Euro CLO DAC | BNPP AM Euro CLO DAC |
|  3.435% due 10/15/2031 •  | 354 | 383 |
|  Cairn CLO DAC | Cairn CLO DAC | Cairn CLO DAC |
|  3.282% due 01/31/2030 •  | 861 | 930 |
|  Carlyle Euro CLO DAC | Carlyle Euro CLO DAC | Carlyle Euro CLO DAC |
|  3.446% due 08/15/2032 •  | 1155 | 1250 |
|  Carlyle U.S. CLO Ltd. | Carlyle U.S. CLO Ltd. | Carlyle U.S. CLO Ltd. |
|  5.452% due 10/15/2031 ~ | 788 | 788 |
|  CBAM Ltd. | CBAM Ltd. | CBAM Ltd. |
|  5.584% due 04/17/2031 •  | 1189 | 1190 |
|  5.675% due 04/20/2032 ~ | 717 | 717 |
|  CVC Cordatus Loan Fund DAC | CVC Cordatus Loan Fund DAC | CVC Cordatus Loan Fund DAC |
|  3.131% due 09/15/2031 •  | 1276 | 1379 |
|  3.394% due 07/21/2030 •  | 491 | 531 |
|  3.435% due 10/15/2031 •  | 2768 | 2994 |
|  3.871% due 10/23/2034 •  | 1299 | 1406 |
|  ECMC Group Student Loan Trust | ECMC Group Student Loan Trust | ECMC Group Student Loan Trust |
|  5.454% due 07/25/2069 •  | 336 | 337 |
|  Galaxy CLO Ltd. | Galaxy CLO Ltd. | Galaxy CLO Ltd. |
|  5.534% due 10/15/2030 •  | 228 | 228 |
|  Gallatin CLO Ltd. | Gallatin CLO Ltd. | Gallatin CLO Ltd. |
|  6.214% due 07/15/2031 •  | 1200 | 1203 |
|  GreenSky Home Improvement Trust | GreenSky Home Improvement Trust | GreenSky Home Improvement Trust |
|  5.550% due 06/25/2059 | 700 | 711 |
|  Harvest CLO DAC | Harvest CLO DAC | Harvest CLO DAC |
|  3.424% due 10/20/2031 •  | 2522 | 2726 |
|  Jubilee CLO DAC | Jubilee CLO DAC | Jubilee CLO DAC |
|  3.435% due 04/15/2031 •  | 875 | 946 |
|  Man GLG Euro CLO DAC | Man GLG Euro CLO DAC | Man GLG Euro CLO DAC |
|  1.970% due 10/15/2032 | 1000 | 1045 |
|  4.485% due 10/15/2032 •  | 2200 | 2382 |
|  Marlette Funding Trust | Marlette Funding Trust | Marlette Funding Trust |
|  5.950% due 11/15/2032 | 146 | 146 |
|  Navient Private Education Loan Trust | Navient Private Education Loan Trust | Navient Private Education Loan Trust |
|  6.034% due 10/15/2031 •  | 207 | 207 |
|  Nelnet Student Loan Trust | Nelnet Student Loan Trust | Nelnet Student Loan Trust |
|  5.174% due 04/20/2062 •  | 1020 | 1016 |
|  6.544% due 02/20/2041 •  | 180 | 184 |
|  6.640% due 02/20/2041 | 180 | 186 |
|  OCP CLO Ltd. | OCP CLO Ltd. | OCP CLO Ltd. |
|  5.675% due 07/20/2029 •  | 20 | 20 |
|  Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust |
|  5.331% due 01/15/2032 | 1100 | 1105 |
|  Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC |
|  3.505% due 10/15/2031 •  | 1723 | 1863 |
|  PK ALIFT Loan Funding 4 LP | PK ALIFT Loan Funding 4 LP | PK ALIFT Loan Funding 4 LP |
|  5.052% due 10/15/2039 | 2056 | 2030 |
|  SLM Private Education Loan Trust | SLM Private Education Loan Trust | SLM Private Education Loan Trust |
|  9.184% due 10/15/2041 •  | 1625 | 1711 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  1.070% due 01/15/2053 | 1314 | 1175 |
|  5.164% due 01/15/2053 ~ | 1397 | 1372 |
|  5.447% due 07/15/2053 •  | 917 | 918 |
|  5.897% due 11/15/2052 •  | 373 | 377 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  SoFi Professional Loan Program Trust | SoFi Professional Loan Program Trust | SoFi Professional Loan Program Trust |
|  2.540% due 05/15/2046 | 547 | 525 |
|  Sound Point CLO Ltd. | Sound Point CLO Ltd. | Sound Point CLO Ltd. |
|  5.542% due 07/25/2030 •  | 199 | 199 |
|  Theorem Funding Trust | Theorem Funding Trust | Theorem Funding Trust |
|  7.600% due 04/15/2029 | 263 | 264 |
|  Upstart Pass-Through Trust | Upstart Pass-Through Trust | Upstart Pass-Through Trust |
|  3.800% due 04/20/2030 | 199 | 198 |
|  Upstart Structured Pass-Through Trust | Upstart Structured Pass-Through Trust | Upstart Structured Pass-Through Trust |
|  4.250% due 06/17/2030 | 127 | 125 |
|  |  | 43672 |
|  Total Asset-Backed Securities (Cost $141,161) | Total Asset-Backed Securities (Cost $141,161) | 136424 |
| SOVEREIGN ISSUES 7.1% | SOVEREIGN ISSUES 7.1% | SOVEREIGN ISSUES 7.1% |
|  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 | 1225000 | 1227 |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 10/01/2025 (d) | 15200 | 2486 |
|  Colombian TES | Colombian TES | Colombian TES |
|  6.000% due 04/28/2028 | 5888100 | 1252 |
|  CPPIB Capital, Inc. | CPPIB Capital, Inc. | CPPIB Capital, Inc. |
|  4.300% due 06/02/2034 | 900 | 662 |
|  Czech Republic Government International Bond | Czech Republic Government International Bond | Czech Republic Government International Bond |
|  4.200% due 12/04/2036 | 8000 | 342 |
|  Egypt Government International Bond | Egypt Government International Bond | Egypt Government International Bond |
|  21.954% due 03/04/2028 | 36400 | 737 |
|  Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond |
|  2.750% due 11/27/2031 (e) | 10612 | 453 |
|  3.000% due 12/03/2026 (e) | 17686 | 832 |
|  4.000% due 11/30/2028 (e) | 5348 | 253 |
|  4.000% due 08/24/2034 (e) | 46405 | 2114 |
|  8.000% due 11/07/2047 | 15600 | 630 |
|  8.500% due 03/01/2029 | 8700 | 421 |
|  Peru Government International Bond | Peru Government International Bond | Peru Government International Bond |
|  5.400% due 08/12/2034 | 8600 | 2136 |
|  6.150% due 08/12/2032 | 26400 | 7220 |
|  6.900% due 08/12/2037 | 2800 | 753 |
|  6.950% due 08/12/2031 | 1600 | 466 |
|  7.300% due 08/12/2033 | 3300 | 949 |
|  7.600% due 08/12/2039 | 500 | 141 |
|  Province of Quebec | Province of Quebec | Province of Quebec |
|  4.450% due 09/01/2034 | 5500 | 4082 |
|  Republic of Poland Government International Bond | Republic of Poland Government International Bond | Republic of Poland Government International Bond |
|  4.750% due 07/25/2029 | 5500 | 1392 |
|  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 | 13800 | 668 |
|  8.000% due 01/31/2030 | 14500 | 758 |
|  8.250% due 03/31/2032 | 7300 | 366 |
|  8.500% due 01/31/2037 | 9100 | 413 |
|  9.000% due 01/31/2040 | 39700 | 1790 |
|  Turkey Government International Bond | Turkey Government International Bond | Turkey Government International Bond |
|  45.031% due 05/20/2026 ~ | 200 | 5 |
|  45.031% due 08/19/2026 ~ | 100 | 2 |
|  45.031% due 05/17/2028 ~ | 18700 | 466 |
|  Total Sovereign Issues (Cost $32,683) | Total Sovereign Issues (Cost $32,683) | 33016 |
| SHORT-TERM INSTRUMENTS 34.3% | SHORT-TERM INSTRUMENTS 34.3% | SHORT-TERM INSTRUMENTS 34.3% |
| COMMERCIAL PAPER 5.5% | COMMERCIAL PAPER 5.5% | COMMERCIAL PAPER 5.5% |
|  AES Corp. | AES Corp. | AES Corp. |
|  4.900% due 04/10/2025 | 2340 | 2337 |
|  Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. |
|  4.650% due 04/10/2025 | 2340 | 2337 |
|  Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. |
|  4.850% due 04/28/2025 (b) | 2310 | 2302 |
|  Conagra Brands, Inc. | Conagra Brands, Inc. | Conagra Brands, Inc. |
|  4.750% due 04/02/2025 | 2370 | 2369 |
|  Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. |
|  4.800% due 04/21/2025 | 2320 | 2314 |

---

---

| | | |
|:---|:---|:---|
| **32** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  4.880% due 04/08/2025 | 2300 | 2298 |
|  HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. |
|  5.150% due 04/24/2025 | 2300 | 2292 |
|  Jabil, Inc. | Jabil, Inc. | Jabil, Inc. |
|  4.810% due 04/11/2025 (b) | 2310 | 2306 |
|  Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. |
|  4.600% due 04/23/2025 | 2330 | 2323 |
|  Marsh & McLennan Cos, Inc. | Marsh & McLennan Cos, Inc. | Marsh & McLennan Cos, Inc. |
|  4.600% due 04/17/2025 | 2340 | 2335 |
|  Mondelez International, Inc. | Mondelez International, Inc. | Mondelez International, Inc. |
|  4.620% due 04/15/2025 | 2150 | 2146 |
|  |  | 25359 |
|  | **SHARES** |  |
| MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class 4.400% (f) | 533276 | 533 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| REPURCHASE AGREEMENTS (g) 28.1% | REPURCHASE AGREEMENTS (g) 28.1% | REPURCHASE AGREEMENTS (g) 28.1% | REPURCHASE AGREEMENTS (g) 28.1% | REPURCHASE AGREEMENTS (g) 28.1% |
|  |  |  | $— | 130300 |
| U.S. TREASURY BILLS 0.6% | U.S. TREASURY BILLS 0.6% | U.S. TREASURY BILLS 0.6% | U.S. TREASURY BILLS 0.6% | U.S. TREASURY BILLS 0.6% |
|  4.293% due 05/15/2025 - 06/05/2025 (c)(d)(l) | $— | 2695 |  | 2675 |
| Total Short-Term Instruments<br>(Cost $158,870) | Total Short-Term Instruments<br>(Cost $158,870) | Total Short-Term Instruments<br>(Cost $158,870) |  | 158867 |
| Total Investments in Securities<br>(Cost $731,590) | Total Investments in Securities<br>(Cost $731,590) | Total Investments in Securities<br>(Cost $731,590) |  | 720867 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| INVESTMENTS IN AFFILIATES 6.4% | INVESTMENTS IN AFFILIATES 6.4% | INVESTMENTS IN AFFILIATES 6.4% | INVESTMENTS IN AFFILIATES 6.4% |
| SHORT-TERM INSTRUMENTS 6.4% | SHORT-TERM INSTRUMENTS 6.4% | SHORT-TERM INSTRUMENTS 6.4% | SHORT-TERM INSTRUMENTS 6.4% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 6.4% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 6.4% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 6.4% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 6.4% |
|  PIMCO Short Asset Portfolio | 3038523 | $— | 29747 |
|  PIMCO Short-Term Floating NAV Portfolio III | 1608 |  | 16 |
| Total Short-Term Instruments<br>(Cost $29,587) | Total Short-Term Instruments<br>(Cost $29,587) |  | 29763 |
| Total Investments in Affiliates<br>(Cost $29,587) | Total Investments in Affiliates<br>(Cost $29,587) |  | 29763 |
| Total Investments 162.1%<br>(Cost $761,177) | Total Investments 162.1%<br>(Cost $761,177) | $— | 750630 |
|  Financial Derivative Instruments (i)(k) 0.3%<br> (Cost or Premiums, net $14,032) | Financial Derivative Instruments (i)(k) 0.3%<br> (Cost or Premiums, net $14,032) |  | 1485 |
| Other Assets and Liabilities, net (62.4)% | Other Assets and Liabilities, net (62.4)% |  | (288945) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 463170 |

---

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

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

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

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

(b) When-issued security.

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

(d) Zero coupon security.

(e) Principal amount of security is adjusted for inflation.

(f) Coupon represents a 7-Day Yield.

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Lending<br>Rate | Settlement<br>Date | Maturity<br>Date | Principal<br>Amount | Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| BOS | 4.410% | 03/31/2025 | 04/01/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66100 | U.S. Treasury Notes 2.750% due 04/30/2027 | $(67383) | $66100 | $66108 |
| JPS | 4.500 | 03/31/2025 | 04/01/2025 | 3900 | U.S. Treasury Notes 0.750% due 03/31/2026 | (3980) | 3900 | 3901 |
| SAL | 4.350 | 04/01/2025 | 04/02/2025 | 100 | U.S. Treasury Notes 3.875% due 12/31/2027 | (102) | 100 | 100 |
|  | 4.410 | 04/01/2025 | 04/02/2025 | 60200 | U.S. Treasury Notes 3.375% due 09/15/2027 | (61429) | 60200 | 60200 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(132894) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130300 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130309 |

---

#### REVERSE REPURCHASE AGREEMENTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(2)</sup> | Settlement<br>Date | Maturity<br>Date | Amount<br>Borrowed<sup>(2)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements |
|  BRC | 1.900% | 03/12/2025 | TBD<sup>(3)</sup> | EUR (506) | $(548) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(548) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 33

------

Schedule of Investments PIMCO RAE Fundamental Advantage PLUS Fund (Cont.)

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (4.0)% | U.S. Government Agencies (4.0)% | U.S. Government Agencies (4.0)% | U.S. Government Agencies (4.0)% | U.S. Government Agencies (4.0)% | U.S. Government Agencies (4.0)% |
| &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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20400 | $(18309) | $(18388) |
|  Total Short Sales (4.0)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18309) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18388) |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(4)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BOS | $66108 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66108 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(67383) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1275) |
|  BRC | 0 | (548) | 0 | (548) | 549 | 1 |
|  JPS | 3901 | 0 | 0 | 3901 | (3980) | (79) |
|  SAL | 60300 | 0 | 0 | 60300 | (61531) | (1231) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130309 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(548) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |  |  |  |

---

#### CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

#### Remaining Contractual Maturity of the Agreements

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Overnight and<br>Continuous | Up to 30 days | 31-90 days | Greater Than 90 days | Total |
|  Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements |
|  Corporate Bonds & Notes | $0 | $0 | $0 | $(548) | $(548) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(548) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(548) |
|  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  | $(548) |

---

(h) Securities with an aggregate market value of $549 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 $(275) at a weighted average interest rate of 2.659%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

<sup>(3)</sup> Open maturity reverse repurchase agreement.

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

&nbsp;&nbsp;&nbsp;&nbsp;(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 | 6 | $6 | $(1) | $(1) |
|  Put - CBOE U.S. Treasury 10-Year Note May Futures | 109.500 | 04/25/2025 | 3 | 3 | (1) | 0 |
|  Put - CBOE U.S. Treasury 10-Year Note May Futures | 110.000 | 04/25/2025 | 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | (3) | (2) |
|  Call - CBOE U.S. Treasury 10-Year Note May Futures | 112.000 | 04/25/2025 | 6 | 6 | (2) | (3) |
|  Call - CBOE U.S. Treasury 10-Year Note May Futures | 112.250 | 04/25/2025 | 3 | 3 | (1) | (1) |
|  Call - CBOE U.S. Treasury 10-Year Note May Futures | 112.500 | 04/25/2025 | 10 | 10 | (3) | (4) |
|  Total Written Options |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) |

---

34 PIMCO EQUITY-RELATED STRATEGY FUNDS See Accompanying Notes

------

March 31, 2025

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  U.S. Treasury 5-Year Note June Futures  | 06/2025 | 1082 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117025 | $1029 | $0 | $(34) |
|  U.S. Treasury 10-Year Ultra Long-Term Bond June Futures  | 06/2025 | 64 | 7304 | 148 | 6 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1177 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34) |

---

#### 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 | 39 | $(4967) | $44 | $1 | $(12) |
|  U.S. Treasury 10-Year Note June Futures  | 06/2025 | 604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(67176) | (570) | 0 | (9) |
|  U.S. Treasury Long-Term Bond June Futures  | 06/2025 | 4 | (469) | (11) | 0 | (1) |
|  U.S. Treasury Ultra Long-Term Bond June Futures  | 06/2025 | 55 | (6724) | (31) | 0 | (24) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(568) | $1 | $(46) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $609 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80) |

---

#### 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% | 400 | $2 | $0 | $2 | $0 | $0 |
|  BNP Paribas SNR | 1.000 | Quarterly | 12/20/2025 | 0.204 | 100 | 1 | 0 | 1 | 0 | 0 |
|  General Motors Co. | 5.000 | Quarterly | 12/20/2026 | 0.462 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470 | 92 | (56) | 36 | 0 | 0 |
|  General Motors Co. | 5.000 | Quarterly | 06/20/2028 | 0.838 | 550 | 66 | 4 | 70 | 0 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(3)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Variation Margin | Variation Margin |
| **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(3)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Asset | Liability |
|  CDX.EM-36 5-Year Index | 1.000% | Quarterly | 12/20/2026 | $644 | $(23) | $23 | $0 | $1 | $0 |
|  CDX.EM-40 5-Year Index | 1.000 | Quarterly | 12/20/2028 | 200 | (10) | 7 | (3) | 0 | 0 |
|  CDX.EM-42 5-Year Index | 1.000 | Quarterly | 12/20/2029 | 200 | (6) | 1 | (5) | 0 | 0 |
|  CDX.EM-43 5-Year Index | 1.000 | Quarterly | 06/20/2030 | 300 | (11) | 0 | (11) | 0 | 0 |
|  CDX.HY-43 5-Year Index | 5.000 | Quarterly | 12/20/2029 | 1000 | 73 | (18) | 55 | 0 | 0 |
|  CDX.HY-44 5-Year Index | 5.000 | Quarterly | 06/20/2030 | 400 | 21 | 0 | 21 | 0 | 0 |
|  CDX.IG-39 5-Year Index | 1.000 | Quarterly | 12/20/2027 | 200 | 3 | 0 | 3 | 0 | 0 |
|  CDX.IG-40 5-Year Index | 1.000 | Quarterly | 06/20/2028 | 1300 | 19 | 6 | 25 | 0 | 0 |
|  CDX.IG-41 5-Year Index | 1.000 | Quarterly | 12/20/2028 | 200 | 4 | 0 | 4 | 0 | 0 |
|  CDX.IG-43 5-Year Index | 1.000 | Quarterly | 12/20/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33960 | 757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(103) | 654 | 0 | 0 |
|  CDX.IG-44 5-Year Index | 1.000 | Quarterly | 06/20/2030 | 12500 | 230 | 0 | 230 | 2 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1057 | $(84) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;973 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | 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 | 26340 | $(719) | $(62) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(781) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115 | $0 |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 4.320 | Annual | 10/20/2033 | 200 | (1) | 4 | 3 | 1 | 0 |
|  Receive | 1-Day GBP-SONIO Compounded-OIS | 3.700 | Annual | 03/28/2034 | 100 | 0 | 4 | 4 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.930 | Annual | 01/06/2035 | 200 | (1) | (4) | (5) | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/21/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52200 | 822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(279) | 543 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 06/20/2026 | 38600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(100) | 325 | 225 | 0 | (2) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.982 | Annual | 09/30/2026 | 26600 | 0 | 23 | 23 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.650 | Annual | 05/31/2028 | 5660 | 0 | 61 | 61 | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.662 | Annual | 05/31/2028 | 8000 | 0 | 83 | 83 | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 03/04/2030 | 800 | (1) | (6) | (7) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/21/2030 | 18100 | 433 | 401 | 834 | 0 | (19) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **35** |

---

------

Schedule of Investments PIMCO RAE Fundamental Advantage PLUS Fund (Cont.)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500% | Annual | 12/20/2030 |  | $20360 | $178 | $53 | $231 | $0 | $(27) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2031 |  | 6300 | 18 | (29) | (11) | 0 | (12) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6829 | 0 | (7) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/21/2033 |  | 9300 | 608 | 10 | 618 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2034 |  | 10590 | (50) | 148 | 98 | 0 | (31) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 |  | 1800 | (11) | 17 | 6 | 0 | (6) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.015 | Annual | 12/30/2034 |  | 200 | (1) | 5 | 4 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.933 | Annual | 01/06/2035 |  | 300 | (1) | 5 | 4 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.840 | Annual | 01/08/2035 |  | 200 | (1) | 2 | 1 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.850 | Annual | 01/08/2035 |  | 200 | (1) | 2 | 1 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.890 | Annual | 01/08/2035 |  | 300 | (1) | 4 | 3 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.896 | Annual | 01/08/2035 |  | 300 | (1) | 4 | 3 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.900 | Annual | 01/08/2035 |  | 200 | (1) | 3 | 2 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.880 | Annual | 01/13/2035 |  | 400 | (1) | 4 | 3 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.970 | Annual | 01/15/2035 |  | 100 | 0 | 2 | 2 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.013 | Annual | 01/15/2035 |  | 400 | (1) | 9 | 8 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.071 | Annual | 01/15/2035 |  | 200 | (1) | 6 | 5 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 01/21/2035 |  | 200 | (1) | 6 | 5 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.090 | Annual | 01/22/2035 |  | 300 | (1) | 9 | 8 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 02/26/2035 |  | 100 | 0 | (2) | (2) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.890 | Annual | 03/03/2035 |  | 150 | (1) | (1) | (2) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.908 | Annual | 03/04/2035 |  | 200 | (1) | (1) | (2) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.870 | Annual | 03/05/2035 |  | 100 | 0 | (1) | (1) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.874 | Annual | 03/05/2035 |  | 400 | (1) | (3) | (4) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.899 | Annual | 03/11/2035 |  | 200 | (1) | (1) | (2) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 03/12/2035 |  | 300 | (1) | (2) | (3) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.975 | Annual | 03/21/2035 |  | 400 | (1) | (6) | (7) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 03/24/2035 |  | 600 | (1) | (7) | (8) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.884 | Annual | 03/25/2035 |  | 400 | (1) | (3) | (4) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 02/20/2049 |  | 4800 | 73 | 61 | 134 | 0 | (32) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2052 |  | 12850 | 2885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4832 | 0 | (67) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/18/2054 |  | 14650 | 228 | 663 | 891 | 0 | (36) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.498 | Quarterly | 04/28/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5208700 | 0 | 35 | 35 | 0 | (1) |
|  Receive | 3-Month EUR-EURIBOR | 2.710 | Annual | 08/06/2034 |  | 300 | (1) | (6) | (7) | 0 | (1) |
|  Receive | 3-Month EUR-EURIBOR | 2.680 | Annual | 08/07/2034 |  | 100 | 0 | (2) | (2) | 0 | 0 |
|  Receive | 3-Month EUR-EURIBOR | 2.590 | Annual | 08/19/2034 |  | 300 | (1) | (2) | (3) | 0 | (1) |
|  Receive | 3-Month EUR-EURIBOR | 2.580 | Annual | 08/29/2034 |  | 300 | (1) | (2) | (3) | 0 | (1) |
|  Receive | 3-Month EUR-EURIBOR | 2.390 | Annual | 10/01/2034 |  | 200 | (1) | 6 | 5 | 0 | (1) |
|  Pay | 3-Month EUR-EURIBOR | 2.380 | Annual | 12/31/2034 |  | 200 | (1) | (4) | (5) | 1 | 0 |
|  Receive | 3-Month PLN-WIBOR | 4.930 | Annual | 07/25/2029 |  | 5500 | 0 | (30) | (30) | 0 | (4) |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/20/2033 |  | 15100 | (64) | 265 | 201 | 65 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 5.020 | Semi-Annual | 09/01/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1225000 | 0 | 5 | 5 | 0 | (2) |
|  Receive | 6-Month CZK-PRIBOR | 3.760 | Annual | 11/01/2034 |  | 8900 | 0 | 0 | 0 | 0 | (2) |
|  Receive | 6-Month EUR-EURIBOR | 2.280 | Annual | 03/04/2030 |  | 300 | 0 | 2 | 2 | 0 | (1) |
|  Pay<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2030 |  | 280 | 1 | (3) | (2) | 1 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 3.250 | Annual | 11/06/2033 |  | 300 | (1) | (16) | (17) | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 3.280 | Annual | 11/22/2033 |  | 200 | (1) | (11) | (12) | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 3.305 | Annual | 11/27/2033 |  | 100 | 0 | (6) | (6) | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 3.128 | Annual | 12/04/2033 |  | 200 | (1) | (8) | (9) | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 3.063 | Annual | 12/06/2033 |  | 200 | (1) | (7) | (8) | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 2.910 | Annual | 12/29/2033 |  | 200 | (1) | (4) | (5) | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 2.650 | Annual | 01/08/2034 |  | 80 | 0 | 0 | 0 | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.670 | Annual | 04/03/2034 |  | 200 | (1) | (3) | (4) | 0 | (1) |
|  Pay | 6-Month EUR-EURIBOR | 2.220 | Annual | 01/08/2035 |  | 200 | 0 | (8) | (8) | 1 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.400 | Annual | 02/12/2035 |  | 200 | (1) | 6 | 5 | 0 | (1) |
|  Pay | 6-Month EUR-EURIBOR | 2.420 | Annual | 03/07/2035 |  | 100 | 0 | (2) | (2) | 0 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.460 | Annual | 03/13/2035 |  | 200 | (1) | (3) | (4) | 1 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.610 | Annual | 03/24/2035 |  | 200 | (1) | 0 | (1) | 1 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.520 | Annual | 03/27/2035 |  | 200 | (1) | (1) | (2) | 1 | 0 |
|  Pay<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.460 | Annual | 04/01/2035 |  | 200 | (1) | (3) | (4) | 0 | (4) |
|  Pay<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2035 |  | 12920 | (550) | 32 | (518) | 54 | 0 |
|  Receive<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2055 |  | 5300 | 430 | 2 | 432 | 0 | (42) |
|  Receive | 28-Day MXN-TIIE | 9.390 | Lunar | 12/12/2025 |  | 6100 | 0 | (1) | (1) | 0 | 0 |
|  Receive | 28-Day MXN-TIIE | 9.430 | Lunar | 12/25/2025 |  | 10700 | 0 | (3) | (3) | 0 | 0 |
|  Receive | 28-Day MXN-TIIE | 9.000 | Lunar | 03/01/2029 |  | 8200 | 0 | (14) | (14) | 0 | 0 |
|  Receive<sup>(5)</sup> | 28-Day MXN-TIIE | 9.430 | Lunar | 10/19/2034 |  | 10700 | 0 | (26) | (26) | 0 | 0 |
|  Receive<sup>(5)</sup> | 28-Day MXN-TIIE | 9.390 | Lunar | 11/03/2034 |  | 6100 | 0 | (14) | (14) | 0 | 0 |
|  Receive | CAONREPO | 2.740 | Semi-Annual | 06/01/2034 |  | 400 | 0 | (2) | (2) | 0 | (1) |
|  Receive | CAONREPO | 2.900 | Semi-Annual | 06/01/2034 |  | 3000 | 0 | (38) | (38) | 0 | (7) |
|  Receive | CAONREPO | 3.000 | Semi-Annual | 06/01/2034 |  | 2980 | 3 | (58) | (55) | 0 | (7) |
|  |  |  |  |  |  |  | $9564 | $4941 | $14505 | $257 | $(358) |
|  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;10782 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4805 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15587 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(358) |

---

36 PIMCO EQUITY-RELATED 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 | | 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;7 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(360) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(451) |

---

(j) Securities with an aggregate market value of $667 and cash of $10,673 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

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

<sup>(3)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

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

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

<sup>(6)</sup> Unsettled variation margin liability of $(2) 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 | Asset | Liability |
|  AZD | 04/2025 | 12738 | $84 | $0 | $(1) |
|  | 04/2025 | $7127 | 11267 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(87) |
|  | 04/2025 | 98 | 14578 | 0 | 0 |
|  | 04/2025 | 168 | 225 | 0 | (1) |
|  | 05/2025 | 11267 | $7129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87 | 0 |
|  | 05/2025 | 4331 | 591 | 0 | (6) |
|  | 05/2025 | 224 | 168 | 1 | 0 |
|  | 05/2025 | $2254 | 16319 | 1 | (2) |
|  | 05/2025 | 84 | 12695 | 0 | 0 |
|  | 06/2025 | 9834 | $1345 | 0 | (15) |
|  | 06/2025 | $642 | 4632 | 0 | (1) |
|  | 07/2025 | 8121 | $1127 | 2 | 0 |
|  | 08/2025 | 8122 | 1126 | 0 | (2) |
|  BOA | 04/2025 | 137 | 85 | 0 | 0 |
|  | 04/2025 | 558 | 23 | 0 | (1) |
|  | 04/2025 | 137 | 148 | 0 | 0 |
|  | 04/2025 | 150379 | 103 | 0 | 0 |
|  | 04/2025 | $1004 | 18232 | 0 | (10) |
|  | 05/2025 | 4234 | $579 | 0 | (6) |
|  | 05/2025 | 1798577 | 108 | 0 | 0 |
|  | 05/2025 | $131 | 11247 | 0 | 0 |
|  | 06/2025 | 5215 | $718 | 0 | (4) |
|  | 06/2025 | $314 | 2272 | 0 | 0 |
|  | 06/2025 | 152 | 221464 | 0 | (1) |
|  | 06/2025 | 2005 | 7746 | 0 | (10) |
|  | 08/2025 | 2904 | $406 | 3 | 0 |
|  | 08/2025 | 7256 | 222 | 2 | 0 |
|  BPS | 04/2025 | 1595 | 1005 | 8 | 0 |
|  | 04/2025 | 12244 | 2130 | 0 | (16) |
|  | 04/2025 | 2524 | 1763 | 9 | 0 |
|  | 04/2025 | 7754 | 319 | 0 | (17) |
|  | 04/2025 | 26020 | 27284 | 0 | (851) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **37** |

---

------

Schedule of Investments PIMCO RAE Fundamental Advantage PLUS Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 04/2025 | 11834230 | $714 | $4 | $0 |
|  | 04/2025 | 320 | 87 | 1 | 0 |
|  | 04/2025 | 4546 | 30 | 0 | 0 |
|  | 04/2025 | 3513863 | 2400 | 13 | 0 |
|  | 04/2025 | 4665 | 118 | 0 | (1) |
|  | 04/2025 | 217070 | 6602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | 0 |
|  | 04/2025 | $2135 | 12244 | 11 | 0 |
|  | 04/2025 | 2425 | 39883298 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32) |
|  | 04/2025 | 1131 | 98194 | 16 | 0 |
|  | 04/2025 | 962 | 143391 | 0 | (6) |
|  | 04/2025 | 912 | 1325363 | 0 | (12) |
|  | 04/2025 | 107 | 144 | 0 | 0 |
|  | 04/2025 | 4298 | 141177 | 0 | (46) |
|  | 04/2025 | 7098 | $388 | 1 | 0 |
|  | 05/2025 | 15291 | 2104 | 1 | (7) |
|  | 05/2025 | 5267272 | 317 | 1 | 0 |
|  | 05/2025 | 144 | 107 | 0 | 0 |
|  | 05/2025 | $443 | 7344040 | 0 | (2) |
|  | 05/2025 | 1178 | 101066 | 1 | 0 |
|  | 05/2025 | 30 | 4531 | 0 | 0 |
|  | 06/2025 | 11122 | $1525 | 0 | (13) |
|  | 06/2025 | 91160 | 64 | 2 | 0 |
|  | 06/2025 | 24846 | 632 | 33 | 0 |
|  | 06/2025 | $330 | 481724 | 0 | (2) |
|  | 06/2025 | 1593 | 6196 | 11 | (9) |
|  | 07/2025 | 34552 | $1063 | 17 | 0 |
|  | 08/2025 | 20320 | 2828 | 6 | 0 |
|  | 08/2025 | 92680 | 2837 | 21 | 0 |
|  | 10/2025 | 5300 | 885 | 0 | (4) |
|  BRC | 04/2025 | 3716 | 1003 | 4 | 0 |
|  | 04/2025 | 2980 | 34 | 0 | (1) |
|  | 04/2025 | 607 | 15 | 0 | 0 |
|  | 04/2025 | $553 | 9054409 | 0 | (10) |
|  | 04/2025 | 35 | 2976 | 0 | 0 |
|  | 04/2025 | 1386 | 53489 | 0 | (21) |
|  | 04/2025 | 4660 | $256 | 2 | 0 |
|  | 05/2025 | 2949 | 512 | 0 | (2) |
|  | 05/2025 | 2985 | 35 | 0 | 0 |
|  | 05/2025 | 1463 | 37 | 0 | 0 |
|  | 05/2025 | $555 | 429 | 0 | (1) |
|  | 05/2025 | 69 | 2689 | 0 | (2) |
|  | 06/2025 | 10070 | $241 | 0 | (1) |
|  | 06/2025 | $12 | 47 | 0 | 0 |
|  | 06/2025 | 1260 | 49757 | 0 | (60) |
|  BSH | 04/2025 | 9535 | $6041 | 83 | 0 |
|  | 04/2025 | 260075 | 1732 | 0 | (2) |
|  | 04/2025 | 2425 | 638 | 0 | (21) |
|  | 05/2025 | 350 | 92 | 0 | (3) |
|  | 05/2025 | $1732 | 259199 | 2 | 0 |
|  | 06/2025 | 9811 | $2659 | 0 | (7) |
|  | 06/2025 | $269 | 1037 | 0 | (2) |
|  | 07/2025 | 2452 | $654 | 0 | (12) |
|  CBK | 04/2025 | 20086 | 3506 | 1 | (15) |
|  | 04/2025 | 1763 | 2004 | 11 | 0 |
|  | 04/2025 | 5571539 | 1272 | 0 | (60) |
|  | 04/2025 | 85 | 92 | 1 | 0 |
|  | 04/2025 | 11879500 | 716 | 3 | 0 |
|  | 04/2025 | 2664 | 731 | 14 | 0 |
|  | 04/2025 | 21793 | 254 | 0 | (1) |
|  | 04/2025 | 7741 | 2063 | 0 | (43) |
|  | 04/2025 | 151513 | 4624 | 61 | 0 |
|  | 04/2025 | $3495 | 20086 | 25 | 0 |
|  | 04/2025 | 13449 | 19157 | 0 | (136) |
|  | 04/2025 | 1338 | 5609655 | 3 | 0 |
|  | 04/2025 | 16 | 115 | 0 | 0 |
|  | 04/2025 | 499 | 385 | 0 | (2) |
|  | 04/2025 | 1413 | 23136677 | 0 | (24) |
|  | 04/2025 | 339 | 29110 | 1 | 0 |
|  | 04/2025 | 66 | 96544 | 0 | 0 |
|  | 04/2025 | 286 | 1043 | 0 | (2) |

---

---

| | | |
|:---|:---|:---|
| **38** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 04/2025 | $4795 | 157173 | $0 | $(62) |
|  | 05/2025 | 19129 | $13449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136 | 0 |
|  | 05/2025 | 6261088 | 377 | 2 | 0 |
|  | 05/2025 | 310 | 82 | 0 | (2) |
|  | 05/2025 | $441 | 7325777 | 0 | (2) |
|  | 06/2025 | 1176616 | $1254 | 16 | 0 |
|  | 06/2025 | 3283 | 453 | 0 | (1) |
|  | 06/2025 | 5674140 | 1338 | 0 | (4) |
|  | 06/2025 | 6345949 | 4416 | 94 | 0 |
|  | 06/2025 | 2170 | 592 | 3 | 0 |
|  | 06/2025 | $291 | 2099 | 0 | 0 |
|  | 07/2025 | 59938 | $1842 | 27 | 0 |
|  | 07/2025 | $3506 | 20479 | 15 | (1) |
|  | 08/2025 | 3699 | $991 | 0 | (13) |
|  | 08/2025 | 66293 | 2034 | 21 | 0 |
|  DUB | 04/2025 | 16 | 11 | 0 | 0 |
|  | 04/2025 | 99 | 14 | 0 | 0 |
|  | 04/2025 | 152 | 166 | 1 | 0 |
|  | 04/2025 | 2690 | 740 | 16 | 0 |
|  | 04/2025 | 58900 | 400 | 8 | 0 |
|  | 04/2025 | 32 | 24 | 0 | 0 |
|  | 04/2025 | $1602 | 26545965 | 0 | (10) |
|  | 04/2025 | 196 | 16842 | 1 | 0 |
|  | 04/2025 | 86 | 115 | 0 | 0 |
|  | 05/2025 | 784640 | $47 | 0 | 0 |
|  | 05/2025 | 678 | 178 | 0 | (6) |
|  | 05/2025 | 115 | 86 | 0 | 0 |
|  | 05/2025 | $14 | 99 | 0 | 0 |
|  | 06/2025 | 4453673 | $3099 | 66 | 0 |
|  FAR | 04/2025 | 3203 | 558 | 0 | (4) |
|  | 04/2025 | 5246 | 5885 | 0 | (44) |
|  | 04/2025 | 2739 | 754 | 18 | 0 |
|  | 04/2025 | 186068 | 1236 | 0 | (5) |
|  | 04/2025 | $558 | 3203 | 4 | 0 |
|  | 04/2025 | 26 | 182 | 1 | 0 |
|  | 04/2025 | 745 | 111230 | 0 | (4) |
|  | 04/2025 | 65 | 2145 | 0 | (1) |
|  | 05/2025 | 575 | 4147 | 0 | (3) |
|  | 05/2025 | 1236 | 185442 | 5 | 0 |
|  | 06/2025 | 558 | 3244 | 4 | 0 |
|  | 06/2025 | 565 | 2186 | 0 | (2) |
|  | 07/2025 | 4131 | $575 | 2 | 0 |
|  GLM | 04/2025 | 61995 | 10873 | 62 | (52) |
|  | 04/2025 | 260 | 181 | 0 | 0 |
|  | 04/2025 | 9600 | 1419 | 28 | 0 |
|  | 04/2025 | 10851617 | 654 | 2 | 0 |
|  | 04/2025 | 228943 | 156 | 1 | 0 |
|  | 04/2025 | 204 | 54 | 0 | (2) |
|  | 04/2025 | 298 | 7 | 0 | 0 |
|  | 04/2025 | $10746 | 61995 | 118 | 0 |
|  | 04/2025 | 1099 | 18084742 | 0 | (14) |
|  | 04/2025 | 90 | 131547 | 0 | (1) |
|  | 05/2025 | 4117 | $562 | 0 | (6) |
|  | 05/2025 | 3008496 | 180 | 0 | 0 |
|  | 05/2025 | $654 | 10861419 | 0 | (3) |
|  | 06/2025 | 808 | 5842 | 2 | (2) |
|  | 06/2025 | 156 | 228112 | 0 | (1) |
|  | 06/2025 | 106 | 410 | 0 | (1) |
|  | 07/2025 | 6015 | $185 | 3 | 0 |
|  | 07/2025 | $21 | 675 | 0 | 0 |
|  | 09/2025 | 1555 | $424 | 3 | 0 |
|  | 10/2025 | 9900 | 1633 | 0 | (28) |
|  IND | 04/2025 | 192 | 28 | 0 | 0 |
|  | 05/2025 | $28 | 192 | 0 | 0 |
|  JPM | 04/2025 | 48491 | $8323 | 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(175) |
|  | 04/2025 | 1357263 | 82 | 1 | 0 |
|  | 04/2025 | 2803 | 770 | 16 | 0 |
|  | 04/2025 | 86780 | 577 | 0 | (1) |
|  | 04/2025 | 34 | 26 | 0 | 0 |
|  | 04/2025 | 574 | 14 | 0 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **39** |

---

------

Schedule of Investments PIMCO RAE Fundamental Advantage PLUS Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 04/2025 | 20105 | $613 | $8 | $0 |
|  | 04/2025 | $8447 | 48491 | 50 | 0 |
|  | 04/2025 | 28330 | 26265 | 71 | 0 |
|  | 04/2025 | 229 | 3755134 | 0 | (3) |
|  | 04/2025 | 314 | 27066 | 3 | 0 |
|  | 04/2025 | 801 | 119368 | 0 | (5) |
|  | 04/2025 | 66 | 96502 | 0 | 0 |
|  | 04/2025 | 2242 | 73667 | 0 | (24) |
|  | 04/2025 | 3852 | $211 | 1 | 0 |
|  | 05/2025 | 4401 | 603 | 0 | (5) |
|  | 05/2025 | 26265 | 28376 | 0 | (71) |
|  | 05/2025 | 2040812 | 123 | 1 | 0 |
|  | 05/2025 | $2112 | 15308 | 3 | (2) |
|  | 05/2025 | 177 | 26690 | 1 | 0 |
|  | 06/2025 | 1793 | $246 | 0 | (2) |
|  | 06/2025 | 100829 | 4886 | 9 | 0 |
|  | 06/2025 | $8026 | 47386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173 | 0 |
|  | 06/2025 | 304 | 6250 | 0 | (2) |
|  | 06/2025 | 1701 | 6591 | 3 | (7) |
|  | 06/2025 | 68 | 2704 | 0 | (2) |
|  | 07/2025 | 7827 | $1085 | 1 | (1) |
|  | 07/2025 | 34973 | 1075 | 16 | 0 |
|  | 07/2025 | $244 | 1428 | 1 | 0 |
|  | 08/2025 | 7411 | $1027 | 0 | (3) |
|  | 08/2025 | 58442 | 1789 | 14 | 0 |
|  MBC | 04/2025 | 356 | 402 | 0 | 0 |
|  | 04/2025 | 5 | 1 | 0 | 0 |
|  | 04/2025 | 148 | 161 | 1 | 0 |
|  | 04/2025 | 293 | 220 | 1 | 0 |
|  | 04/2025 | 9154 | 237 | 4 | 0 |
|  | 04/2025 | 30656 | 948 | 24 | 0 |
|  | 04/2025 | $8331 | 7359 | 0 | (12) |
|  | 04/2025 | 301 | 277 | 0 | (1) |
|  | 04/2025 | 561 | 434 | 0 | (1) |
|  | 04/2025 | 991 | 85746 | 10 | 0 |
|  | 04/2025 | 997 | 149000 | 0 | (3) |
|  | 04/2025 | 996 | 32727 | 0 | (11) |
|  | 04/2025 | 7259 | $397 | 2 | 0 |
|  | 05/2025 | 7333 | 8331 | 12 | 0 |
|  | 05/2025 | 7299 | 1006 | 0 | (1) |
|  | 05/2025 | 1206995 | 73 | 0 | 0 |
|  | 05/2025 | $1041 | 7550 | 1 | (1) |
|  | 05/2025 | 1 | 5 | 0 | 0 |
|  | 06/2025 | 1172739 | $815 | 16 | 0 |
|  | 06/2025 | $570 | 2201 | 0 | (4) |
|  | 07/2025 | 3752 | $521 | 1 | 0 |
|  | 07/2025 | 16831 | 516 | 7 | 0 |
|  | 08/2025 | 6659 | 925 | 1 | (2) |
|  | 08/2025 | 15698 | 480 | 3 | 0 |
|  MYI | 04/2025 | 16363 | 11495 | 124 | 0 |
|  | 04/2025 | 10200 | 1506 | 28 | 0 |
|  | 04/2025 | 123 | 92 | 0 | 0 |
|  | 04/2025 | $4382 | 29315 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(133) |
|  | 04/2025 | 229 | 7498 | 0 | (4) |
|  | 04/2025 | 916 | 16737 | 0 | (4) |
|  | 05/2025 | 1160223 | $70 | 0 | 0 |
|  | 06/2025 | 1920 | 265 | 0 | (1) |
|  | 06/2025 | $130 | 516 | 3 | 0 |
|  NGF | 06/2025 | 1386882 | $973 | 29 | 0 |
|  SCX | 04/2025 | 36317 | 245 | 3 | 0 |
|  | 04/2025 | 2306 | 607 | 0 | (21) |
|  | 04/2025 | 16085 | 496 | 11 | 0 |
|  | 04/2025 | $690 | 11281158 | 0 | (13) |
|  | 04/2025 | 66 | 96399 | 0 | (1) |
|  | 04/2025 | 288 | 9468 | 0 | (3) |
|  | 05/2025 | 6236 | $865 | 4 | 0 |
|  | 05/2025 | 471284 | 28 | 0 | 0 |
|  | 05/2025 | $57 | 8499 | 0 | 0 |
|  | 06/2025 | 731 | $101 | 0 | (1) |

---

---

| | | |
|:---|:---|:---|
| **40** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 07/2025 | 3709 | $994 | $0 | $(13) |
|  | 08/2025 | 9390 | 288 | 3 | 0 |
|  SSB | 04/2025 | 3692 | 4674 | 0 | (96) |
|  | 04/2025 | 6536 | 1720 | 0 | (58) |
|  | 04/2025 | $3715 | 2873 | 0 | (4) |
|  | 05/2025 | 2873 | $3715 | 4 | 0 |
|  | 05/2025 | 1414 | 373 | 0 | (12) |
|  UAG | 04/2025 | 9500 | 1401 | 24 | 0 |
|  | 04/2025 | 1281157 | 77 | 0 | 0 |
|  | 04/2025 | $77 | 1281157 | 0 | 0 |
|  | 04/2025 | 735 | 109364 | 0 | (6) |
|  | 05/2025 | 77 | 1282959 | 0 | 0 |
|  | 06/2025 | 1594 | $408 | 0 | (2) |
|  | 06/2025 | $182 | 701 | 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;1876 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2579) |

---

#### PURCHASED OPTIONS:

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BRC Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.750% | 10/30/2025 | 52000 | $250 | $205 |
| CBK Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 6.050 | 10/30/2025 | 9600 | 2 | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 5.850 | 11/21/2025 | 11200 | 4 | 1 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 5.850 | 11/24/2025 | 4000 | 2 | 0 |
|  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;258 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206 |

---

#### WRITTEN OPTIONS:

#### CREDIT DEFAULT SWAPTIONS ON CREDIT INDEXES

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Buy/Sell<br>Protection | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
|  GST | Put - OTC CDX.IG-43 5-Year Index | Sell | 0.700% | 05/21/2025 | 600 | $(1) | $(1) |
|  | Put - OTC CDX.IG-43 5-Year Index | Sell | 0.700 | 06/18/2025 | 700 | (1) | (1) |
|  | Put - OTC CDX.IG-43 5-Year Index | Sell | 0.750 | 06/18/2025 | 1300 | (2) | (1) |
|  | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.850 | 06/18/2025 | 1300 | (1) | (1) |
|  | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.900 | 07/16/2025 | 1200 | (1) | (1) |
|  JPM | Put - OTC CDX.IG-44 5-Year Index | Sell | 1.000 | 07/16/2025 | 600 | (1) | (1) |
|  RBC | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.900 | 07/16/2025 | 500 | (1) | (1) |
|  |  |  |  |  |  | $(8) | $(7) |

---

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive <br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BPS Call - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.400% | 04/07/2025 | 200 | $0 | $(1) |
| Put - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.750 | 04/07/2025 | 200 | 0 | 0 |
| BRC Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 2.830 | 10/30/2025 | 52000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(93) | (59) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.290 | 10/30/2025 | 52000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(155) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(110) |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.510 | 04/07/2025 | 200 | (1) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.860 | 04/07/2025 | 200 | (1) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.550 | 04/11/2025 | 200 | (1) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.900 | 04/11/2025 | 200 | (1) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.550 | 04/14/2025 | 200 | (1) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.920 | 04/14/2025 | 200 | (1) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.450 | 04/30/2025 | 200 | (1) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.760 | 04/30/2025 | 200 | (1) | (1) |
| CBK Call - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.350 | 04/25/2025 | 200 | 0 | (1) |
| Put - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.650 | 04/25/2025 | 200 | 0 | 0 |
| FAR Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.715 | 04/24/2025 | 300 | (1) | (2) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.065 | 04/24/2025 | 300 | (1) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.593 | 04/30/2025 | 400 | (1) | (2) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.943 | 04/30/2025 | 400 | (1) | (2) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **41** |

---

------

Schedule of Investments PIMCO RAE Fundamental Advantage PLUS Fund (Cont.)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Floating Rate Index** | **Pay/Receive <br>Floating Rate** | **Exercise<br>Rate** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Premiums<br>(Received)** | **Market<br>Value** |
| GLM Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.535% | 04/10/2025 | 600 | $(2) | $(1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.985 | 04/10/2025 | 600 | (2) | (1) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.723 | 04/14/2025 | 400 | (2) | (2) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.073 | 04/14/2025 | 400 | (2) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.710 | 04/21/2025 | 400 | (1) | (3) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.060 | 04/21/2025 | 400 | (1) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.713 | 04/28/2025 | 300 | (1) | (2) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.063 | 04/28/2025 | 300 | (1) | (1) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.600 | 04/30/2025 | 400 | (2) | (2) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.950 | 04/30/2025 | 400 | (2) | (1) |
| MYC Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.710 | 04/14/2025 | 400 | (2) | (2) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.060 | 04/14/2025 | 400 | (2) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.520 | 04/07/2025 | 200 | (1) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.890 | 04/07/2025 | 200 | (1) | 0 |
| NGF Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.530 | 04/17/2025 | 200 | (1) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.890 | 04/17/2025 | 200 | (1) | 0 |
|  |  |  |  |  |  | $(284) | $(195) |
|  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;(292) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(202) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>March 31, 2025<sup>(3)</sup>** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | Swap Agreements,<br>at Value<sup>(5)</sup> | Swap Agreements,<br>at Value<sup>(5)</sup> |
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>March 31, 2025<sup>(3)</sup>** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | Asset | Liability |
| GST | Soft Bank Group, Inc. | 1.000% | Quarterly | 06/20/2026 | 1.326% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | Swap Agreements,<br>at Value<sup>(5)</sup> | Swap Agreements,<br>at Value<sup>(5)</sup> |
| **Counterparty** | **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | Asset | Liability |
| BOA | ABX.HE.AAA.6-2 Index « | 0.110% | Monthly | 05/25/2046 | $345 | $(85) | $58 | $0 | $(27) |
|  | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 | 1673 | 325 | 6 | 331 | 0 |
| BPS | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 | 2363 | 467 | 0 | 467 | 0 |
| GST | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 | 1083 | 216 | (2) | 214 | 0 |
| JPM | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 | 11518 | 2373 | (94) | 2279 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3296 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3291 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27) |

---

#### TOTAL RETURN SWAPS ON INDEXES

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Pay/Receive<sup>(6)</sup> | Underlying Reference | # of Units | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| Counterparty | Pay/Receive<sup>(6)</sup> | Underlying Reference | # of Units | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  BOA | Pay | S&P 500 Total Return Index | 1323 | 5.030% (FEDL01 plus a specified spread) | Monthly | 07/16/2025 | $16353 | $0 | $70 | $70 | $0 |
|  | Pay | S&P 500 Total Return Index | 203 | 5.030% (FEDL01 plus a specified spread) | Monthly | 08/06/2025 | 2509 | 0 | 10 | 10 | 0 |
|  | Pay | S&P 500 Total Return Index | 8613 | 5.290% (FEDL01 plus a specified spread) | Maturity | 01/21/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  | Pay | S&P 500 Total Return Index | 1650 | 5.070% | Monthly | 03/11/2026 | 20394 | 0 | 54 | 54 | 0 |
|  BPS | Pay | S&P 500 Total Return Index | 10568 | 5.090% (FEDL01 plus a specified spread) | Maturity | 10/01/2025 | 127510 | 0 | 840 | 840 | 0 |
|  CBK | Receive | ERAUSLT Index | 15547 | 4.990% (FEDL01 plus a specified spread) | Monthly | 04/09/2025 | 9182 | 0 | (39) | 0 | (39) |
|  FAR | Pay | S&P 500 Total Return Index | 1054 | 5.030% (FEDL01 plus a specified spread) | Monthly | 07/16/2025 | 13028 | 0 | 18 | 18 | 0 |
|  JPM | Pay | S&P 500 Total Return Index | 167 | 5.040% (FEDL01 plus a specified spread) | Monthly | 08/06/2025 | 2064 | 0 | 9 | 9 | 0 |
|  | Pay | S&P 500 Total Return Index | 10420 | 5.110% (FEDL01 plus a specified spread) | Monthly | 08/06/2025 | 128793 | 0 | 543 | 543 | 0 |

---

---

| | | |
|:---|:---|:---|
| **42** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/Receive<sup>(6)</sup>** | **Underlying Reference** | **# of Units** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Swap Agreements,<br>at Value** | **Swap Agreements,<br>at Value** |
| **Counterparty** | **Pay/Receive<sup>(6)</sup>** | **Underlying Reference** | **# of Units** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  | Receive | ERAUSLT Index | 186464 | 5.030% (FEDL01 plus a specified spread) | Monthly | 10/01/2025 | $110120 | $0 | $(450) | $0 | $(450) |
|  | Receive | ERAUSLT Index | 415702 | 5.280% (FEDL01 plus a specified spread) | Maturity | 01/21/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249742 | 0 | (9013) | 0 | (9013) |
|  | Pay | S&P 500 Total Return Index | 2387 | 5.110% (FEDL01 plus a specified spread) | Monthly | 02/04/2026 | 29504 | 0 | 129 | 129 | 0 |
|  | Pay | S&P 500 Total Return Index | 1165 | 4.990% (FEDL01 plus a specified spread) | Monthly | 04/01/2026 | 14400 | 0 | 0 | 0 | 0 |
|  MYI | Receive | ERAUSLT Index | 102848 | 4.950% (FEDL01 plus a specified spread) | Monthly | 05/07/2025 | 60739 | 0 | (223) | 0 | (223) |
|  | Receive | ERAUSLT Index | 67894 | 4.960% | Monthly | 06/04/2025 | 40096 | 0 | (87) | 0 | (87) |
|  |  |  |  |  |  |  |  | $0 | $(895) | $8917 | $(9812) |
|  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;3295 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(927) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12208 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9840) |

---

#### 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 | $91 | $0 | $0 | $91 | $(115) | $0 | $0 | $(115) | $(24) | $0 | $(24) |
|  BOA | 5 | 0 | 7709 | 7714 | (32) | 0 | (27) | (59) | 7655 | (9482) | (1827) |
|  BPS | 221 | 0 | 1307 | 1528 | (1018) | (1) | 0 | (1019) | 509 | (896) | (387) |
|  BRC | 6 | 205 | 0 | 211 | (98) | (171) | 0 | (269) | (58) | 0 | (58) |
|  BSH | 85 | 0 | 0 | 85 | (47) | 0 | 0 | (47) | 38 | 0 | 38 |
|  CBK | 434 | 1 | 0 | 435 | (368) | (1) | (39) | (408) | 27 | 631 | 658 |
|  DUB | 92 | 0 | 0 | 92 | (16) | 0 | 0 | (16) | 76 | 0 | 76 |
|  FAR | 34 | 0 | 18 | 52 | (63) | (6) | 0 | (69) | (17) | 0 | (17) |
|  GLM | 219 | 0 | 0 | 219 | (110) | (13) | 0 | (123) | 96 | 0 | 96 |
|  GST | 0 | 0 | 214 | 214 | 0 | (5) | (1) | (6) | 208 | (260) | (52) |
|  JPM | 373 | 0 | 2960 | 3333 | (303) | (1) | (9463) | (9767) | (6434) | 4110 | (2324) |
|  MBC | 83 | 0 | 0 | 83 | (36) | 0 | 0 | (36) | 47 | 0 | 47 |
|  MYC | 0 | 0 | 0 | 0 | 0 | (2) | 0 | (2) | (2) | 0 | (2) |
|  MYI | 155 | 0 | 0 | 155 | (142) | 0 | (310) | (452) | (297) | 3170 | 2873 |
|  NGF | 29 | 0 | 0 | 29 | 0 | (1) | 0 | (1) | 28 | 0 | 28 |
|  RBC | 0 | 0 | 0 | 0 | 0 | (1) | 0 | (1) | (1) | 0 | (1) |
|  SCX | 21 | 0 | 0 | 21 | (52) | 0 | 0 | (52) | (31) | 0 | (31) |
|  SSB | 4 | 0 | 0 | 4 | (170) | 0 | 0 | (170) | (166) | 0 | (166) |
|  UAG | 24 | 0 | 0 | 24 | (9) | 0 | 0 | (9) | 15 | 0 | 15 |
|  Total Over the Counter | $1876 | $206 | $12208 | $14290 | $(2579) | $(202) | $(9840) | $(12621) |  |  |  |

---

(l) Securities with an aggregate market value of $7,911 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of March 31, 2025.

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

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

<sup>(4)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

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

<sup>(6)</sup> Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **43** |

---

------

Schedule of Investments PIMCO RAE Fundamental Advantage PLUS Fund (Cont.)

<sup>(7)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $7 | $7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 3 | 0 | 0 | 257 | 260 |
|  | $0 | $3 | $0 | $0 | $264 | $267 |
|  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 | $1876 | $0 | $1876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 206 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 3291 | 8917 | 0 | 0 | 12208 |
|  | $0 | $3291 | $8917 | $1876 | $206 | $14290 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3294 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8917 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1876 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14557 |
|  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  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $0 | $0 | $11 | $11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 80 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 2 | 0 | 0 | 358 | 360 |
|  | $0 | $2 | $0 | $0 | $449 | $451 |
|  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 | $2579 | $0 | $2579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 7 | 0 | 0 | 195 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 28 | 9812 | 0 | 0 | 9840 |
|  | $0 | $35 | $9812 | $2579 | $195 | $12621 |
|  | $0 | $37 | $9812 | $2579 | $644 | $13072 |

---

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 | $71 | $71 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 669 | 669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 696 | 0 | 0 | 3948 | 4644 |
|  | $0 | $696 | $0 | $0 | $4688 | $5384 |
|  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 | $4885 | $0 | $4885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | (59) | (59) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 382 | 382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 169 | (29599) | 0 | 0 | (29430) |
|  | $0 | $169 | $(29599) | $4885 | $323 | $(24222) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29599) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4885 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5011 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18838) |

---

44 PIMCO EQUITY-RELATED STRATEGY FUNDS See Accompanying Notes

------

March 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
|  | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $(5) | $(5) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 466 | 466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (236) | 0 | 0 | (6148) | (6384) |
|  | $0 | $(236) | $0 | $0 | $(5687) | $(5923) |
|  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 | $(1844) | $0 | $(1844) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | (93) | (93) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 1 | 0 | 0 | 60 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (103) | (13714) | 0 | 0 | (13817) |
|  | $0 | $(102) | $(13714) | $(1844) | $(33) | $(15693) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(338) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13714) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1844) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5720) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21616) |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | $0 | $27057 | $0 | $27057 |
| &nbsp;&nbsp; Industrials | 0 | 4938 | 0 | 4938 |
| &nbsp;&nbsp; Utilities | 0 | 6381 | 0 | 6381 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; Illinois | 0 | 233 | 0 | 233 |
|  U.S. Government Agencies | 0 | 271712 | 0 | 271712 |
|  U.S. Treasury Obligations | 0 | 38502 | 0 | 38502 |
|  Non-Agency Mortgage-Backed Securities | 0 | 43737 | 0 | 43737 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile ABS Other | 0 | 3206 | 0 | 3206 |
| &nbsp;&nbsp; Automobile Sequential | 0 | 18838 | 0 | 18838 |
| &nbsp;&nbsp; CMBS Other | 0 | 14851 | 0 | 14851 |
| &nbsp;&nbsp; Home Equity Other | 0 | 49746 | 0 | 49746 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 6111 | 0 | 6111 |
| &nbsp;&nbsp; Other ABS | 0 | 43672 | 0 | 43672 |
|  Sovereign Issues | 0 | 33016 | 0 | 33016 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Commercial Paper | 0 | 25359 | 0 | 25359 |
| &nbsp;&nbsp; Mutual Funds | 0 | 533 | 0 | 533 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 130300 | 0 | 130300 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 2675 | 0 | 2675 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720867 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720867 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| 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 | $29763 | $0 | $0 | $29763 |
|  Total Investments | $29763 | $720867 | $0 | $750630 |
|  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 | $(18388) | $0 | $(18388) |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | 1 | 266 | 0 | 267 |
|  Over the counter | 0 | 14290 | 0 | 14290 |
|  | $1 | $14556 | $0 | $14557 |
|  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 | (12) | (437) | 0 | (449) |
|  Over the counter | 0 | (12594) | (27) | (12621) |
|  | $(12) | $(13031) | $(27) | $(13070) |
|  Total Financial Derivative Instruments | $(11) | $1525 | $(27) | $1487 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29752 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;704004 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;733729 |

---

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 | **45** |

---

------

Schedule of Investments PIMCO RAE PLUS EMG 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 163.1% | INVESTMENTS IN SECURITIES 163.1% | INVESTMENTS IN SECURITIES 163.1% |
| CORPORATE BONDS & NOTES 5.8% | CORPORATE BONDS & NOTES 5.8% | CORPORATE BONDS & NOTES 5.8% |
| BANKING & FINANCE 3.9% | BANKING & FINANCE 3.9% | BANKING & FINANCE 3.9% |
|  American Express Co. | American Express Co. | American Express Co. |
|  5.284% due 07/26/2035 •  | 600 | 600 |
|  Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia |
|  5.450% due 08/01/2029 | 700 | 719 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  4.837% due 09/10/2028 •  | 100 | 100 |
|  6.224% due 05/09/2034 •  | 500 | 521 |
|  Equinix, Inc. | Equinix, Inc. | Equinix, Inc. |
|  1.550% due 03/15/2028 | 200 | 184 |
|  Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP |
|  5.400% due 06/15/2035 | 100 | 100 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  3.815% due 11/02/2027 | 200 | 191 |
|  5.800% due 03/05/2027 | 200 | 201 |
|  5.800% due 03/08/2029 | 200 | 198 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  6.208% due 03/15/2028 •  | 200 | 204 |
|  GSPA Monetization Trust | GSPA Monetization Trust | GSPA Monetization Trust |
|  6.422% due 10/09/2029 | 464 | 465 |
|  Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP |
|  5.500% due 04/15/2035 | 100 | 98 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  5.887% due 08/14/2027 •  | 200 | 203 |
|  Jackson National Life Global Funding | Jackson National Life Global Funding | Jackson National Life Global Funding |
|  5.600% due 04/10/2026 | 500 | 505 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  3.782% due 02/01/2028 •  | 100 | 99 |
|  5.040% due 01/23/2028 •  | 200 | 202 |
|  Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. |
|  5.594% due 07/10/2035 •  | 200 | 205 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  4.654% due 10/18/2030 •  | 100 | 99 |
|  5.320% due 07/19/2035 •  | 100 | 100 |
|  Prologis LP | Prologis LP | Prologis LP |
|  4.200% due 02/15/2033 | 100 | 70 |
|  5.000% due 01/31/2035 | 100 | 99 |
|  Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
|  4.969% due 08/02/2030 •  | 600 | 604 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  4.751% due 05/12/2028 •  | 500 | 500 |
|  VICI Properties LP | VICI Properties LP | VICI Properties LP |
|  4.750% due 02/15/2028 | 200 | 200 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  2.393% due 06/02/2028 •  | 800 | 764 |
|  |  | 7231 |
| INDUSTRIALS 0.6% | INDUSTRIALS 0.6% | INDUSTRIALS 0.6% |
|  Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
|  5.700% due 04/01/2035 | 100 | 101 |
|  Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. |
|  5.550% due 10/01/2034 | 700 | 684 |
|  T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
|  4.200% due 10/01/2029 | 200 | 197 |
|  United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust |
|  5.450% due 08/15/2038 | 99 | 100 |
|  |  | 1082 |
| UTILITIES 1.3% | UTILITIES 1.3% | UTILITIES 1.3% |
|  Edison International | Edison International | Edison International |
|  6.250% due 03/15/2030 | 100 | 101 |
|  Eversource Energy | Eversource Energy | Eversource Energy |
|  5.850% due 04/15/2031 | 500 | 520 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  5.282% due 09/04/2025 •  | 900 | 900 |
|  San Diego Gas & Electric Co. | San Diego Gas & Electric Co. | San Diego Gas & Electric Co. |
|  5.350% due 04/01/2053 | 100 | 94 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  4.650% due 10/01/2043 | 100 | 84 |
|  4.875% due 02/01/2027 | 100 | 100 |
|  5.150% due 06/01/2029 | 400 | 403 |
|  5.350% due 03/01/2026 | 100 | 100 |
|  |  | 2302 |
|  Total Corporate Bonds & Notes (Cost $10,514) | Total Corporate Bonds & Notes (Cost $10,514) | 10615 |
| MUNICIPAL BONDS & NOTES 0.0% | MUNICIPAL BONDS & NOTES 0.0% | MUNICIPAL BONDS & NOTES 0.0% |
| NEBRASKA 0.0% | NEBRASKA 0.0% | NEBRASKA 0.0% |
|  Public Power Generation Agency, Nebraska Revenue Bonds, (BABs), Series 2009 | Public Power Generation Agency, Nebraska Revenue Bonds, (BABs), Series 2009 | Public Power Generation Agency, Nebraska Revenue Bonds, (BABs), Series 2009 |
|  7.242% due 01/01/2041 | 65 | 72 |
|  Total Municipal Bonds & Notes (Cost $65) | Total Municipal Bonds & Notes (Cost $65) | 72 |
| U.S. GOVERNMENT AGENCIES 58.5% | U.S. GOVERNMENT AGENCIES 58.5% | U.S. GOVERNMENT AGENCIES 58.5% |
|  Fannie Mae | Fannie Mae | Fannie Mae |
|  2.242% due 01/25/2031 ~(a) | 2287 | 143 |
|  4.202% due 10/01/2029 ~ | 1000 | 994 |
|  4.300% due 12/01/2029 | 702 | 700 |
|  4.705% due 09/01/2031 •  | 2000 | 2022 |
|  4.720% due 10/01/2028 | 500 | 508 |
|  4.770% due 10/01/2028 | 600 | 610 |
|  4.804% due 07/25/2037 •  | 7 | 7 |
|  4.834% due 07/25/2037 •  | 16 | 16 |
|  4.854% due 09/25/2035 •  | 27 | 26 |
|  4.930% due 06/01/2029 | 400 | 409 |
|  5.174% due 06/25/2037 •  | 107 | 107 |
|  5.290% due 11/25/2054 •  | 783 | 782 |
|  5.300% due 11/01/2030 | 900 | 935 |
|  Freddie Mac | Freddie Mac | Freddie Mac |
|  3.000% due 09/01/2032 | 498 | 482 |
|  5.013% due 07/15/2041 •  | 82 | 81 |
|  5.163% due 08/15/2037 •  | 101 | 101 |
|  5.173% due 10/15/2037 •  | 14 | 14 |
|  5.183% due 05/15/2037 - 09/15/2037 •  | 111 | 112 |
|  5.280% due 11/25/2054 •  | 694 | 695 |
|  5.440% due 11/25/2054 •  | 828 | 826 |
|  5.490% due 12/25/2054 •  | 1015 | 1020 |
|  Ginnie Mae | Ginnie Mae | Ginnie Mae |
|  4.787% due 08/20/2047 •  | 381 | 370 |
|  Ginnie Mae, TBA | Ginnie Mae, TBA | Ginnie Mae, TBA |
|  5.000% due 04/01/2055 | 2240 | 2204 |
|  U.S. Small Business Administration | U.S. Small Business Administration | U.S. Small Business Administration |
|  6.220% due 12/01/2028 | 2 | 2 |
|  Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security |
|  3.000% due 01/01/2027 | 51 | 51 |
|  4.500% due 10/01/2052 | 4154 | 3978 |
|  5.000% due 08/01/2052 - 12/01/2053 | 5251 | 5162 |
|  5.500% due 04/01/2054 - 05/01/2054 | 3811 | 3808 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  3.000% due 05/01/2055 | 4600 | 3986 |
|  4.000% due 05/01/2055 | 14200 | 13212 |
|  4.500% due 05/01/2055 | 3100 | 2964 |
|  5.000% due 04/01/2055 | 5300 | 5195 |
|  5.500% due 05/01/2055 | 2600 | 2595 |
|  6.000% due 06/01/2055 | 18260 | 18511 |
|  6.500% due 06/01/2055 | 33710 | 34704 |
|  Total U.S. Government Agencies (Cost $106,756) | Total U.S. Government Agencies (Cost $106,756) | 107332 |
| U.S. TREASURY OBLIGATIONS 1.3% | U.S. TREASURY OBLIGATIONS 1.3% | U.S. TREASURY OBLIGATIONS 1.3% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  4.625% due 05/15/2044 | 2400 | 2409 |
|  Total U.S. Treasury Obligations (Cost $2,403) | Total U.S. Treasury Obligations (Cost $2,403) | 2409 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 13.3% | NON-AGENCY MORTGAGE-BACKED SECURITIES 13.3% | NON-AGENCY MORTGAGE-BACKED SECURITIES 13.3% |
|  American Home Mortgage Assets Trust | American Home Mortgage Assets Trust | American Home Mortgage Assets Trust |
|  6.750% due 11/25/2046 þ | 308 | 274 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Avon Finance PLC | Avon Finance PLC | Avon Finance PLC |
|  5.357% due 12/28/2049 •  | 592 | 767 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  4.999% due 02/20/2035 ~ | 22 | 19 |
|  Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust |
|  5.432% due 06/25/2035 ~ | 12 | 10 |
|  BDS Ltd. | BDS Ltd. | BDS Ltd. |
|  5.871% due 10/21/2042 •  | 900 | 899 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  4.755% due 08/25/2036 •  | 937 | 825 |
|  BX Trust | BX Trust | BX Trust |
|  6.159% due 01/17/2039 •  | 1000 | 988 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  6.170% due 09/25/2062 þ | 786 | 787 |
|  6.300% due 03/25/2036 ~ | 53 | 53 |
|  Colony Mortgage Capital Ltd. | Colony Mortgage Capital Ltd. | Colony Mortgage Capital Ltd. |
|  5.808% due 11/15/2038 ~ | 930 | 919 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.835% due 05/25/2036 ~ | 203 | 174 |
|  Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust |
|  6.000% due 07/25/2036 | 820 | 407 |
|  6.248% due 02/20/2036 •  | 6 | 6 |
|  6.500% due 12/25/2037 | 1263 | 512 |
|  Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust |
|  6.421% due 10/25/2037 •  | 708 | 416 |
|  Downey Savings & Loan Association Mortgage Loan Trust | Downey Savings & Loan Association Mortgage Loan Trust | Downey Savings & Loan Association Mortgage Loan Trust |
|  5.251% due 09/19/2044 •  | 65 | 59 |
|  First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust |
|  5.269% due 10/25/2035 ~ | 165 | 152 |
|  GCAT Trust | GCAT Trust | GCAT Trust |
|  6.007% due 01/25/2059 þ | 432 | 434 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  6.697% due 09/25/2035 •  | 6 | 6 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.931% due 01/19/2036 •  | 1462 | 953 |
|  5.114% due 06/20/2035 ~ | 282 | 269 |
|  HomeBanc Mortgage Trust | HomeBanc Mortgage Trust | HomeBanc Mortgage Trust |
|  5.055% due 03/25/2035 •  | 334 | 267 |
|  Impac CMB Trust | Impac CMB Trust | Impac CMB Trust |
|  5.075% due 03/25/2035 ~ | 234 | 226 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  4.955% due 06/25/2035 •  | 89 | 72 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  5.487% due 08/25/2035 •  | 50 | 44 |
|  5.750% due 01/25/2036 | 10 | 5 |
|  Lehman Mortgage Trust | Lehman Mortgage Trust | Lehman Mortgage Trust |
|  5.085% due 11/25/2036 •  | 1007 | 474 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.885% due 08/25/2046 •  | 1246 | 1274 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  5.312% due 09/25/2035 •  | 73 | 58 |
|  Merrion Square Residential | Merrion Square Residential | Merrion Square Residential |
|  3.473% due 03/24/2081 •  | 792 | 850 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  3.647% due 07/25/2035 •  | 186 | 165 |
|  6.815% due 06/25/2036 þ | 2898 | 820 |
|  New York Mortgage Trust | New York Mortgage Trust | New York Mortgage Trust |
|  5.250% due 07/25/2062 þ | 477 | 475 |
|  Prime Mortgage Trust | Prime Mortgage Trust | Prime Mortgage Trust |
|  6.000% due 06/25/2036 | 1 | 1 |
|  Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust |
|  4.795% due 09/25/2036 •  | 778 | 713 |
|  4.935% due 08/25/2035 •  | 1358 | 938 |
|  5.388% due 12/25/2035 •  | 1123 | 988 |
|  Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust |
|  6.000% due 03/25/2037 | 2834 | 877 |
|  Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust |
|  4.994% due 07/20/2034 •  | 261 | 259 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  6.735% due 12/25/2037 •  | 1265 | 1064 |
|  Towd Point Mortgage Funding | Towd Point Mortgage Funding | Towd Point Mortgage Funding |
|  5.483% due 07/20/2053 •  | 412 | 534 |

---

---

| | | |
|:---|:---|:---|
| **46** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Trinity Square PLC | Trinity Square PLC | Trinity Square PLC | Trinity Square PLC |
|  5.470% due 07/15/2059 ~ | GBP | 426 | 551 |
|  Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust |
|  6.218% due 06/25/2069 þ | $| 425 | 430 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  3.474% due 01/25/2037 ~ |  | 143 | 122 |
|  4.142% due 12/25/2036 ~ |  | 83 | 74 |
|  4.200% due 02/25/2037 ~ |  | 369 | 342 |
|  4.640% due 06/25/2037 ~ |  | 672 | 597 |
|  6.135% due 10/25/2046 •  |  | 1608 | 1502 |
|  6.135% due 11/25/2046 ~ |  | 1385 | 1221 |
|  Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust |
|  3.928% due 09/25/2036 þ |  | 2191 | 588 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $28,093) | Total Non-Agency Mortgage-Backed Securities (Cost $28,093) | Total Non-Agency Mortgage-Backed Securities (Cost $28,093) | 24460 |
| ASSET-BACKED SECURITIES 27.2% | ASSET-BACKED SECURITIES 27.2% | ASSET-BACKED SECURITIES 27.2% | ASSET-BACKED SECURITIES 27.2% |
| AUTOMOBILE ABS OTHER 0.3% | AUTOMOBILE ABS OTHER 0.3% | AUTOMOBILE ABS OTHER 0.3% | AUTOMOBILE ABS OTHER 0.3% |
|  Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
|  5.050% due 05/12/2031 |  | 500 | 502 |
|  Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust |
|  5.019% due 10/15/2026 •  |  | 48 | 48 |
|  |  |  | 550 |
| AUTOMOBILE SEQUENTIAL 6.4% | AUTOMOBILE SEQUENTIAL 6.4% | AUTOMOBILE SEQUENTIAL 6.4% | AUTOMOBILE SEQUENTIAL 6.4% |
|  Ally Auto Receivables Trust | Ally Auto Receivables Trust | Ally Auto Receivables Trust | Ally Auto Receivables Trust |
|  5.460% due 05/15/2028 |  | 500 | 504 |
|  AmeriCredit Automobile Receivables Trust | AmeriCredit Automobile Receivables Trust | AmeriCredit Automobile Receivables Trust | AmeriCredit Automobile Receivables Trust |
|  6.190% due 04/19/2027 |  | 248 | 249 |
|  Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC |
|  5.900% due 08/21/2028 |  | 400 | 411 |
|  BMW Vehicle Owner Trust | BMW Vehicle Owner Trust | BMW Vehicle Owner Trust | BMW Vehicle Owner Trust |
|  5.470% due 02/25/2028 |  | 472 | 475 |
|  CarMax Auto Owner Trust | CarMax Auto Owner Trust | CarMax Auto Owner Trust | CarMax Auto Owner Trust |
|  5.300% due 03/15/2027 |  | 385 | 386 |
|  5.340% due 08/16/2027 |  | 305 | 306 |
|  Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
|  4.680% due 02/10/2028 |  | 600 | 601 |
|  5.420% due 04/10/2028 |  | 318 | 319 |
|  5.770% due 04/12/2027 |  | 68 | 68 |
|  6.360% due 04/12/2027 |  | 24 | 24 |
|  6.410% due 09/10/2027 |  | 100 | 101 |
|  Chase Auto Owner Trust | Chase Auto Owner Trust | Chase Auto Owner Trust | Chase Auto Owner Trust |
|  5.480% due 04/26/2027 |  | 231 | 232 |
|  Citizens Auto Receivables Trust | Citizens Auto Receivables Trust | Citizens Auto Receivables Trust | Citizens Auto Receivables Trust |
|  5.110% due 04/17/2028 |  | 100 | 101 |
|  5.430% due 10/15/2026 |  | 73 | 73 |
|  Drive Auto Receivables Trust | Drive Auto Receivables Trust | Drive Auto Receivables Trust | Drive Auto Receivables Trust |
|  5.830% due 12/15/2026 |  | 36 | 36 |
|  DT Auto Owner Trust | DT Auto Owner Trust | DT Auto Owner Trust | DT Auto Owner Trust |
|  6.290% due 08/16/2027 |  | 142 | 143 |
|  Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust |
|  5.820% due 02/15/2027 |  | 169 | 169 |
|  6.320% due 03/15/2027 |  | 144 | 144 |
|  Fifth Third Auto Trust | Fifth Third Auto Trust | Fifth Third Auto Trust | Fifth Third Auto Trust |
|  5.800% due 11/16/2026 |  | 41 | 41 |
|  FIRST HELP FINANCIAL LLC | FIRST HELP FINANCIAL LLC | FIRST HELP FINANCIAL LLC | FIRST HELP FINANCIAL LLC |
|  6.570% due 06/15/2028 |  | 231 | 234 |
|  Foursight Capital Automobile Receivables Trust | Foursight Capital Automobile Receivables Trust | Foursight Capital Automobile Receivables Trust | Foursight Capital Automobile Receivables Trust |
|  5.990% due 05/15/2028 |  | 192 | 194 |
|  GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust |
|  5.570% due 02/16/2027 |  | 159 | 159 |
|  5.770% due 06/15/2027 |  | 235 | 236 |
|  6.040% due 03/15/2027 |  | 63 | 63 |
|  GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust |
|  5.960% due 10/16/2028 |  | 300 | 304 |
|  6.270% due 08/16/2027 |  | 143 | 144 |
|  GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust |
|  4.850% due 12/18/2028 |  | 300 | 302 |
|  5.450% due 06/16/2028 |  | 500 | 504 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Hertz Vehicle Financing LLC | Hertz Vehicle Financing LLC | Hertz Vehicle Financing LLC |
|  5.440% due 01/25/2029 | 900 | 913 |
|  5.490% due 06/25/2027 | 700 | 705 |
|  Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust |
|  4.990% due 02/15/2029 | 500 | 505 |
|  5.290% due 04/15/2027 | 289 | 290 |
|  5.480% due 04/17/2028 | 500 | 504 |
|  Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust |
|  5.320% due 09/25/2030 | 168 | 168 |
|  5.380% due 11/25/2030 | 95 | 95 |
|  7.130% due 01/26/2032 | 281 | 283 |
|  Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust |
|  5.930% due 07/17/2028 | 500 | 503 |
|  SBNA Auto Lease Trust | SBNA Auto Lease Trust | SBNA Auto Lease Trust |
|  5.450% due 01/20/2026 | 106 | 106 |
|  SCCU Auto Receivables Trust | SCCU Auto Receivables Trust | SCCU Auto Receivables Trust |
|  5.700% due 10/16/2028 | 500 | 506 |
|  Tricolor Auto Securitization Trust | Tricolor Auto Securitization Trust | Tricolor Auto Securitization Trust |
|  6.610% due 10/15/2027 | 153 | 154 |
|  Veros Auto Receivables Trust | Veros Auto Receivables Trust | Veros Auto Receivables Trust |
|  7.120% due 11/15/2028 | 115 | 115 |
|  Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust |
|  5.960% due 10/15/2026 | 56 | 56 |
|  6.230% due 01/15/2027 | 356 | 357 |
|  |  | 11783 |
| CMBS OTHER 3.3% | CMBS OTHER 3.3% | CMBS OTHER 3.3% |
|  Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. |
|  5.799% due 01/15/2037 •  | 322 | 323 |
|  AREIT Trust | AREIT Trust | AREIT Trust |
|  5.597% due 01/20/2037 •  | 426 | 424 |
|  LoanCore Issuer Ltd. | LoanCore Issuer Ltd. | LoanCore Issuer Ltd. |
|  5.734% due 11/15/2038 ~ | 506 | 507 |
|  M360 Ltd. | M360 Ltd. | M360 Ltd. |
|  5.934% due 11/22/2038 ~ | 193 | 190 |
|  MF1 LLC | MF1 LLC | MF1 LLC |
|  5.884% due 02/18/2040 •  | 1000 | 998 |
|  6.467% due 06/19/2037 ~ | 1384 | 1384 |
|  6.952% due 09/17/2037 •  | 422 | 422 |
|  MF1 Ltd. | MF1 Ltd. | MF1 Ltd. |
|  5.511% due 10/16/2036 ~ | 375 | 375 |
|  5.531% due 07/16/2036 •  | 172 | 172 |
|  TPG Real Estate Finance Issuer Ltd. | TPG Real Estate Finance Issuer Ltd. | TPG Real Estate Finance Issuer Ltd. |
|  5.969% due 02/15/2039 •  | 1122 | 1119 |
|  |  | 5914 |
| CREDIT CARD BULLET 1.1% | CREDIT CARD BULLET 1.1% | CREDIT CARD BULLET 1.1% |
|  American Express Credit Account Master Trust | American Express Credit Account Master Trust | American Express Credit Account Master Trust |
|  4.870% due 05/15/2028 | 500 | 503 |
|  Bank of America Credit Card Trust | Bank of America Credit Card Trust | Bank of America Credit Card Trust |
|  4.790% due 05/15/2028 | 500 | 502 |
|  Synchrony Card Funding LLC | Synchrony Card Funding LLC | Synchrony Card Funding LLC |
|  4.930% due 07/15/2030 | 1000 | 1014 |
|  |  | 2019 |
| HOME EQUITY OTHER 5.3% | HOME EQUITY OTHER 5.3% | HOME EQUITY OTHER 5.3% |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.915% due 04/25/2037 ~ | 620 | 543 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  4.575% due 01/25/2037 ~ | 1888 | 987 |
|  GSAA Home Equity Trust | GSAA Home Equity Trust | GSAA Home Equity Trust |
|  4.835% due 03/25/2037 •  | 4629 | 1285 |
|  5.995% due 03/25/2046 •  | 4318 | 1581 |
|  IXIS Real Estate Capital Trust | IXIS Real Estate Capital Trust | IXIS Real Estate Capital Trust |
|  4.835% due 03/25/2036 •  | 587 | 307 |
|  MASTR Specialized Loan Trust | MASTR Specialized Loan Trust | MASTR Specialized Loan Trust |
|  5.560% due 11/25/2035 •  | 1553 | 1482 |
|  Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust |
|  4.515% due 11/25/2036 •  | 1250 | 705 |
|  4.615% due 03/25/2037 •  | 2948 | 1254 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust |
|  4.655% due 05/25/2037 •  | 1311 | 790 |
|  RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust |
|  6.147% due 06/25/2044 þ | 439 | 443 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.915% due 07/25/2036 •  | 962 | 377 |
|  |  | 9754 |
| WHOLE LOAN COLLATERAL 2.4% | WHOLE LOAN COLLATERAL 2.4% | WHOLE LOAN COLLATERAL 2.4% |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  7.250% due 05/25/2036 þ | 891 | 446 |
|  GSRPM Mortgage Loan Trust | GSRPM Mortgage Loan Trust | GSRPM Mortgage Loan Trust |
|  5.785% due 03/25/2035 •  | 3189 | 3395 |
|  Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust |
|  4.735% due 09/25/2037 •  | 881 | 602 |
|  |  | 4443 |
| OTHER ABS 8.4% | OTHER ABS 8.4% | OTHER ABS 8.4% |
|  37 Capital CLO Ltd. | 37 Capital CLO Ltd. | 37 Capital CLO Ltd. |
|  5.582% due 10/15/2034 ~ | 500 | 500 |
|  5.592% due 07/15/2034 ~ | 1000 | 1000 |
|  AIMCO CLO | AIMCO CLO | AIMCO CLO |
|  5.553% due 10/17/2034 ~ | 500 | 500 |
|  Anchorage Credit Funding Ltd. | Anchorage Credit Funding Ltd. | Anchorage Credit Funding Ltd. |
|  3.000% due 01/21/2040 | 300 | 280 |
|  3.928% due 04/25/2038 | 300 | 291 |
|  Arbour CLO DAC | Arbour CLO DAC | Arbour CLO DAC |
|  3.706% due 11/15/2037 •  | 800 | 867 |
|  Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. |
|  5.538% due 07/16/2034 •  | 500 | 499 |
|  BHG Securitization Trust | BHG Securitization Trust | BHG Securitization Trust |
|  5.930% due 10/17/2035 | 923 | 925 |
|  BlueMountain CLO Ltd. | BlueMountain CLO Ltd. | BlueMountain CLO Ltd. |
|  5.644% due 07/15/2031 •  | 270 | 270 |
|  Capital Four U.S. CLO Ltd. | Capital Four U.S. CLO Ltd. | Capital Four U.S. CLO Ltd. |
|  6.193% due 01/20/2037 •  | 600 | 603 |
|  Carval CLO Ltd. | Carval CLO Ltd. | Carval CLO Ltd. |
|  5.538% due 07/16/2031 •  | 929 | 929 |
|  CBAM Ltd. | CBAM Ltd. | CBAM Ltd. |
|  5.584% due 04/17/2031 •  | 382 | 382 |
|  CQS U.S. CLO Ltd. | CQS U.S. CLO Ltd. | CQS U.S. CLO Ltd. |
|  5.493% due 01/20/2035 ~ | 900 | 905 |
|  CRB Securitization Trust | CRB Securitization Trust | CRB Securitization Trust |
|  6.960% due 10/20/2033 | 189 | 191 |
|  Henley CLO DAC | Henley CLO DAC | Henley CLO DAC |
|  3.663% due 04/25/2034 •  | 500 | 541 |
|  Invesco Euro CLO DAC | Invesco Euro CLO DAC | Invesco Euro CLO DAC |
|  3.725% due 10/30/2038 •  | 500 | 540 |
|  Jamestown CLO Ltd. | Jamestown CLO Ltd. | Jamestown CLO Ltd. |
|  5.570% due 07/25/2035 •  | 500 | 500 |
|  Marlette Funding Trust | Marlette Funding Trust | Marlette Funding Trust |
|  5.950% due 11/15/2032 | 58 | 58 |
|  Nelnet Student Loan Trust | Nelnet Student Loan Trust | Nelnet Student Loan Trust |
|  6.544% due 02/20/2041 •  | 180 | 184 |
|  6.640% due 02/20/2041 | 180 | 186 |
|  Northwoods Capital Ltd. | Northwoods Capital Ltd. | Northwoods Capital Ltd. |
|  5.565% due 11/13/2031 ~ | 714 | 714 |
|  Octagon Investment Partners Ltd. | Octagon Investment Partners Ltd. | Octagon Investment Partners Ltd. |
|  5.343% due 01/20/2035 •  | 500 | 499 |
|  Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC |
|  3.690% due 05/15/2034 •  | 700 | 760 |
|  4.446% due 05/15/2034 •  | 1000 | 1085 |
|  Sandstone Peak Ltd. | Sandstone Peak Ltd. | Sandstone Peak Ltd. |
|  5.582% due 10/15/2034 •  | 600 | 600 |
|  TCW CLO Ltd. | TCW CLO Ltd. | TCW CLO Ltd. |
|  5.622% due 08/16/2034 •  | 500 | 499 |
|  Theorem Funding Trust | Theorem Funding Trust | Theorem Funding Trust |
|  6.060% due 12/15/2028 | 54 | 54 |
|  Tralee CLO Ltd. | Tralee CLO Ltd. | Tralee CLO Ltd. |
|  5.520% due 10/25/2032 •  | 967 | 966 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **47** |

---

------

Schedule of Investments PIMCO RAE PLUS EMG Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Upstart Securitization Trust | Upstart Securitization Trust | Upstart Securitization Trust |
|  5.500% due 06/20/2032 | 88 | 88 |
|  Upstart Structured Pass-Through Trust | Upstart Structured Pass-Through Trust | Upstart Structured Pass-Through Trust |
|  4.250% due 06/17/2030 | 36 | 36 |
|  |  | 15452 |
|  Total Asset-Backed Securities (Cost $54,974) | Total Asset-Backed Securities (Cost $54,974) | 49915 |
| SOVEREIGN ISSUES 10.0% | SOVEREIGN ISSUES 10.0% | SOVEREIGN ISSUES 10.0% |
|  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 | 505000 | 506 |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 10/01/2025 (e) | 25400 | 4154 |
|  Colombian TES | Colombian TES | Colombian TES |
|  6.000% due 04/28/2028 | 2437400 | 518 |
|  Czech Republic Government International Bond | Czech Republic Government International Bond | Czech Republic Government International Bond |
|  4.200% due 12/04/2036 | 3300 | 141 |
|  Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond |
|  2.750% due 11/27/2031 (f) | 4548 | 194 |
|  3.000% due 12/03/2026 (f) | 19370 | 911 |
|  4.000% due 11/30/2028 (f) | 1853 | 88 |
|  4.000% due 08/24/2034 (f) | 19539 | 890 |
|  8.500% due 03/01/2029 | 8800 | 425 |
|  Peru Government International Bond | Peru Government International Bond | Peru Government International Bond |
|  5.400% due 08/12/2034 | 3300 | 820 |
|  6.150% due 08/12/2032 | 11200 | 3063 |
|  6.900% due 08/12/2037 | 1100 | 296 |
|  6.950% due 08/12/2031 | 700 | 204 |
|  7.300% due 08/12/2033 | 1200 | 345 |
|  7.600% due 08/12/2039 | 200 | 56 |
|  Province of Quebec | Province of Quebec | Province of Quebec |
|  4.450% due 09/01/2034 | 2500 | 1855 |
|  Republic of Poland Government International Bond | Republic of Poland Government International Bond | Republic of Poland Government International Bond |
|  4.750% due 07/25/2029 | 2300 | 582 |
|  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 | 5900 | 286 |
|  8.000% due 01/31/2030 | 8600 | 449 |
|  8.250% due 03/31/2032 | 3400 | 171 |
|  8.500% due 01/31/2037 | 4900 | 222 |
|  9.000% due 01/31/2040 | 18500 | 834 |
|  Saudi Government International Bond | Saudi Government International Bond | Saudi Government International Bond |
|  5.625% due 01/13/2035 | 1000 | 1029 |
|  Turkey Government International Bond | Turkey Government International Bond | Turkey Government International Bond |
|  45.031% due 08/19/2026 ~ | 100 | 3 |
|  45.031% due 05/17/2028 ~ | 9500 | 237 |
|  Total Sovereign Issues (Cost $18,165) | Total Sovereign Issues (Cost $18,165) | 18279 |
|  | **SHARES** |  |
| COMMON STOCKS 1.4% | COMMON STOCKS 1.4% | COMMON STOCKS 1.4% |
| COMMUNICATION SERVICES 0.0% | COMMUNICATION SERVICES 0.0% | COMMUNICATION SERVICES 0.0% |
|  Verizon Communications, Inc. | 371 | 17 |
|  Walt Disney Co. | 371 | 36 |
|  |  | 53 |
| CONSUMER DISCRETIONARY 0.2% | CONSUMER DISCRETIONARY 0.2% | CONSUMER DISCRETIONARY 0.2% |
|  Amazon.com, Inc. (c) | 371 | 71 |
|  Home Depot, Inc. | 371 | 136 |
|  McDonald's Corp. | 371 | 116 |
|  NIKE, Inc. 'B' | 371 | 23 |
|  |  | 346 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) |
| CONSUMER STAPLES 0.1% | CONSUMER STAPLES 0.1% | CONSUMER STAPLES 0.1% |
|  Coca-Cola Co. | 371 | 27 |
|  Procter & Gamble Co. | 371 | 63 |
|  Walmart, Inc. | 371 | 32 |
|  |  | 122 |
| ENERGY 0.0% | ENERGY 0.0% | ENERGY 0.0% |
|  Chevron Corp. | 371 | 62 |
| FINANCIALS 0.3% | FINANCIALS 0.3% | FINANCIALS 0.3% |
|  American Express Co. | 371 | 100 |
|  Goldman Sachs Group, Inc. | 371 | 203 |
|  JPMorgan Chase & Co. | 371 | 91 |
|  Travelers Cos., Inc. | 371 | 98 |
|  Visa, Inc. 'A' | 371 | 130 |
|  |  | 622 |
| HEALTH CARE 0.2% | HEALTH CARE 0.2% | HEALTH CARE 0.2% |
|  Amgen, Inc. | 371 | 116 |
|  Johnson & Johnson | 371 | 62 |
|  Merck & Co., Inc. | 371 | 33 |
|  UnitedHealth Group, Inc. | 371 | 194 |
|  |  | 405 |
| INDUSTRIALS 0.2% | INDUSTRIALS 0.2% | INDUSTRIALS 0.2% |
|  3M Co. | 371 | 55 |
|  Boeing Co. (c) | 371 | 63 |
|  Caterpillar, Inc. | 371 | 122 |
|  Honeywell International, Inc. | 371 | 79 |
|  |  | 319 |
| INFORMATION TECHNOLOGY 0.3% | INFORMATION TECHNOLOGY 0.3% | INFORMATION TECHNOLOGY 0.3% |
|  Apple, Inc. | 371 | 83 |
|  Cisco Systems, Inc. | 371 | 23 |
|  International Business Machines Corp. | 371 | 92 |
|  Microsoft Corp. | 371 | 139 |
|  NVIDIA Corp. | 371 | 40 |
|  Salesforce, Inc. | 371 | 100 |
|  |  | 477 |
| MATERIALS 0.1% | MATERIALS 0.1% | MATERIALS 0.1% |
|  Sherwin-Williams Co. | 371 | 129 |
|  Total Common Stocks (Cost $2,247) | Total Common Stocks (Cost $2,247) | 2535 |
|  | PRINCIPAL<br>AMOUNT<br>(000S) |  |
| SHORT-TERM INSTRUMENTS 45.6% | SHORT-TERM INSTRUMENTS 45.6% | SHORT-TERM INSTRUMENTS 45.6% |
| COMMERCIAL PAPER 5.6% | COMMERCIAL PAPER 5.6% | COMMERCIAL PAPER 5.6% |
|  Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. |
|  4.650% due 04/10/2025 | 980 | 979 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
|  4.560% due 04/10/2025 | 850 | 849 |
|  Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. |
|  4.950% due 04/25/2025 | 940 | 937 |
|  Conagra Brands, Inc. | Conagra Brands, Inc. | Conagra Brands, Inc. |
|  4.800% due 04/04/2025 | 920 | 920 |
|  Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. |
|  4.800% due 04/21/2025 | 970 | 967 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  4.810% due 04/08/2025 | 940 | 939 |
|  Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |
|  5.000% due 04/07/2025 | 910 | 909 |
|  Intel Corp. | Intel Corp. | Intel Corp. |
|  4.600% due 04/02/2025 | 930 | 930 |
|  International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. |
|  4.950% due 04/11/2025 | 940 | 939 |
|  Jabil, Inc. | Jabil, Inc. | Jabil, Inc. |
|  4.810% due 04/11/2025 (b) | 370 | 369 |
|  4.820% due 04/11/2025 | 560 | 559 |
|  Jones Lang LaSalle Finance BV | Jones Lang LaSalle Finance BV | Jones Lang LaSalle Finance BV |
|  4.660% due 04/15/2025 | 930 | 928 |
|  |  | 10225 |
| REPURCHASE AGREEMENTS (g) 36.9% | REPURCHASE AGREEMENTS (g) 36.9% | REPURCHASE AGREEMENTS (g) 36.9% |
|  |  | 67700 |
| U.S. TREASURY BILLS 3.1% | U.S. TREASURY BILLS 3.1% | U.S. TREASURY BILLS 3.1% |
|  4.295% due 04/10/2025 -<br>05/29/2025 (d)(e)(j) | 5683 | 5669 |
| Total Short-Term Instruments<br>(Cost $83,595) | Total Short-Term Instruments<br>(Cost $83,595) | 83594 |
| Total Investments in Securities<br>(Cost $306,812) | Total Investments in Securities<br>(Cost $306,812) | 299211 |
|  | **SHARES** |  |
| 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% |
| 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 | 3336 | 32 |
| Total Short-Term Instruments<br>(Cost $32) | Total Short-Term Instruments<br>(Cost $32) | 32 |
| Total Investments in Affiliates<br>(Cost $32) | Total Investments in Affiliates<br>(Cost $32) | 32 |
| Total Investments 163.1%<br>(Cost $306,844) | Total Investments 163.1%<br>(Cost $306,844) | 299243 |
|  Financial Derivative<br>Instruments (h)(i) (0.7)%<br> (Cost or Premiums, net $3,389) |  | (1205) |
| Other Assets and Liabilities, net (62.4)% | Other Assets and Liabilities, net (62.4)% | (114541) |
| Net Assets 100.0% |  | 183497 |

---

#### 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.  |

---

---

| | | |
|:---|:---|:---|
| **48** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

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

(b) When-issued security.

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

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

(e) Zero coupon security.

(f) Principal amount of security is adjusted for inflation.

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Lending<br>Rate | Settlement<br>Date | Maturity<br>Date | Principal<br>Amount | Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| DEU | 4.420% | 03/31/2025 | 04/01/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11000 | U.S. Treasury Bonds 4.750% due 02/15/2041 | $(11213) | $11000 | $11001 |
| JPS | 4.440 | 03/31/2025 | 04/01/2025 | 14900 | U.S. Treasury Notes 4.625% due 02/28/2026 | (15198) | 14900 | 14902 |
| SAL | 4.380 | 03/31/2025 | 04/01/2025 | 10700 | U.S. Treasury Notes 4.125% due 01/31/2027 | (10920) | 10700 | 10701 |
|  | 4.380 | 04/01/2025 | 04/02/2025 | 31000 | U.S. Treasury Notes 3.875% due 12/31/2027 | (31654) | 31000 | 31000 |
|  | 4.410 | 04/01/2025 | 04/02/2025 | 100 | U.S. Treasury Notes 3.375% due 09/15/2027 | (102) | 100 | 100 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(69087) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67700 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67704 |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (4.5)% | U.S. Government Agencies (4.5)% | U.S. Government Agencies (4.5)% | U.S. Government Agencies (4.5)% | U.S. Government Agencies (4.5)% | U.S. Government Agencies (4.5)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.500% | 05/01/2055 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9200 | $(8257) | $(8293) |
|  Total Short Sales (4.5)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8257) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8293) |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(2)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  DEU | $11001 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11001 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11213) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(212) |
|  JPS | 14902 | 0 | 0 | 14902 | (15198) | (296) |
|  SAL | 41801 | 0 | 0 | 41801 | (42676) | (875) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67704 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |  |  |  |

---

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

**The average amount of borrowings outstanding during the period ended March 31, 2025 was $(71) at a weighted average interest rate of 5.194%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **49** |

---

------

Schedule of Investments PIMCO RAE PLUS EMG Fund (Cont.)

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

#### WRITTEN OPTIONS:

#### OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Premiums<br>(Received) | Market<br>Value |
|  Put - CBOE U.S. Treasury 10-Year Note May Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109.000 | 04/25/2025 | 3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | $(1) | $0 |
|  Put - CBOE U.S. Treasury 10-Year Note May Futures | 109.500 | 04/25/2025 | 2 | 2 | 0 | 0 |
|  Put - CBOE U.S. Treasury 10-Year Note May Futures | 110.000 | 04/25/2025 | 4 | 4 | (1) | (1) |
|  Call - CBOE U.S. Treasury 10-Year Note May Futures | 112.000 | 04/25/2025 | 3 | 3 | (1) | (2) |
|  Call - CBOE U.S. Treasury 10-Year Note May Futures | 112.250 | 04/25/2025 | 2 | 2 | (1) | (1) |
|  Call - CBOE U.S. Treasury 10-Year Note May Futures | 112.500 | 04/25/2025 | 4 | 4 | (1) | (1) |
|  Total Written Options |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) |

---

#### 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 | 35 | $7251 | $45 | $0 | $0 |
|  U.S. Treasury 10-Year Note June Futures  | 06/2025 | 245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27249 | 373 | 4 | 0 |
|  U.S. Treasury 10-Year Ultra Long-Term Bond June Futures  | 06/2025 | 60 | 6848 | 150 | 6 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### 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 |
|  Mini MSCI Emerging Markets Index June Futures  | 06/2025 | 36 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1999) | $(6) | $1 | $(15) |
|  U.S. Treasury 5-Year Note June Futures  | 06/2025 | 61 | (6598) | (32) | 2 | 0 |
|  U.S. Treasury Long-Term Bond June Futures  | 06/2025 | 1 | (117) | (3) | 0 | 0 |
|  U.S. Treasury Ultra Long-Term Bond June Futures  | 06/2025 | 14 | (1712) | (7) | 0 | (6) |
|  |  |  |  | $(48) | $3 | $(21) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) |

---

#### 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 |
|  Barclays Bank PLC | 1.000% | Quarterly | 12/20/2025 | 0.328% | 200 | $1 | $0 | $1 | $0 | $0 |
|  BNP Paribas SNR | 1.000 | Quarterly | 12/20/2025 | 0.204 | 100 | 1 | 0 | 1 | 0 | 0 |
|  General Electric Co. | 1.000 | Quarterly | 12/20/2026 | 0.097 | $400 | 4 | 2 | 6 | 0 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | $&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>

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 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 | $11910 | $(269) | $40 | $(229) | $0 | $0 |
|  CDX.IG-44 5-Year Index | (1.000) | Quarterly | 06/20/2030 | 9100 | (182) | 14 | (168) | 0 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(451) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(397) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

50 PIMCO EQUITY-RELATED STRATEGY FUNDS See Accompanying Notes

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March 31, 2025

#### INTEREST RATE SWAPS

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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 GBP-SONIO Compounded-OIS | 3.500% | Annual | 03/19/2030 | 10300 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(281) | $(24) | $(305) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | $0 |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 4.320 | Annual | 10/20/2033 | 100 | (1) | 3 | 2 | 1 | 0 |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.930 | Annual | 01/06/2035 | 100 | 0 | (3) | (3) | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/21/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22590 | 360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(125) | 235 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/21/2028 | 8400 | 103 | 107 | 210 | 0 | (2) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 02/28/2029 | 11260 | 0 | 76 | 76 | 7 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2029 | 800 | 8 | (4) | 4 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 03/04/2030 | 200 | 0 | (2) | (2) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/21/2030 | 5820 | 154 | 114 | 268 | 0 | (6) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2031 | 3100 | 9 | (15) | (6) | 0 | (6) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2032 | 7300 | 934 | 149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1083 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/21/2033 | 13600 | 889 | 42 | 931 | 0 | (5) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2033 | 1800 | 135 | (98) | 37 | 0 | (5) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 12/26/2033 | 100 | (1) | 0 | (1) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.810 | Annual | 01/02/2034 | 100 | (1) | 1 | 0 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.684 | Annual | 01/03/2034 | 100 | (1) | 2 | 1 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.648 | Annual | 01/08/2034 | 100 | (1) | 2 | 1 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.594 | Annual | 01/09/2034 | 100 | 0 | 1 | 1 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2034 | 4140 | (17) | 55 | 38 | 0 | (12) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.060 | Annual | 07/02/2034 | 100 | 0 | (2) | (2) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.795 | Annual | 08/06/2034 | 100 | 0 | 0 | 0 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.679 | Annual | 08/13/2034 | 100 | 0 | 1 | 1 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.595 | Annual | 08/19/2034 | 100 | 0 | 2 | 2 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.613 | Annual | 08/22/2034 | 100 | 0 | 2 | 2 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.565 | Annual | 08/28/2034 | 100 | 0 | 2 | 2 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.600 | Annual | 08/28/2034 | 100 | (1) | 3 | 2 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.605 | Annual | 08/28/2034 | 100 | (1) | 3 | 2 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.643 | Annual | 08/28/2034 | 100 | 0 | 1 | 1 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.470 | Annual | 09/04/2034 | 100 | 0 | 3 | 3 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.514 | Annual | 09/04/2034 | 100 | 0 | 3 | 3 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.525 | Annual | 09/04/2034 | 100 | 0 | 2 | 2 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.408 | Annual | 09/05/2034 | 100 | 0 | 3 | 3 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.410 | Annual | 09/05/2034 | 100 | 0 | 3 | 3 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.232 | Annual | 09/10/2034 | 120 | (1) | 7 | 6 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.240 | Annual | 09/16/2034 | 100 | (1) | 6 | 5 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.278 | Annual | 09/16/2034 | 100 | (1) | 5 | 4 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.248 | Annual | 09/18/2034 | 100 | 0 | 5 | 5 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.860 | Annual | 11/14/2034 | 200 | (1) | 2 | 1 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.793 | Annual | 11/19/2034 | 200 | (1) | 1 | 0 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.855 | Annual | 11/19/2034 | 100 | (1) | 2 | 1 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 | 8250 | (52) | 98 | 46 | 0 | (5) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.933 | Annual | 01/06/2035 | 200 | (1) | 4 | 3 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.840 | Annual | 01/08/2035 | 100 | 0 | 1 | 1 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.850 | Annual | 01/08/2035 | 100 | 0 | 1 | 1 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.890 | Annual | 01/08/2035 | 100 | 0 | 1 | 1 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.896 | Annual | 01/08/2035 | 100 | 0 | 1 | 1 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.900 | Annual | 01/08/2035 | 100 | 0 | 1 | 1 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.880 | Annual | 01/13/2035 | 200 | (1) | 3 | 2 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.013 | Annual | 01/15/2035 | 100 | 0 | 2 | 2 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.071 | Annual | 01/15/2035 | 100 | 0 | 2 | 2 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 01/21/2035 | 100 | 0 | 3 | 3 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.090 | Annual | 01/22/2035 | 100 | 0 | 3 | 3 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 02/26/2035 | 50 | 0 | (1) | (1) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.890 | Annual | 03/03/2035 | 50 | 0 | (1) | (1) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.908 | Annual | 03/04/2035 | 100 | 0 | (1) | (1) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.874 | Annual | 03/05/2035 | 200 | (1) | (1) | (2) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.899 | Annual | 03/11/2035 | 100 | 0 | (1) | (1) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 03/12/2035 | 100 | 0 | (1) | (1) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.975 | Annual | 03/21/2035 | 200 | (1) | (2) | (3) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 03/24/2035 | 200 | (1) | (2) | (3) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.884 | Annual | 03/25/2035 | 200 | (1) | (1) | (2) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 02/20/2049 | 2000 | 30 | 26 | 56 | 0 | (13) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2052 | 300 | 70 | 43 | 113 | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.750 | Annual | 06/21/2053 | 1970 | 106 | 290 | 396 | 0 | (13) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/20/2054 | 200 | (5) | 18 | 13 | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/18/2054 | 6100 | 96 | 275 | 371 | 0 | (15) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.498 | Quarterly | 04/28/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2156200 | 0 | 15 | 15 | 0 | (1) |
|  Receive | 3-Month EUR-EURIBOR | 2.590 | Annual | 08/19/2034 | 100 | 0 | (1) | (1) | 0 | (1) |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **51** |

---

------

Schedule of Investments PIMCO RAE PLUS EMG Fund (Cont.)

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Receive | 3-Month EUR-EURIBOR | 2.580% | Annual | 08/29/2034 | 100 | $0 | $(1) | $(1) | $0 | $(1) |
|  Receive | 3-Month EUR-EURIBOR | 2.390 | Annual | 10/01/2034 | 100 | 0 | 3 | 3 | 0 | 0 |
|  Pay | 3-Month EUR-EURIBOR | 2.380 | Annual | 12/31/2034 | 100 | 0 | (2) | (2) | 1 | 0 |
|  Receive | 3-Month PLN-WIBOR | 4.930 | Annual | 07/25/2029 | 2300 | 0 | (13) | (13) | 0 | (2) |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/20/2033 | 4900 | (21) | 86 | 65 | 21 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 5.020 | Semi-Annual | 09/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505000 | 0 | 2 | 2 | 0 | (1) |
|  Receive | 6-Month CZK-PRIBOR | 3.760 | Annual | 11/01/2034 | 3700 | 0 | 0 | 0 | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 2.280 | Annual | 03/04/2030 | 200 | 0 | 1 | 1 | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 3.250 | Annual | 11/06/2033 | 100 | (1) | (5) | (6) | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 3.148 | Annual | 11/20/2033 | 100 | (1) | (4) | (5) | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 3.305 | Annual | 11/27/2033 | 90 | 0 | (6) | (6) | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 3.128 | Annual | 12/04/2033 | 100 | (1) | (4) | (5) | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 3.063 | Annual | 12/06/2033 | 100 | 0 | (4) | (4) | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 2.990 | Annual | 12/08/2033 | 100 | 0 | (3) | (3) | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 2.910 | Annual | 12/29/2033 | 100 | 0 | (3) | (3) | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 2.650 | Annual | 01/08/2034 | 100 | 0 | 0 | 0 | 0 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.220 | Annual | 01/08/2035 | 100 | 0 | (4) | (4) | 1 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.400 | Annual | 02/12/2035 | 100 | 0 | 2 | 2 | 0 | (1) |
|  Pay | 6-Month EUR-EURIBOR | 2.420 | Annual | 03/07/2035 | 100 | 0 | (2) | (2) | 0 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.460 | Annual | 03/13/2035 | 100 | 0 | (2) | (2) | 0 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.520 | Annual | 03/27/2035 | 100 | 0 | (1) | (1) | 0 | 0 |
|  Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.460 | Annual | 04/01/2035 | 100 | 0 | (2) | (2) | 0 | (2) |
|  Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2035 | 5340 | (228) | 14 | (214) | 23 | 0 |
|  Receive<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2055 | 2180 | 180 | (2) | 178 | 0 | (17) |
|  Receive | 28-Day MXN-TIIE | 9.000 | Lunar | 03/01/2029 | 8300 | 0 | (14) | (14) | 0 | 0 |
|  Receive | CAONREPO | 2.740 | Semi-Annual | 06/01/2034 | 100 | 0 | 0 | 0 | 0 | 0 |
|  Receive | CAONREPO | 2.900 | Semi-Annual | 06/01/2034 | 1500 | 0 | (19) | (19) | 0 | (4) |
|  Receive | CAONREPO | 3.000 | Semi-Annual | 06/01/2034 | 900 | 0 | (17) | (17) | 0 | (2) |
|  Receive | CPURNSA | 0.000 | Maturity | 04/04/2029 | $1670 | 6 | 10 | 16 | 2 | 0 |
|  Receive | CPURNSA | 0.000 | Maturity | 03/25/2030 | 2600 | 0 | 13 | 13 | 2 | 0 |
|  Receive | CPURNSA | 0.000 | Maturity | 03/27/2030 | 3500 | 0 | 15 | 15 | 3 | 0 |
|  Receive | CPURNSA | 0.000 | Maturity | 08/12/2034 | 5600 | 99 | (5) | 94 | 7 | 0 |
|  Receive | CPURNSA | 2.487 | Maturity | 12/07/2051 | 1150 | 24 | 12 | 36 | 1 | 0 |
|  |  |  |  |  |  | $2577 | $1155 | $3732 | $120 | $(143) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2132 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1211 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3343 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(143) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of March 31, 2025:

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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** |  | Variation Margin<br>Liability | Variation Margin<br>Liability | **Total** |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | **Total** |  | Futures | Swap<br>Agreements | **Total** |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137 | $(5) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(143) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(169) |

---

Cash of $3,487 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> If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

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

<sup>(4)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(5)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute 

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| | | |
|:---|:---|:---|
| **52** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

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------

March 31, 2025

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 $4 for closed futures is outstanding at period end. 

&nbsp;&nbsp;&nbsp;&nbsp;(i) 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 | 3552 | $24 | $0 | $0 |
|  | 04/2025 | $2911 | 4601 | 0 | (36) |
|  | 04/2025 | 39 | 5816 | 0 | 0 |
|  | 04/2025 | 37 | 49 | 0 | 0 |
|  | 05/2025 | 4601 | $2911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | 0 |
|  | 05/2025 | 1873 | 256 | 0 | (3) |
|  | 05/2025 | 49 | 37 | 0 | 0 |
|  | 05/2025 | $990 | 7169 | 0 | (1) |
|  | 05/2025 | 24 | 3541 | 0 | 0 |
|  | 06/2025 | 3668 | $502 | 0 | (6) |
|  | 06/2025 | $270 | 1950 | 0 | 0 |
|  | 07/2025 | 3568 | $495 | 1 | 0 |
|  | 08/2025 | 3568 | 495 | 0 | (1) |
|  BOA | 04/2025 | 58 | 63 | 0 | 0 |
|  | 04/2025 | 1417434 | 85 | 0 | 0 |
|  | 04/2025 | 30928 | 356 | 0 | (5) |
|  | 04/2025 | 150379 | 103 | 0 | 0 |
|  | 04/2025 | $161 | 2666691 | 0 | (1) |
|  | 04/2025 | 402 | 34715 | 3 | 0 |
|  | 04/2025 | 249 | 4525 | 0 | (3) |
|  | 05/2025 | 1831 | $250 | 0 | (3) |
|  | 05/2025 | 694690 | 42 | 0 | 0 |
|  | 05/2025 | $278 | 1611 | 3 | 0 |
|  | 05/2025 | 442 | 3437 | 0 | 0 |
|  | 05/2025 | 114 | 9790 | 0 | 0 |
|  | 06/2025 | 2870 | $394 | 0 | (3) |
|  | 06/2025 | $336 | 2422 | 0 | (1) |
|  | 06/2025 | 103 | 149813 | 0 | (1) |
|  | 06/2025 | 802 | 3098 | 0 | (4) |
|  | 08/2025 | 1452 | $203 | 1 | 0 |
|  | 08/2025 | 73 | 2 | 0 | 0 |
|  BPS | 04/2025 | 836 | 527 | 4 | 0 |
|  | 04/2025 | 4441 | 771 | 0 | (8) |
|  | 04/2025 | 1074 | 750 | 4 | 0 |
|  | 04/2025 | 3198 | 131 | 0 | (7) |
|  | 04/2025 | 5418 | 5681 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(177) |
|  | 04/2025 | 1211 | 1531 | 0 | (34) |
|  | 04/2025 | 3750346 | 226 | 1 | 0 |
|  | 04/2025 | 1268 | 8 | 0 | 0 |
|  | 04/2025 | 1464109 | 1000 | 6 | 0 |
|  | 04/2025 | 1937 | 49 | 0 | 0 |
|  | 04/2025 | 86508 | 2631 | 26 | 0 |
|  | 04/2025 | $237 | 375 | 0 | (3) |
|  | 04/2025 | 774 | 4441 | 4 | 0 |
|  | 04/2025 | 994 | 16355166 | 0 | (13) |
|  | 04/2025 | 464 | 40330 | 7 | 0 |
|  | 04/2025 | 384 | 57211 | 0 | (2) |
|  | 04/2025 | 504 | 731167 | 0 | (8) |
|  | 04/2025 | 24 | 32 | 0 | 0 |
|  | 04/2025 | 1685 | 55354 | 0 | (18) |
|  | 04/2025 | 152 | 2791 | 1 | 0 |
|  | 04/2025 | 2365 | $129 | 0 | 0 |
|  | 05/2025 | 1342 | 234 | 0 | 0 |
|  | 05/2025 | 6690 | 921 | 0 | (3) |
|  | 05/2025 | 451 | 58 | 0 | 0 |
|  | 05/2025 | 2046023 | 123 | 0 | 0 |
|  | 05/2025 | 32 | 24 | 0 | 0 |
|  | 05/2025 | 1422 | 37 | 2 | 0 |
|  | 05/2025 | $216 | 167 | 0 | 0 |
|  | 05/2025 | 199 | 3310255 | 0 | (1) |
|  | 05/2025 | 442 | 37900 | 1 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **53** |

---

------

Schedule of Investments PIMCO RAE PLUS EMG Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 05/2025 | $8 | 1264 | $0 | $0 |
|  | 06/2025 | 3801 | $521 | 0 | (5) |
|  | 06/2025 | 32225 | 23 | 1 | 0 |
|  | 06/2025 | 337 | 87 | 0 | 0 |
|  | 06/2025 | 25447 | 647 | 34 | 0 |
|  | 06/2025 | $697 | 2711 | 5 | (4) |
|  | 07/2025 | 16431 | $506 | 8 | 0 |
|  | 08/2025 | 7613 | 1060 | 2 | 0 |
|  | 08/2025 | 38547 | 1180 | 9 | 0 |
|  | 08/2025 | $166 | 1192 | 0 | 0 |
|  | 10/2025 | 2000 | $334 | 0 | (2) |
|  BRC | 04/2025 | 2025 | 548 | 3 | 0 |
|  | 04/2025 | 1205 | 14 | 0 | 0 |
|  | 04/2025 | 3692 | 93 | 0 | (2) |
|  | 04/2025 | 9098 | 278 | 4 | 0 |
|  | 04/2025 | $221 | 3613199 | 0 | (4) |
|  | 04/2025 | 14 | 1204 | 0 | 0 |
|  | 04/2025 | 12 | 53 | 0 | 0 |
|  | 04/2025 | 576 | 22233 | 0 | (6) |
|  | 04/2025 | 168 | 5483 | 0 | (3) |
|  | 04/2025 | 105 | 1922 | 0 | (1) |
|  | 05/2025 | 1207 | $14 | 0 | 0 |
|  | 05/2025 | 633 | 16 | 0 | 0 |
|  | 05/2025 | $35 | 1359 | 0 | (1) |
|  | 06/2025 | 508 | $70 | 0 | 0 |
|  | 06/2025 | 2224 | 53 | 0 | 0 |
|  | 06/2025 | $124 | 482 | 0 | 0 |
|  | 06/2025 | 627 | 24771 | 0 | (30) |
|  | 07/2025 | 339 | 15409 | 22 | 0 |
|  BSH | 04/2025 | 3813 | $2416 | 33 | 0 |
|  | 04/2025 | 102947 | 685 | 0 | (1) |
|  | 04/2025 | 6718 | 1763 | 0 | (65) |
|  | 05/2025 | $685 | 102601 | 1 | 0 |
|  | 06/2025 | 4510 | $1222 | 0 | (3) |
|  | 06/2025 | $94 | 360 | 0 | (1) |
|  CBK | 04/2025 | 327 | $206 | 2 | 0 |
|  | 04/2025 | 9303 | 1628 | 2 | (5) |
|  | 04/2025 | 279 | 194 | 1 | 0 |
|  | 04/2025 | 768 | 873 | 5 | 0 |
|  | 04/2025 | 2306358 | 527 | 0 | (25) |
|  | 04/2025 | 5115744 | 308 | 1 | 0 |
|  | 04/2025 | 910 | 250 | 5 | 0 |
|  | 04/2025 | 18613 | 217 | 0 | 0 |
|  | 04/2025 | 1505 | 405 | 0 | (5) |
|  | 04/2025 | 61368 | 1873 | 25 | 0 |
|  | 04/2025 | $1621 | 9303 | 9 | (1) |
|  | 04/2025 | 5461 | 7779 | 0 | (55) |
|  | 04/2025 | 554 | 2322138 | 1 | 0 |
|  | 04/2025 | 412 | 318 | 0 | (2) |
|  | 04/2025 | 591 | 9683842 | 0 | (10) |
|  | 04/2025 | 258 | 22111 | 0 | 0 |
|  | 04/2025 | 22 | 32181 | 0 | 0 |
|  | 04/2025 | 2106 | 69005 | 0 | (28) |
|  | 05/2025 | 7768 | $5461 | 55 | 0 |
|  | 05/2025 | 1127 | 145 | 0 | 0 |
|  | 05/2025 | 2504412 | 151 | 1 | 0 |
|  | 05/2025 | $76 | 109 | 0 | 0 |
|  | 05/2025 | 199 | 3302032 | 0 | (1) |
|  | 05/2025 | 0 | 3 | 0 | 0 |
|  | 06/2025 | 485054 | $517 | 7 | 0 |
|  | 06/2025 | 1277 | 176 | 0 | 0 |
|  | 06/2025 | 2348832 | 554 | 0 | (2) |
|  | 06/2025 | 2878117 | 2001 | 41 | 0 |
|  | 06/2025 | 517 | 141 | 0 | 0 |
|  | 06/2025 | $120 | 869 | 0 | 0 |
|  | 07/2025 | 27475 | $845 | 12 | 0 |
|  | 07/2025 | $1507 | 8768 | 3 | (2) |
|  | 08/2025 | 1509 | $404 | 0 | (5) |
|  | 08/2025 | 26279 | 807 | 8 | 0 |
|  | 08/2025 | $471 | 15454 | 0 | (2) |

---

---

| | | |
|:---|:---|:---|
| **54** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  DUB | 04/2025 | 71 | $49 | $0 | $0 |
|  | 04/2025 | 50 | 54 | 0 | 0 |
|  | 04/2025 | 1985100 | 120 | 1 | 0 |
|  | 04/2025 | 918 | 253 | 5 | 0 |
|  | 04/2025 | 29300 | 199 | 4 | 0 |
|  | 04/2025 | 1 | 1 | 0 | 0 |
|  | 04/2025 | $648 | 10734225 | 0 | (4) |
|  | 04/2025 | 82 | 7017 | 0 | 0 |
|  | 04/2025 | 1647 | 5993 | 0 | (17) |
|  | 04/2025 | 19 | 25 | 0 | 0 |
|  | 05/2025 | 304924 | $18 | 0 | 0 |
|  | 05/2025 | 266 | 70 | 0 | (2) |
|  | 05/2025 | 25 | 19 | 0 | 0 |
|  | 06/2025 | 2008729 | 1396 | 28 | 0 |
|  | 08/2025 | 552 | 77 | 0 | 0 |
|  | 08/2025 | 5782 | 176 | 0 | 0 |
|  | 08/2025 | $101 | 724 | 0 | (1) |
|  | 08/2025 | 342 | 11129 | 0 | (4) |
|  | 09/2025 | 6012 | $1647 | 18 | 0 |
|  FAR | 04/2025 | 1397 | 243 | 0 | (2) |
|  | 04/2025 | 2209 | 2478 | 0 | (19) |
|  | 04/2025 | 1151 | 317 | 7 | 0 |
|  | 04/2025 | 73653 | 489 | 0 | (2) |
|  | 04/2025 | $243 | 1397 | 2 | 0 |
|  | 04/2025 | 297 | 44379 | 0 | (2) |
|  | 04/2025 | 33 | 1073 | 0 | 0 |
|  | 05/2025 | 253 | 1822 | 0 | (1) |
|  | 05/2025 | 489 | 73405 | 2 | 0 |
|  | 06/2025 | 243 | 1415 | 2 | 0 |
|  | 06/2025 | 203 | 785 | 0 | (1) |
|  | 07/2025 | 1815 | $253 | 1 | 0 |
|  GLM | 04/2025 | 29517 | 5164 | 21 | (30) |
|  | 04/2025 | 3900 | 577 | 11 | 0 |
|  | 04/2025 | 4185074 | 252 | 1 | 0 |
|  | 04/2025 | 228943 | 156 | 1 | 0 |
|  | 04/2025 | 204 | 54 | 0 | (1) |
|  | 04/2025 | 788 | 20 | 0 | 0 |
|  | 04/2025 | $5114 | 29517 | 59 | 0 |
|  | 04/2025 | 430 | 7075247 | 0 | (5) |
|  | 04/2025 | 30 | 43851 | 0 | 0 |
|  | 05/2025 | 1781 | $243 | 0 | (3) |
|  | 05/2025 | 1203389 | 72 | 0 | 0 |
|  | 05/2025 | $252 | 4188855 | 0 | (1) |
|  | 06/2025 | 611 | 4424 | 2 | (1) |
|  | 06/2025 | 156 | 228111 | 0 | (1) |
|  | 06/2025 | 49 | 189 | 0 | 0 |
|  | 07/2025 | 2477 | $76 | 1 | 0 |
|  | 09/2025 | 610 | 166 | 1 | 0 |
|  | 10/2025 | 23400 | 3807 | 0 | (119) |
|  IND | 04/2025 | 2048 | 264 | 0 | 0 |
|  | 04/2025 | 31965 | 973 | 10 | 0 |
|  | 04/2025 | $428 | 13985 | 0 | (7) |
|  | 08/2025 | 26494 | $813 | 8 | 0 |
|  JPM | 04/2025 | 5077 | 883 | 0 | (7) |
|  | 04/2025 | 71 | 75 | 0 | (2) |
|  | 04/2025 | 1062504 | 64 | 1 | 0 |
|  | 04/2025 | 1004 | 276 | 6 | 0 |
|  | 04/2025 | 1146 | 13 | 0 | 0 |
|  | 04/2025 | 37369 | 249 | 0 | 0 |
|  | 04/2025 | 6 | 5 | 0 | 0 |
|  | 04/2025 | 249 | 6 | 0 | 0 |
|  | 04/2025 | 8135 | 248 | 3 | 0 |
|  | 04/2025 | $885 | 5077 | 5 | 0 |
|  | 04/2025 | 6036 | 5596 | 15 | 0 |
|  | 04/2025 | 93 | 1526234 | 0 | (1) |
|  | 04/2025 | 125 | 10800 | 1 | 0 |
|  | 04/2025 | 320 | 47626 | 0 | (2) |
|  | 04/2025 | 22 | 32167 | 0 | 0 |
|  | 04/2025 | 1925 | 63050 | 0 | (26) |
|  | 04/2025 | 1285 | $70 | 0 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **55** |

---

------

Schedule of Investments PIMCO RAE PLUS EMG Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 05/2025 | 1903 | $261 | $0 | $(2) |
|  | 05/2025 | 5500 | 5942 | 0 | (15) |
|  | 05/2025 | 801508 | 48 | 0 | 0 |
|  | 05/2025 | 2392 | 54 | 0 | (6) |
|  | 05/2025 | $928 | 6725 | 1 | (1) |
|  | 05/2025 | 49 | 7444 | 0 | 0 |
|  | 06/2025 | 229 | $31 | 0 | 0 |
|  | 06/2025 | 53710 | 2603 | 5 | 0 |
|  | 06/2025 | 628 | 162 | 1 | 0 |
|  | 06/2025 | $108 | 638 | 2 | 0 |
|  | 06/2025 | 115 | 2360 | 0 | (1) |
|  | 06/2025 | 619 | 2399 | 1 | (3) |
|  | 06/2025 | 35 | 1366 | 0 | (1) |
|  | 07/2025 | 3438 | $476 | 0 | 0 |
|  | 07/2025 | 14563 | 448 | 7 | 0 |
|  | 07/2025 | $87 | 510 | 1 | 0 |
|  | 08/2025 | 3256 | $451 | 0 | (1) |
|  | 08/2025 | 26565 | 813 | 6 | 0 |
|  MBC | 04/2025 | 82 | 57 | 0 | 0 |
|  | 04/2025 | 177 | 200 | 0 | 0 |
|  | 04/2025 | 98 | 107 | 1 | 0 |
|  | 04/2025 | 75 | 56 | 0 | 0 |
|  | 04/2025 | 3901 | 101 | 2 | 0 |
|  | 04/2025 | 24369 | 750 | 16 | 0 |
|  | 04/2025 | $3567 | 3152 | 1 | (5) |
|  | 04/2025 | 103 | 99 | 4 | 0 |
|  | 04/2025 | 347 | 29980 | 4 | 0 |
|  | 04/2025 | 347 | 51800 | 0 | (1) |
|  | 04/2025 | 386 | 12684 | 0 | (4) |
|  | 04/2025 | 3672 | $201 | 1 | 0 |
|  | 05/2025 | 3032 | 3444 | 5 | 0 |
|  | 05/2025 | 3233 | 446 | 0 | (1) |
|  | 05/2025 | 482762 | 29 | 0 | 0 |
|  | 05/2025 | 17184 | 509 | 1 | 0 |
|  | 05/2025 | $458 | 3317 | 1 | 0 |
|  | 05/2025 | 209 | 7020 | 0 | (1) |
|  | 06/2025 | 455903 | $317 | 6 | 0 |
|  | 06/2025 | $249 | 959 | 0 | (2) |
|  | 07/2025 | 1648 | $229 | 0 | 0 |
|  | 07/2025 | 6545 | 201 | 3 | 0 |
|  | 08/2025 | 3101 | 431 | 1 | (1) |
|  | 08/2025 | 6063 | 185 | 1 | 0 |
|  | 08/2025 | $67 | 482 | 0 | 0 |
|  MYI | 04/2025 | 6468 | $4544 | 49 | 0 |
|  | 04/2025 | 4400 | 650 | 12 | 0 |
|  | 04/2025 | 23 | 17 | 0 | 0 |
|  | 04/2025 | $1786 | 11950 | 0 | (54) |
|  | 04/2025 | 100 | 3260 | 0 | (2) |
|  | 04/2025 | 2646 | $145 | 1 | 0 |
|  | 05/2025 | 439314 | 26 | 0 | 0 |
|  | 06/2025 | 751 | 104 | 0 | 0 |
|  | 06/2025 | $57 | 225 | 1 | 0 |
|  NGF | 06/2025 | 490270 | $344 | 10 | 0 |
|  RBC | 06/2025 | 201 | 55 | 0 | 0 |
|  SCX | 04/2025 | 17138 | 2932 | 0 | (71) |
|  | 04/2025 | 4974 | 58 | 0 | 0 |
|  | 04/2025 | 1957 | 13 | 0 | 0 |
|  | 04/2025 | 6953 | 214 | 5 | 0 |
|  | 04/2025 | $2985 | 17138 | 19 | 0 |
|  | 04/2025 | 78 | 112 | 0 | 0 |
|  | 04/2025 | 275 | 4501789 | 0 | (5) |
|  | 04/2025 | 22 | 32132 | 0 | 0 |
|  | 04/2025 | 111 | 3657 | 0 | (1) |
|  | 05/2025 | 2856 | $396 | 2 | 0 |
|  | 05/2025 | 188514 | 11 | 0 | 0 |
|  | 05/2025 | $13 | 1950 | 0 | 0 |
|  | 05/2025 | 279 | 9354 | 0 | (2) |
|  | 06/2025 | 2937 | $403 | 0 | (4) |
|  | 06/2025 | $2932 | 17355 | 71 | 0 |

---

---

| | | |
|:---|:---|:---|
| **56** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 07/2025 | 1504 | $403 | $0 | $(5) |
|  | 08/2025 | 2184 | 305 | 2 | 0 |
|  | 08/2025 | 3626 | 111 | 1 | 0 |
|  SOG | 04/2025 | 403 | 70 | 0 | 0 |
|  | 04/2025 | $69 | 403 | 2 | 0 |
|  | 04/2025 | 148 | 4861 | 0 | (2) |
|  | 05/2025 | 1689 | $293 | 0 | (1) |
|  | 08/2025 | $431 | 14099 | 0 | (3) |
|  SSB | 04/2025 | 946632 | $57 | 0 | 0 |
|  | 04/2025 | 137 | 36 | 0 | (1) |
|  | 04/2025 | 13119 | 401 | 6 | 0 |
|  | 04/2025 | $738 | 4214 | 1 | 0 |
|  | 04/2025 | 1155 | 893 | 0 | (1) |
|  | 04/2025 | 178 | 15296 | 1 | 0 |
|  | 04/2025 | 201 | 6595 | 0 | (2) |
|  | 05/2025 | 893 | $1155 | 1 | 0 |
|  | 05/2025 | 544 | 143 | 0 | (5) |
|  | 06/2025 | 134318 | 92 | 1 | 0 |
|  | 06/2025 | $257 | 372782 | 0 | (3) |
|  UAG | 04/2025 | 1399 | $241 | 0 | (4) |
|  | 04/2025 | 3700 | 546 | 10 | 0 |
|  | 04/2025 | 577469 | 35 | 0 | 0 |
|  | 04/2025 | 224 | 6 | 0 | 0 |
|  | 04/2025 | $244 | 1399 | 2 | 0 |
|  | 04/2025 | 35 | 577469 | 0 | 0 |
|  | 04/2025 | 293 | 43634 | 0 | (2) |
|  | 05/2025 | 6802 | $201 | 0 | 0 |
|  | 05/2025 | $35 | 578281 | 0 | 0 |
|  | 05/2025 | 108 | 3655 | 0 | 0 |
|  | 06/2025 | 75 | 109369 | 0 | (1) |
|  | 06/2025 | 79 | 306 | 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;884 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1089) |

---

#### PURCHASED OPTIONS:

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BRC Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.750% | 10/30/2025 | 21200 | $102 | $84 |
| CBK Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 6.050 | 10/30/2025 | 4000 | 1 | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 5.850 | 11/21/2025 | 4400 | 2 | 0 |
|  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;105 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 |

---

#### WRITTEN OPTIONS:

#### CREDIT DEFAULT SWAPTIONS ON CREDIT INDEXES

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Buy/Sell<br>Protection | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
|  GST | Put - OTC CDX.IG-43 5-Year Index | Sell | 0.700% | 05/21/2025 | 300 | $0 | $0 |
|  | Put - OTC CDX.IG-43 5-Year Index | Sell | 0.700 | 06/18/2025 | 300 | (1) | 0 |
|  | Put - OTC CDX.IG-43 5-Year Index | Sell | 0.750 | 06/18/2025 | 500 | (1) | (1) |
|  | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.850 | 06/18/2025 | 400 | 0 | 0 |
|  | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.900 | 07/16/2025 | 500 | (1) | (1) |
|  JPM | Put - OTC CDX.IG-44 5-Year Index | Sell | 1.000 | 07/16/2025 | 200 | 0 | 0 |
|  RBC | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.900 | 07/16/2025 | 300 | 0 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 57

------

Schedule of Investments PIMCO RAE PLUS EMG 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  | 6-Month EUR-EURIBOR | Receive | 2.400% | 04/07/2025 | 100 | $0 | $0 |
| Put - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.750 | 04/07/2025 | 100 | 0 | 0 |
| BRC Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 2.830 | 10/30/2025 | 21200 | (38) | (24) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.290 | 10/30/2025 | 21200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63) | (45) |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.510 | 04/07/2025 | 100 | 0 | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.860 | 04/07/2025 | 100 | 0 | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.550 | 04/11/2025 | 100 | (1) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.900 | 04/11/2025 | 100 | 0 | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.450 | 04/30/2025 | 100 | 0 | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.760 | 04/30/2025 | 100 | 0 | (1) |
| CBK Call - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.350 | 04/25/2025 | 100 | 0 | 0 |
| Put - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.650 | 04/25/2025 | 100 | 0 | 0 |
| FAR Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.715 | 04/24/2025 | 100 | 0 | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.065 | 04/24/2025 | 100 | 0 | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.593 | 04/30/2025 | 200 | (1) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.943 | 04/30/2025 | 200 | (1) | (1) |
| GLM Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.535 | 04/10/2025 | 300 | (1) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.985 | 04/10/2025 | 300 | (1) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.723 | 04/14/2025 | 100 | (1) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.073 | 04/14/2025 | 100 | (1) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.695 | 04/17/2025 | 100 | (1) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.045 | 04/17/2025 | 100 | (1) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.710 | 04/21/2025 | 100 | (1) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.060 | 04/21/2025 | 100 | (1) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.713 | 04/28/2025 | 100 | 0 | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.063 | 04/28/2025 | 100 | 0 | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.600 | 04/30/2025 | 100 | (1) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.950 | 04/30/2025 | 100 | (1) | 0 |
| MYC Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.710 | 04/14/2025 | 100 | (1) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.060 | 04/14/2025 | 100 | (1) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.520 | 04/07/2025 | 100 | 0 | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.890 | 04/07/2025 | 100 | 0 | 0 |
| NGF Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.530 | 04/17/2025 | 100 | 0 | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.890 | 04/17/2025 | 100 | 0 | 0 |
|  |  |  |  |  |  | $(116) | $(79) |
|  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;(119) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(81) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>March 31, 2025<sup>(3)</sup>** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | Swap Agreements,<br>at Value<sup>(5)</sup> | Swap Agreements,<br>at Value<sup>(5)</sup> |
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>March 31, 2025<sup>(3)</sup>** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | Asset | Liability |
| GST | Soft Bank Group, Inc. | 1.000% | Quarterly | 06/20/2026 | 1.326% | $100 | $(1) | $0 | $0 | $(1) |
| JPM | Hochtief AG | 5.000 | Quarterly | 12/20/2025 | 0.187 | 700 | 162 | (134) | 28 | 0 |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(134) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(5)</sup> | Swap Agreements,<br>at Value<sup>(5)</sup> |
| Counterparty | Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BOA | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000% | Quarterly | 12/20/2029 | 591 | $115 | $2 | $117 | $0 |
| BPS | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 | 787 | 156 | 0 | 156 | 0 |
| BRC | ABX.HE.AAA.6-2 Index « | 0.110 | Monthly | 05/25/2046 | $906 | (247) | 176 | 0 | (71) |
| GST | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 | 394 | 79 | (1) | 78 | 0 |
| JPM | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 | 4922 | 1012 | (39) | 973 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1115 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1324 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(71) |

---

58 PIMCO EQUITY-RELATED STRATEGY FUNDS See Accompanying Notes

------

March 31, 2025

#### TOTAL RETURN SWAPS ON INDEXES

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Pay/Receive<sup>(6)</sup> | Underlying Reference | # of Units | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| Counterparty | Pay/Receive<sup>(6)</sup> | Underlying Reference | # of Units | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| FAR | Pay | DJITR Index | 24 | 5.110% | Monthly | 06/20/2025 | $2533 | $0 | $2 | $2 | $0 |
| JPM | Receive | ERAEMLT Index | 7164 | 5.820% (FEDL01 plus a<br>specified spread) | Maturity | 06/04/2025 | 34116 | 0 | (978) | 0 | (978) |
| MEI | Receive | ERAUSLT Index | 12989 | 5.400% (FEDL01 plus a<br>specified spread) | Monthly | 05/07/2025 | 63732 | 0 | (258) | 0 | (258) |
|  | Receive | ERAEMLT Index | 328 | 5.440% (FEDL01 plus a<br>specified spread) | Monthly | 07/02/2025 | 1609 | 0 | (7) | 0 | (7) |
|  | Receive | ERAEMLT Index | 676 | 5.410% (FEDL01 plus a<br>specified spread) | Monthly | 07/09/2025 | 3317 | 0 | (13) | 0 | (13) |
|  | Receive | ERAUSLT Index | 2512 | 5.380% (FEDL01 plus a<br>specified spread) | Monthly | 10/15/2025 | 12325 | 0 | (50) | 0 | (50) |
|  | Receive | ERAEMLT Index | 10624 | 5.570% (FEDL01 plus a<br>specified spread) | Maturity | 01/07/2026 | 52063 | 0 | (880) | 0 | (880) |
|  | Receive | ERAEMLT Index | 3560 | 5.575% | Monthly | 03/04/2026 | 17468 | 0 | (67) | 0 | (67) |
|  |  |  |  |  |  |  |  | $0 | $(2251) | $2 | $(2253) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $1276 | $(2247) | $1354 | $(2325) |

---

#### 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 | $37 | $0 | $0 | $37 | $(47) | $0 | $0 | $(47) | $(10) | $0 | $(10) |
|  BOA | 7 | 0 | 117 | 124 | (21) | 0 | 0 | (21) | 103 | (260) | (157) |
|  BPS | 115 | 0 | 156 | 271 | (285) | 0 | 0 | (285) | (14) | 0 | (14) |
|  BRC | 29 | 84 | 0 | 113 | (47) | (70) | (71) | (188) | (75) | 0 | (75) |
|  BSH | 34 | 0 | 0 | 34 | (70) | 0 | 0 | (70) | (36) | 0 | (36) |
|  CBK | 178 | 0 | 0 | 178 | (143) | 0 | 0 | (143) | 35 | 0 | 35 |
|  DUB | 56 | 0 | 0 | 56 | (28) | 0 | 0 | (28) | 28 | 0 | 28 |
|  FAR | 14 | 0 | 2 | 16 | (27) | (3) | 0 | (30) | (14) | 0 | (14) |
|  GLM | 97 | 0 | 0 | 97 | (161) | (5) | 0 | (166) | (69) | 0 | (69) |
|  GST | 0 | 0 | 78 | 78 | 0 | (2) | (1) | (3) | 75 | 0 | 75 |
|  IND | 18 | 0 | 0 | 18 | (7) | 0 | 0 | (7) | 11 | 0 | 11 |
|  JPM | 55 | 0 | 1001 | 1056 | (68) | 0 | (978) | (1046) | 10 | (302) | (292) |
|  MBC | 47 | 0 | 0 | 47 | (15) | 0 | 0 | (15) | 32 | 0 | 32 |
|  MEI | 0 | 0 | 0 | 0 | 0 | 0 | (1275) | (1275) | (1275) | (2870) | (4145) |
|  MYC | 0 | 0 | 0 | 0 | 0 | (1) | 0 | (1) | (1) | 0 | (1) |
|  MYI | 63 | 0 | 0 | 63 | (56) | 0 | 0 | (56) | 7 | 99 | 106 |
|  NGF | 10 | 0 | 0 | 10 | 0 | 0 | 0 | 0 | 10 | 0 | 10 |
|  SCX | 100 | 0 | 0 | 100 | (88) | 0 | 0 | (88) | 12 | 0 | 12 |
|  SOG | 2 | 0 | 0 | 2 | (6) | 0 | 0 | (6) | (4) | 0 | (4) |
|  SSB | 10 | 0 | 0 | 10 | (12) | 0 | 0 | (12) | (2) | 0 | (2) |
|  UAG | 12 | 0 | 0 | 12 | (8) | 0 | 0 | (8) | 4 | 0 | 4 |
|  Total Over the Counter | $884 | $84 | $1354 | $2322 | $(1089) | $(81) | $(2325) | $(3495) |  |  |  |

---

(j) Securities with an aggregate market value of $99 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of March 31, 2025.

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

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

<sup>(4)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **59** |

---

------

Schedule of Investments PIMCO RAE PLUS EMG Fund (Cont.)

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

<sup>(6)</sup> Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference. 

<sup>(7)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $5 | $0 | $12 | $17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 120 | 120 |
|  | $0 | $0 | $5 | $0 | $132 | $137 |
|  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 | $884 | $0 | $884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 84 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1352 | 2 | 0 | 0 | 1354 |
|  | $0 | $1352 | $2 | $884 | $84 | $2322 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1352 | $7 | $884 | $216 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2459 |
|  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 | $5 | $5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 15 | 0 | 6 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 143 | 143 |
|  | $0 | $0 | $15 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154 | $169 |
|  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;1089 | $0 | $1089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 2 | 0 | 0 | 79 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 72 | 2253 | 0 | 0 | 2325 |
|  | $0 | $74 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2253 | $1089 | $79 | $3495 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $74 | $2268 | $1089 | $233 | $3664 |

---

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 | $28 | $28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | (631) | 0 | (167) | (798) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 178 | 0 | 0 | 1322 | 1500 |
|  | $0 | $178 | $(631) | $0 | $1183 | $730 |
|  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 | 0 | (22) | (22) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 161 | 161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 128 | 18847 | 0 | 0 | 18975 |
|  | $0 | $128 | $18847 | $2110 | $139 | $21224 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18216 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2110 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1322 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21954 |

---

60 PIMCO EQUITY-RELATED STRATEGY FUNDS See Accompanying Notes

------

March 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
|  | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $(2) | $(2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 136 | 0 | 437 | 573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 2 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1290) | (1288) |
|  | $0 | $2 | $136 | $0 | $(855) | $(717) |
|  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 | $(881) | $0 | $(881) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | (36) | (36) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 26 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (105) | (15011) | 0 | 0 | (15116) |
|  | $0 | $(105) | $(15011) | $(881) | $(10) | $(16007) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(103) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14875) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(881) | $(865) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16724) |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | $0 | $7231 | $0 | $7231 |
| &nbsp;&nbsp; Industrials | 0 | 1082 | 0 | 1082 |
| &nbsp;&nbsp; Utilities | 0 | 2302 | 0 | 2302 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; Nebraska | 0 | 72 | 0 | 72 |
|  U.S. Government Agencies | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107332 |
|  U.S. Treasury Obligations | 0 | 2409 | 0 | 2409 |
|  Non-Agency Mortgage-Backed Securities | 0 | 24460 | 0 | 24460 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile ABS Other | 0 | 550 | 0 | 550 |
| &nbsp;&nbsp; Automobile Sequential | 0 | 11783 | 0 | 11783 |
| &nbsp;&nbsp; CMBS Other | 0 | 5914 | 0 | 5914 |
| &nbsp;&nbsp; Credit Card Bullet | 0 | 2019 | 0 | 2019 |
| &nbsp;&nbsp; Home Equity Other | 0 | 9754 | 0 | 9754 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 4443 | 0 | 4443 |
| &nbsp;&nbsp; Other ABS | 0 | 15452 | 0 | 15452 |
|  Sovereign Issues | 0 | 18279 | 0 | 18279 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Communication Services | 53 | 0 | 0 | 53 |
| &nbsp;&nbsp; Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346 | 0 | 0 | 346 |
| &nbsp;&nbsp; Consumer Staples | 122 | 0 | 0 | 122 |
| &nbsp;&nbsp; Energy | 62 | 0 | 0 | 62 |
| &nbsp;&nbsp; Financials | 622 | 0 | 0 | 622 |
| &nbsp;&nbsp; Health Care | 405 | 0 | 0 | 405 |
| &nbsp;&nbsp; Industrials | 319 | 0 | 0 | 319 |
| &nbsp;&nbsp; Information Technology | 477 | 0 | 0 | 477 |
| &nbsp;&nbsp; Materials | 129 | 0 | 0 | 129 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Commercial Paper | 0 | 10225 | 0 | 10225 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>03/31/2025** |
| &nbsp;&nbsp; Repurchase Agreements | $0 | $67700 | $0 | $67700 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 5669 | 0 | 5669 |
|  | $2535 | $296676 | $0 | $299211 |
|  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 | $32 | $0 | $0 | $32 |
|  Total Investments | $2567 | $296676 | $0 | $299243 |
|  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 | $(8293) | $0 | $(8293) |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | 1 | 132 | 0 | 133 |
|  Over the counter | 0 | 2322 | 0 | 2322 |
|  | $1 | $2454 | $0 | $2455 |
|  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 | (15) | (154) | 0 | (169) |
|  Over the counter | 0 | (3424) | (71) | (3495) |
|  | $(15) | $(3578) | $(71) | $(3664) |
|  Total Financial Derivative Instruments | $(14) | $(1124) | $(71) | $(1209) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2553 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287259 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(71) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289741 |

---

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 | **61** |

---

------

Schedule of Investments PIMCO RAE PLUS Fund

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

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 154.7% | INVESTMENTS IN SECURITIES 154.7% | INVESTMENTS IN SECURITIES 154.7% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% |
|  Republic of Panama | Republic of Panama | Republic of Panama |
|  TBD% due 04/01/2027 « | 1000 | 1081 |
|  Total Loan Participations and Assignments (Cost $1,082) | Total Loan Participations and Assignments (Cost $1,082) | 1081 |
| CORPORATE BONDS & NOTES 7.3% | CORPORATE BONDS & NOTES 7.3% | CORPORATE BONDS & NOTES 7.3% |
| BANKING & FINANCE 4.8% | BANKING & FINANCE 4.8% | BANKING & FINANCE 4.8% |
|  AerCap Ireland Capital DAC | AerCap Ireland Capital DAC | AerCap Ireland Capital DAC |
|  3.000% due 10/29/2028 | 800 | 752 |
|  3.300% due 01/30/2032 | 800 | 709 |
|  American Express Co. | American Express Co. | American Express Co. |
|  5.284% due 07/26/2035 •  | 2000 | 2000 |
|  American Tower Corp. | American Tower Corp. | American Tower Corp. |
|  3.800% due 08/15/2029 | 194 | 186 |
|  Armor RE Ltd. | Armor RE Ltd. | Armor RE Ltd. |
|  12.792% due 01/07/2032 •  | 250 | 254 |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  2.528% due 11/18/2027 | 187 | 175 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  3.974% due 02/07/2030 •  | 166 | 162 |
|  Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia |
|  5.450% due 08/01/2029 | 3800 | 3905 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  4.837% due 09/10/2028 •  | 300 | 300 |
|  4.972% due 05/16/2029 •  | 200 | 201 |
|  7.437% due 11/02/2033 •  | 1500 | 1675 |
|  BPCE SA | BPCE SA | BPCE SA |
|  5.203% due 01/18/2027 | 250 | 253 |
|  Cape Lookout Re Ltd. | Cape Lookout Re Ltd. | Cape Lookout Re Ltd. |
|  11.192% due 03/13/2032 •  | 550 | 550 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  4.900% due 09/01/2029 | 100 | 100 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  1.375% due 09/03/2026 ~ | 1700 | 1826 |
|  Discover Bank | Discover Bank | Discover Bank |
|  4.650% due 09/13/2028 | 1006 | 997 |
|  Equitable Holdings, Inc. | Equitable Holdings, Inc. | Equitable Holdings, Inc. |
|  4.350% due 04/20/2028 | 1869 | 1853 |
|  Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP |
|  5.400% due 06/15/2035 | 800 | 796 |
|  F&G Global Funding | F&G Global Funding | F&G Global Funding |
|  5.875% due 01/16/2030 | 200 | 204 |
|  Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. |
|  2.750% due 03/29/2028 | 800 | 852 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  4.125% due 08/17/2027 | 400 | 387 |
|  5.800% due 03/05/2027 | 400 | 402 |
|  5.800% due 03/08/2029 | 600 | 594 |
|  7.350% due 11/04/2027 | 300 | 311 |
|  GLP Capital LP | GLP Capital LP | GLP Capital LP |
|  5.625% due 09/15/2034 | 200 | 197 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  4.223% due 05/01/2029 •  | 166 | 164 |
|  6.208% due 03/15/2028 •  | 3800 | 3880 |
|  HPS Corporate Lending Fund | HPS Corporate Lending Fund | HPS Corporate Lending Fund |
|  5.950% due 04/14/2032 | 800 | 789 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  2.848% due 06/04/2031 •  | 300 | 270 |
|  Integrity RE Ltd. | Integrity RE Ltd. | Integrity RE Ltd. |
|  14.032% due 06/06/2027 •  | 250 | 249 |
|  Jackson National Life Global Funding | Jackson National Life Global Funding | Jackson National Life Global Funding |
|  5.324% due 01/14/2028 •  | 100 | 101 |
|  5.350% due 01/13/2030 | 200 | 204 |
|  5.600% due 04/10/2026 | 2400 | 2423 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  3.782% due 02/01/2028 •  | 400 | 395 |
|  5.040% due 01/23/2028 •  | 1100 | 1110 |
|  Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. |
|  5.594% due 07/10/2035 •  | 1300 | 1331 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  4.654% due 10/18/2030 •  | $| 1000 | 992 |
|  5.656% due 04/18/2030 •  |  | 500 | 516 |
|  Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA |
|  5.504% due 05/26/2028 •  |  | 250 | 255 |
|  Nature Coast Re Ltd. | Nature Coast Re Ltd. | Nature Coast Re Ltd. | Nature Coast Re Ltd. |
|  14.032% (T-BILL 3MO + 9.750%) due 04/10/2029 ~(b) |  | 250 | 250 |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
|  4.892% due 05/18/2029 •  |  | 1784 | 1788 |
|  Orange Capital RE DAC | Orange Capital RE DAC | Orange Capital RE DAC | Orange Capital RE DAC |
|  8.678% due 01/17/2029 ~ | EUR | 250 | 272 |
|  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 (f) | $| 1700 | 1199 |
|  Polestar Re Ltd. | Polestar Re Ltd. | Polestar Re Ltd. | Polestar Re Ltd. |
|  14.792% due 01/07/2028 •  |  | 250 | 258 |
|  Prologis LP | Prologis LP | Prologis LP | Prologis LP |
|  4.200% due 02/15/2033 | CAD | 500 | 349 |
|  5.000% due 01/31/2035 | $| 700 | 695 |
|  Quercus Re DAC | Quercus Re DAC | Quercus Re DAC | Quercus Re DAC |
|  10.606% due 01/06/2031 ~ | EUR | 250 | 281 |
|  Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
|  4.969% due 08/02/2030 •  | $| 500 | 504 |
|  Stellantis Finance U.S., Inc. | Stellantis Finance U.S., Inc. | Stellantis Finance U.S., Inc. | Stellantis Finance U.S., Inc. |
|  2.691% due 09/15/2031 |  | 3800 | 3168 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  5.558% due 07/09/2034 |  | 300 | 308 |
|  UBS Group AG | UBS Group AG | UBS Group AG | UBS Group AG |
|  4.194% due 04/01/2031 •  |  | 250 | 241 |
|  4.751% due 05/12/2028 •  |  | 5300 | 5304 |
|  Ursa Re Ltd. | Ursa Re Ltd. | Ursa Re Ltd. | Ursa Re Ltd. |
|  11.782% due 02/22/2028 ~ |  | 500 | 506 |
|  Veraison Re Ltd. | Veraison Re Ltd. | Veraison Re Ltd. | Veraison Re Ltd. |
|  9.292% due 03/08/2033 ~ |  | 250 | 251 |
|  VICI Properties LP | VICI Properties LP | VICI Properties LP | VICI Properties LP |
|  4.750% due 02/15/2028 |  | 1800 | 1801 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  1.741% due 05/04/2030 ~ | EUR | 1100 | 1123 |
|  5.707% due 04/22/2028 •  | $| 600 | 613 |
|  Winston RE Ltd. | Winston RE Ltd. | Winston RE Ltd. | Winston RE Ltd. |
|  10.792% due 02/21/2028 ~ |  | 250 | 250 |
|  |  |  | 51481 |
| INDUSTRIALS 1.1% | INDUSTRIALS 1.1% | INDUSTRIALS 1.1% | INDUSTRIALS 1.1% |
|  AngloGold Ashanti Holdings PLC | AngloGold Ashanti Holdings PLC | AngloGold Ashanti Holdings PLC | AngloGold Ashanti Holdings PLC |
|  3.375% due 11/01/2028 |  | 1600 | 1510 |
|  Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC |
|  4.375% due 12/15/2028 |  | 200 | 195 |
|  6.375% due 11/21/2030 |  | 200 | 210 |
|  6.500% due 11/21/2033 |  | 200 | 210 |
|  Cheniere Corpus Christi Holdings LLC | Cheniere Corpus Christi Holdings LLC | Cheniere Corpus Christi Holdings LLC | Cheniere Corpus Christi Holdings LLC |
|  3.700% due 11/15/2029 |  | 800 | 764 |
|  Hyundai Capital America | Hyundai Capital America | Hyundai Capital America | Hyundai Capital America |
|  5.450% due 06/24/2026 |  | 400 | 403 |
|  IHO Verwaltungs GmbH (6.375% Cash or 7.125% PIK) | IHO Verwaltungs GmbH (6.375% Cash or 7.125% PIK) | IHO Verwaltungs GmbH (6.375% Cash or 7.125% PIK) | IHO Verwaltungs GmbH (6.375% Cash or 7.125% PIK) |
|  6.375% due 05/15/2029 (c) |  | 1564 | 1513 |
|  Imperial Brands Finance PLC | Imperial Brands Finance PLC | Imperial Brands Finance PLC | Imperial Brands Finance PLC |
|  3.500% due 07/26/2026 |  | 300 | 296 |
|  Mars, Inc. | Mars, Inc. | Mars, Inc. | Mars, Inc. |
|  5.200% due 03/01/2035 |  | 300 | 302 |
|  MPLX LP | MPLX LP | MPLX LP | MPLX LP |
|  2.650% due 08/15/2030 |  | 1000 | 891 |
|  Nakilat, Inc. | Nakilat, Inc. | Nakilat, Inc. | Nakilat, Inc. |
|  6.067% due 12/31/2033 |  | 80 | 83 |
|  Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. |
|  5.550% due 10/01/2034 |  | 2700 | 2640 |
|  Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. |
|  4.900% due 06/15/2030 |  | 1000 | 956 |
|  T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
|  2.700% due 03/15/2032 |  | 1000 | 865 |
|  3.375% due 04/15/2029 |  | 600 | 570 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust |
|  5.450% due 08/15/2038 | 397 | 401 |
|  |  | 11809 |
| UTILITIES 1.4% | UTILITIES 1.4% | UTILITIES 1.4% |
|  Edison International | Edison International | Edison International |
|  5.750% due 06/15/2027 | 62 | 63 |
|  6.250% due 03/15/2030 | 400 | 405 |
|  Eversource Energy | Eversource Energy | Eversource Energy |
|  5.850% due 04/15/2031 | 2800 | 2912 |
|  ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |
|  5.050% due 11/01/2034 | 3900 | 3767 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  3.000% due 06/15/2028 | 800 | 752 |
|  4.550% due 07/01/2030 | 900 | 872 |
|  5.282% due 09/04/2025 •  | 3000 | 3001 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  4.650% due 10/01/2043 | 800 | 670 |
|  4.700% due 06/01/2027 | 100 | 100 |
|  4.875% due 02/01/2027 | 1000 | 1004 |
|  5.150% due 06/01/2029 | 1500 | 1510 |
|  5.350% due 03/01/2026 | 700 | 703 |
|  |  | 15759 |
|  Total Corporate Bonds & Notes (Cost $80,721) | Total Corporate Bonds & Notes (Cost $80,721) | 79049 |
| MUNICIPAL BONDS & NOTES 0.0% | MUNICIPAL BONDS & NOTES 0.0% | MUNICIPAL BONDS & NOTES 0.0% |
| CALIFORNIA 0.0% | CALIFORNIA 0.0% | CALIFORNIA 0.0% |
|  Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 |
|  3.000% due 06/01/2046 | 565 | 504 |
|  Total Municipal Bonds & Notes (Cost $565) | Total Municipal Bonds & Notes (Cost $565) | 504 |
| U.S. GOVERNMENT AGENCIES 58.4% | U.S. GOVERNMENT AGENCIES 58.4% | U.S. GOVERNMENT AGENCIES 58.4% |
|  Fannie Mae | Fannie Mae | Fannie Mae |
|  1.396% due 03/25/2041 •(a) | 129 | 12 |
|  2.246% due 03/25/2036 •(a) | 36 | 3 |
|  4.202% due 10/01/2029 ~ | 5500 | 5468 |
|  4.300% due 12/01/2029 | 3808 | 3798 |
|  4.526% due 12/25/2036 •  | 18 | 17 |
|  4.540% due 07/01/2030 | 1300 | 1308 |
|  4.705% due 09/01/2031 •  | 10000 | 10108 |
|  4.720% due 10/01/2028 -08/01/2030 | 3589 | 3643 |
|  4.770% due 10/01/2028 | 1500 | 1526 |
|  4.804% due 03/25/2037 - 09/25/2042 •  | 114 | 113 |
|  4.834% due 07/25/2037 •  | 13 | 13 |
|  4.850% due 05/01/2029 | 900 | 918 |
|  4.854% due 09/25/2035 •  | 24 | 24 |
|  4.860% due 08/01/2030 | 1700 | 1741 |
|  4.930% due 06/01/2029 | 2400 | 2456 |
|  5.174% due 06/25/2037 •  | 14 | 14 |
|  5.204% due 01/25/2040 •  | 4 | 4 |
|  5.274% due 12/25/2039 •  | 8 | 8 |
|  5.290% due 11/25/2054 •  | 4306 | 4302 |
|  5.300% due 11/01/2030 | 4900 | 5088 |
|  5.354% due 07/25/2039 •  | 4 | 4 |
|  5.885% due 06/01/2043 •  | 24 | 24 |
|  5.886% due 07/01/2044 •  | 4 | 4 |
|  6.221% due 01/01/2035 •  | 6 | 6 |
|  6.397% due 11/01/2035 •  | 10 | 10 |
|  6.435% due 12/01/2033 •  | 30 | 30 |
|  6.540% due 10/01/2035 •  | 4 | 4 |
|  6.550% due 03/01/2035 •  | 1 | 2 |
|  6.567% due 11/01/2034 •  | 1 | 1 |
|  6.606% due 12/01/2033 •  | 8 | 8 |
|  6.803% due 05/25/2035 ~ | 3 | 3 |
|  6.883% due 07/01/2036 •  | 17 | 18 |
|  6.897% due 06/01/2035 •  | 22 | 22 |
|  6.899% due 09/01/2036 •  | 7 | 7 |
|  6.934% due 05/01/2036 •  | 14 | 14 |
|  7.000% due 07/01/2035 •  | 4 | 4 |
|  7.025% due 08/01/2036 •  | 9 | 9 |
|  7.207% due 09/01/2035 •  | 14 | 14 |

---

---

| | | |
|:---|:---|:---|
| **62** | **PIMCO EQUITY-RELATED 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)** |
|  7.315% due 05/01/2035 •  | $— | 1 | $— | 1 |
|  7.430% due 07/01/2035 •  |  | 8 |  | 9 |
|  7.455% due 08/01/2035 •  |  | 28 |  | 28 |
|  7.487% due 09/01/2035 •  |  | 7 |  | 7 |
|  7.518% due 07/01/2034 •  |  | 60 |  | 61 |
|  7.522% due 08/01/2035 •  |  | 37 |  | 39 |
|  7.564% due 06/01/2035 •  |  | 19 |  | 20 |
|  8.743% due 12/25/2036 •  |  | 2 |  | 2 |
|  Freddie Mac | Freddie Mac | Freddie Mac | Freddie Mac | Freddie Mac |
|  2.007% due 07/15/2036 •(a) |  | 70 |  | 7 |
|  2.237% due 04/15/2036 •(a) |  | 7 |  | 1 |
|  3.000% due 09/01/2032 |  | 896 |  | 867 |
|  4.000% due 11/01/2047 - 03/01/2049 |  | 1136 |  | 1075 |
|  4.500% due 01/15/2041 - 04/01/2041 |  | 153 |  | 150 |
|  4.695% due 08/25/2031 •  |  | 14 |  | 14 |
|  4.793% due 02/15/2037 •  |  | 2 |  | 2 |
|  5.000% due 03/01/2038 |  | 725 |  | 733 |
|  5.013% due 07/15/2041 •  |  | 163 |  | 162 |
|  5.033% due 06/15/2041 •  |  | 148 |  | 147 |
|  5.133% due 08/15/2037 •  |  | 42 |  | 42 |
|  5.163% due 08/15/2037 •  |  | 58 |  | 58 |
|  5.280% due 11/25/2054 •  |  | 4563 |  | 4569 |
|  5.318% due 01/15/2038 •  |  | 28 |  | 28 |
|  5.440% due 11/25/2054 •  |  | 4508 |  | 4495 |
|  5.500% due 06/01/2027 - 05/01/2040 |  | 268 |  | 273 |
|  5.835% due 02/25/2045 •  |  | 8 |  | 7 |
|  6.000% due 02/01/2034 - 10/01/2039 |  | 417 |  | 432 |
|  Ginnie Mae | Ginnie Mae | Ginnie Mae | Ginnie Mae | Ginnie Mae |
|  3.500% due 01/15/2042 - 07/15/2045 |  | 2754 |  | 2580 |
|  4.750% due 11/20/2044 •  |  | 25 |  | 26 |
|  5.000% due 06/15/2034 - 06/15/2041 |  | 753 |  | 761 |
|  6.000% due 05/15/2037 - 07/15/2037 |  | 38 |  | 38 |
|  6.473% due 04/20/2068 •  |  | 82 |  | 83 |
|  Ginnie Mae, TBA | Ginnie Mae, TBA | Ginnie Mae, TBA | Ginnie Mae, TBA | Ginnie Mae, TBA |
|  5.000% due 04/01/2055 |  | 16790 |  | 16516 |
|  U.S. Small Business Administration | U.S. Small Business Administration | U.S. Small Business Administration | U.S. Small Business Administration | U.S. Small Business Administration |
|  5.290% due 12/01/2027 |  | 15 |  | 15 |
|  5.600% due 09/01/2028 |  | 124 |  | 126 |
|  Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security |
|  3.000% due 01/01/2027 - 12/01/2032 |  | 1624 |  | 1566 |
|  3.500% due 06/01/2045 - 02/01/2049 |  | 9807 |  | 8965 |
|  4.000% due 07/01/2025 - 11/01/2028 |  | 104 |  | 105 |
|  4.500% due 04/01/2025 - 12/01/2052 |  | 18356 |  | 17621 |
|  5.000% due 02/01/2053 - 10/01/2053 |  | 4433 |  | 4356 |
|  5.500% due 12/01/2028 - 12/01/2039 |  | 517 |  | 527 |
|  5.500% due 04/01/2054 - 05/01/2054 |  | 3009 |  | 3007 |
|  6.000% due 05/01/2035 - 05/01/2041 |  | 207 |  | 215 |
|  6.500% due 09/01/2034 |  | 1 |  | 1 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  3.000% due 05/01/2055 |  | 23500 |  | 20364 |
|  4.000% due 05/01/2055 |  | 80410 |  | 74815 |
|  4.500% due 05/01/2055 - 06/01/2055 |  | 18500 |  | 17683 |
|  5.000% due 04/01/2055 - 05/01/2055 |  | 38110 |  | 37330 |
|  5.500% due 05/01/2055 |  | 45500 |  | 45404 |
|  6.000% due 06/01/2055 |  | 123250 |  | 124947 |
|  6.500% due 06/01/2055 |  | 192410 |  | 198082 |
|  Total U.S. Government Agencies (Cost $628,330) | Total U.S. Government Agencies (Cost $628,330) | Total U.S. Government Agencies (Cost $628,330) |  | 629110 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| U.S. TREASURY OBLIGATIONS 6.4% | U.S. TREASURY OBLIGATIONS 6.4% | U.S. TREASURY OBLIGATIONS 6.4% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  4.625% due 05/15/2044 (l) | 13000 | 13046 |
|  U.S. Treasury Inflation Protected Securities (g) | U.S. Treasury Inflation Protected Securities (g) | U.S. Treasury Inflation Protected Securities (g) |
|  0.125% due 02/15/2052 (l) | 342 | 194 |
|  0.625% due 07/15/2032 (l) | 1421 | 1327 |
|  0.625% due 02/15/2043 (l) | 988 | 760 |
|  0.750% due 02/15/2045 (j) | 2023 | 1537 |
|  1.000% due 02/15/2046 ((j)(l) | 4277 | 3378 |
|  1.000% due 02/15/2048 (l) | 1128 | 868 |
|  1.875% due 07/15/2034 | 34313 | 34643 |
|  2.125% due 04/15/2029 | 12527 | 12902 |
|  Total U.S. Treasury Obligations (Cost $70,892) | Total U.S. Treasury Obligations (Cost $70,892) | 68655 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 8.3% | NON-AGENCY MORTGAGE-BACKED SECURITIES 8.3% | NON-AGENCY MORTGAGE-BACKED SECURITIES 8.3% |
|  Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust |
|  5.581% due 01/25/2036 ~ | 98 | 74 |
|  American Home Mortgage Investment Trust | American Home Mortgage Investment Trust | American Home Mortgage Investment Trust |
|  6.500% due 03/25/2047 þ | 27 | 18 |
|  APS Resecuritization Trust | APS Resecuritization Trust | APS Resecuritization Trust |
|  4.717% due 08/28/2054 ~ | 1138 | 1119 |
|  Avon Finance PLC | Avon Finance PLC | Avon Finance PLC |
|  5.357% due 12/28/2049 •  | 2961 | 3834 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  4.814% due 12/20/2046 ~ | 69 | 62 |
|  4.854% due 04/20/2047 •  | 3 | 2 |
|  4.994% due 06/20/2047 •  | 180 | 143 |
|  6.412% due 10/25/2036 þ | 1559 | 1407 |
|  BDS Ltd. | BDS Ltd. | BDS Ltd. |
|  5.871% due 10/21/2042 •  | 5250 | 5242 |
|  Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust |
|  5.239% due 07/25/2034 •  | 5 | 5 |
|  6.337% due 01/25/2033 ~ | 27 | 27 |
|  6.548% due 04/25/2033 ~ | 1 | 1 |
|  7.480% due 08/25/2033 •  | 2 | 2 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  4.935% due 01/25/2036 •  | 5 | 4 |
|  5.564% due 05/25/2035 ~ | 1 | 1 |
|  Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust |
|  5.116% due 01/26/2036 ~ | 59 | 43 |
|  BellaVista Mortgage Trust | BellaVista Mortgage Trust | BellaVista Mortgage Trust |
|  5.034% due 01/22/2045 •  | 552 | 514 |
|  BINOM Securitization Trust | BINOM Securitization Trust | BINOM Securitization Trust |
|  3.000% due 02/25/2061 •  | 861 | 796 |
|  Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust |
|  3.250% due 09/25/2063 ~ | 2069 | 1858 |
|  3.250% due 08/25/2064 •  | 2731 | 2425 |
|  3.375% due 12/25/2064 •  | 5207 | 4665 |
|  5.590% due 05/25/2055 ~ | 2120 | 2127 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  7.550% due 02/25/2037 •  | 22 | 23 |
|  ChaseFlex Trust | ChaseFlex Trust | ChaseFlex Trust |
|  5.035% due 07/25/2037 •  | 353 | 306 |
|  Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates |
|  4.685% due 01/25/2036 •  | 92 | 87 |
|  4.685% due 06/25/2036 •  | 159 | 153 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  6.170% due 09/25/2062 þ | 4954 | 4959 |
|  7.230% due 10/25/2035 ~ | 6 | 6 |
|  7.410% due 05/25/2035 •  | 6 | 6 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.183% due 05/25/2036 ~ | 105 | 94 |
|  4.795% due 05/25/2047 ~ | 101 | 93 |
|  4.815% due 09/25/2046 •  | 304 | 294 |
|  4.835% due 08/25/2037 •  | 10 | 7 |
|  4.935% due 05/25/2035 ~ | 2582 | 1946 |
|  4.995% due 02/25/2037 •  | 575 | 487 |
|  5.074% due 12/20/2035 ~ | 40 | 38 |
|  5.075% due 11/25/2035 •  | 204 | 180 |
|  5.500% due 11/25/2035 | 5 | 3 |
|  5.635% due 12/25/2035 •  | 5 | 5 |
|  6.000% due 06/25/2047 | 3265 | 1681 |
|  6.195% due 08/25/2035 •  | 1113 | 1030 |
|  6.250% due 08/25/2036 | 127 | 68 |

---

---

| | | |
|:---|:---|:---|
|  | **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 |
|  5.095% due 02/25/2035 •  | 1 | 1 |
|  5.235% due 09/25/2034 •  | 32 | 31 |
|  6.662% due 02/20/2036 •  | 6 | 5 |
|  Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust |
|  3.475% due 03/25/2059 ~ | 709 | 709 |
|  4.193% due 07/27/2061 •  | 2642 | 2634 |
|  Cross Mortgage Trust | Cross Mortgage Trust | Cross Mortgage Trust |
|  5.129% due 09/25/2069 ~ | 4313 | 4293 |
|  Deutsche ALT-A Securities, Inc. Mortgage Loan Trust | Deutsche ALT-A Securities, Inc. Mortgage Loan Trust | Deutsche ALT-A Securities, Inc. Mortgage Loan Trust |
|  5.095% due 02/25/2036 ~ | 921 | 903 |
|  5.935% due 10/25/2047 ~ | 180 | 143 |
|  Eurohome U.K. Mortgages PLC | Eurohome U.K. Mortgages PLC | Eurohome U.K. Mortgages PLC |
|  4.728% due 06/15/2044 •  | 5 | 6 |
|  First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust |
|  4.705% due 08/25/2035 ~ | 77 | 64 |
|  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 •  | 14 | 13 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  4.632% due 11/25/2035 •  | 17 | 15 |
|  6.000% due 05/25/2037 | 182 | 135 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.651% due 07/19/2047 •  | 179 | 170 |
|  4.841% due 12/19/2036 •  | 52 | 41 |
|  4.931% due 01/19/2036 •  | 325 | 212 |
|  4.971% due 03/19/2035 •  | 749 | 756 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  3.600% due 01/25/2036 ~ | 77 | 69 |
|  4.835% due 11/25/2046 •  | 7767 | 7399 |
|  5.075% due 07/25/2045 •  | 3 | 3 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  5.750% due 01/25/2036 | 10 | 5 |
|  5.753% due 04/25/2037 ~ | 4 | 3 |
|  Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust |
|  5.250% due 07/25/2067 þ | 1120 | 1118 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.835% due 07/25/2047 •  | 3594 | 3461 |
|  4.935% due 08/25/2037 •  | 45 | 44 |
|  MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust |
|  5.165% due 10/25/2033 ~ | 37 | 32 |
|  5.435% due 12/25/2046 •  | 4102 | 3165 |
|  Mellon Residential Funding Corp. Mortgage Pass-Through Trust | Mellon Residential Funding Corp. Mortgage Pass-Through Trust | Mellon Residential Funding Corp. Mortgage Pass-Through Trust |
|  4.874% due 12/15/2030 ~ | 45 | 44 |
|  Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust |
|  4.835% due 03/25/2037 •  | 438 | 104 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  6.058% due 05/25/2033 ~ | 2 | 2 |
|  Merrion Square Residential | Merrion Square Residential | Merrion Square Residential |
|  3.473% due 03/24/2081 •  | 3785 | 4060 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  2.750% due 07/25/2059 •  | 1514 | 1452 |
|  3.500% due 10/25/2059 ~ | 35 | 32 |
|  Nomura Resecuritization Trust | Nomura Resecuritization Trust | Nomura Resecuritization Trust |
|  5.335% due 03/25/2037 •  | 1715 | 1653 |
|  PHH Alternative Mortgage Trust | PHH Alternative Mortgage Trust | PHH Alternative Mortgage Trust |
|  4.755% due 02/25/2037 •  | 136 | 101 |
|  RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust |
|  5.158% due 10/25/2044 þ | 2013 | 2004 |
|  Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust |
|  4.775% due 01/25/2037 ~ | 133 | 116 |
|  4.805% due 08/25/2036 •  | 636 | 579 |
|  Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust |
|  6.000% due 09/25/2036 | 906 | 262 |
|  6.000% due 05/25/2037 | 332 | 171 |
|  6.250% due 07/25/2036 | 314 | 236 |
|  Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust |
|  4.834% due 07/20/2036 •  | 93 | 81 |
|  4.854% due 06/20/2036 •  | 110 | 102 |
|  Stratton Mortgage Funding PLC | Stratton Mortgage Funding PLC | Stratton Mortgage Funding PLC |
|  5.608% due 06/20/2060 •  | 786 | 1018 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  3.979% due 01/25/2035 ~ | 14 | 14 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **63** |

---

------

Schedule of Investments PIMCO RAE PLUS Fund (Cont.)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.088% due 11/25/2035 ~ | $| 35 | 33 |
|  4.755% due 10/25/2035 •  |  | 1141 | 1080 |
|  4.811% due 08/25/2035 ~ |  | 39 | 34 |
|  5.038% due 09/25/2035 •  |  | 27 | 24 |
|  6.035% due 01/25/2035 ~ |  | 74 | 68 |
|  Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust |
|  3.538% due 05/25/2047 ~ |  | 1977 | 1581 |
|  4.995% due 02/25/2036 ~ |  | 32 | 27 |
|  5.131% due 02/19/2035 •  |  | 2 | 2 |
|  Towd Point Mortgage Funding | Towd Point Mortgage Funding | Towd Point Mortgage Funding | Towd Point Mortgage Funding |
|  5.483% due 07/20/2053 •  | GBP | 2310 | 2991 |
|  Trinity Square PLC | Trinity Square PLC | Trinity Square PLC | Trinity Square PLC |
|  5.470% due 07/15/2059 ~ |  | 1021 | 1322 |
|  Wachovia Mortgage Loan Trust LLC | Wachovia Mortgage Loan Trust LLC | Wachovia Mortgage Loan Trust LLC | Wachovia Mortgage Loan Trust LLC |
|  7.138% due 05/20/2036 ~ | $| 7 | 7 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  3.846% due 01/25/2037 •  |  | 402 | 350 |
|  4.092% due 12/25/2046 •  |  | 265 | 238 |
|  4.356% due 12/25/2036 •  |  | 130 | 119 |
|  4.640% due 06/25/2037 ~ |  | 896 | 796 |
|  4.975% due 12/25/2045 •  |  | 1618 | 1622 |
|  5.015% due 10/25/2045 •  |  | 9 | 9 |
|  5.075% due 01/25/2045 ~ |  | 62 | 62 |
|  5.445% due 07/25/2047 •  |  | 30 | 25 |
|  5.515% due 10/25/2046 •  |  | 351 | 301 |
|  5.625% due 06/25/2046 •  |  | 2502 | 2290 |
|  5.635% due 02/25/2046 ~ |  | 208 | 189 |
|  6.135% due 10/25/2046 •  |  | 46 | 43 |
|  Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust |
|  5.385% due 02/25/2047 •  |  | 144 | 132 |
|  6.000% due 07/25/2036 |  | 1078 | 837 |
|  Wells Fargo Alternative Loan Trust | Wells Fargo Alternative Loan Trust | Wells Fargo Alternative Loan Trust | Wells Fargo Alternative Loan Trust |
|  6.250% due 07/25/2037 |  | 84 | 72 |
|  7.125% due 07/25/2037 ~ |  | 1424 | 1318 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $89,085) | Total Non-Agency Mortgage-Backed Securities (Cost $89,085) | Total Non-Agency Mortgage-Backed Securities (Cost $89,085) | 88868 |
| ASSET-BACKED SECURITIES 29.3% | ASSET-BACKED SECURITIES 29.3% | ASSET-BACKED SECURITIES 29.3% | ASSET-BACKED SECURITIES 29.3% |
| AUTOMOBILE ABS OTHER 0.0% | AUTOMOBILE ABS OTHER 0.0% | AUTOMOBILE ABS OTHER 0.0% | AUTOMOBILE ABS OTHER 0.0% |
|  Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust |
|  5.019% due 10/15/2026 •  |  | 234 | 234 |
| AUTOMOBILE SEQUENTIAL 7.4% | AUTOMOBILE SEQUENTIAL 7.4% | AUTOMOBILE SEQUENTIAL 7.4% | AUTOMOBILE SEQUENTIAL 7.4% |
|  Ally Auto Receivables Trust | Ally Auto Receivables Trust | Ally Auto Receivables Trust | Ally Auto Receivables Trust |
|  5.460% due 05/15/2028 |  | 1400 | 1411 |
|  AmeriCredit Automobile Receivables Trust | AmeriCredit Automobile Receivables Trust | AmeriCredit Automobile Receivables Trust | AmeriCredit Automobile Receivables Trust |
|  5.750% due 02/18/2028 |  | 1187 | 1191 |
|  6.190% due 04/19/2027 |  | 1242 | 1246 |
|  Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC |
|  5.900% due 08/21/2028 |  | 2200 | 2258 |
|  6.120% due 04/20/2027 |  | 4900 | 4959 |
|  BMW Vehicle Owner Trust | BMW Vehicle Owner Trust | BMW Vehicle Owner Trust | BMW Vehicle Owner Trust |
|  5.470% due 02/25/2028 |  | 1322 | 1331 |
|  CarMax Auto Owner Trust | CarMax Auto Owner Trust | CarMax Auto Owner Trust | CarMax Auto Owner Trust |
|  4.890% due 07/16/2029 |  | 3900 | 3940 |
|  5.210% due 09/15/2027 |  | 3835 | 3847 |
|  5.300% due 03/15/2027 |  | 1711 | 1714 |
|  Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
|  5.380% due 03/12/2029 |  | 1500 | 1523 |
|  5.420% due 04/10/2028 |  | 795 | 799 |
|  5.620% due 01/10/2029 |  | 300 | 304 |
|  6.410% due 09/10/2027 |  | 461 | 463 |
|  Chase Auto Owner Trust | Chase Auto Owner Trust | Chase Auto Owner Trust | Chase Auto Owner Trust |
|  5.480% due 04/26/2027 |  | 1194 | 1197 |
|  Citizens Auto Receivables Trust | Citizens Auto Receivables Trust | Citizens Auto Receivables Trust | Citizens Auto Receivables Trust |
|  5.110% due 04/17/2028 |  | 600 | 604 |
|  5.430% due 10/15/2026 |  | 292 | 292 |
|  CPS Auto Receivables Trust | CPS Auto Receivables Trust | CPS Auto Receivables Trust | CPS Auto Receivables Trust |
|  5.710% due 09/15/2027 |  | 259 | 260 |
|  Drive Auto Receivables Trust | Drive Auto Receivables Trust | Drive Auto Receivables Trust | Drive Auto Receivables Trust |
|  5.830% due 12/15/2026 |  | 153 | 153 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  DT Auto Owner Trust | DT Auto Owner Trust | DT Auto Owner Trust |
|  6.290% due 08/16/2027 | 648 | 649 |
|  Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust |
|  5.310% due 08/16/2027 | 410 | 411 |
|  5.630% due 10/15/2026 | 136 | 136 |
|  5.820% due 02/15/2027 | 405 | 405 |
|  Fifth Third Auto Trust | Fifth Third Auto Trust | Fifth Third Auto Trust |
|  5.800% due 11/16/2026 | 164 | 164 |
|  Ford Credit Auto Lease Trust | Ford Credit Auto Lease Trust | Ford Credit Auto Lease Trust |
|  5.240% due 07/15/2026 | 2763 | 2766 |
|  Foursight Capital Automobile Receivables Trust | Foursight Capital Automobile Receivables Trust | Foursight Capital Automobile Receivables Trust |
|  5.990% due 05/15/2028 | 962 | 968 |
|  GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust |
|  5.570% due 02/16/2027 | 699 | 700 |
|  6.040% due 03/15/2027 | 225 | 226 |
|  GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust |
|  5.960% due 10/16/2028 | 1600 | 1622 |
|  6.270% due 08/16/2027 | 695 | 697 |
|  GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust |
|  4.850% due 12/18/2028 | 1600 | 1610 |
|  5.120% due 02/16/2027 | 1155 | 1157 |
|  5.450% due 06/16/2028 | 1400 | 1411 |
|  Hertz Vehicle Financing LLC | Hertz Vehicle Financing LLC | Hertz Vehicle Financing LLC |
|  1.990% due 06/25/2026 | 600 | 597 |
|  5.440% due 01/25/2029 | 5000 | 5072 |
|  5.490% due 06/25/2027 | 800 | 805 |
|  Honda Auto Receivables Owner Trust | Honda Auto Receivables Owner Trust | Honda Auto Receivables Owner Trust |
|  5.710% due 03/18/2026 | 198 | 198 |
|  Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust |
|  4.990% due 02/15/2029 | 2300 | 2322 |
|  5.290% due 04/15/2027 | 1273 | 1276 |
|  5.480% due 04/17/2028 | 1500 | 1512 |
|  M&T Bank Auto Receivables Trust | M&T Bank Auto Receivables Trust | M&T Bank Auto Receivables Trust |
|  5.590% due 02/17/2032 | 341 | 342 |
|  Nissan Auto Lease Trust | Nissan Auto Lease Trust | Nissan Auto Lease Trust |
|  4.920% due 11/15/2027 | 5600 | 5650 |
|  Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust |
|  5.320% due 09/25/2030 | 404 | 404 |
|  5.380% due 11/25/2030 | 681 | 681 |
|  7.130% due 01/26/2032 | 281 | 283 |
|  Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust |
|  5.710% due 02/16/2027 | 50 | 50 |
|  5.930% due 07/17/2028 | 1400 | 1410 |
|  SBNA Auto Lease Trust | SBNA Auto Lease Trust | SBNA Auto Lease Trust |
|  5.390% due 11/20/2026 | 4500 | 4513 |
|  5.450% due 01/20/2026 | 457 | 457 |
|  SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust |
|  5.350% due 06/21/2027 | 322 | 322 |
|  Toyota Auto Receivables Owner Trust | Toyota Auto Receivables Owner Trust | Toyota Auto Receivables Owner Trust |
|  4.880% due 03/15/2029 | 6100 | 6153 |
|  5.600% due 08/17/2026 | 325 | 326 |
|  Tricolor Auto Securitization Trust | Tricolor Auto Securitization Trust | Tricolor Auto Securitization Trust |
|  6.610% due 10/15/2027 | 460 | 463 |
|  Veros Auto Receivables Trust | Veros Auto Receivables Trust | Veros Auto Receivables Trust |
|  7.120% due 11/15/2028 | 528 | 530 |
|  Volkswagen Auto Lease Trust | Volkswagen Auto Lease Trust | Volkswagen Auto Lease Trust |
|  5.400% due 12/21/2026 | 3868 | 3882 |
|  Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust |
|  5.960% due 10/15/2026 | 242 | 242 |
|  6.230% due 01/15/2027 | 1651 | 1657 |
|  World Omni Auto Receivables Trust | World Omni Auto Receivables Trust | World Omni Auto Receivables Trust |
|  5.570% due 12/15/2026 | 126 | 126 |
|  |  | 79687 |
| CMBS OTHER 3.7% | CMBS OTHER 3.7% | CMBS OTHER 3.7% |
|  AREIT Trust | AREIT Trust | AREIT Trust |
|  6.254% due 11/17/2038 •  | 1500 | 1495 |
|  M360 Ltd. | M360 Ltd. | M360 Ltd. |
|  6.684% due 11/22/2038 •  | 2700 | 2657 |
|  MF1 LLC | MF1 LLC | MF1 LLC |
|  5.884% due 02/18/2040 •  | 5800 | 5786 |
|  MF1 Ltd. | MF1 Ltd. | MF1 Ltd. |
|  5.881% due 10/16/2036 •  | 4600 | 4544 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.067% due 02/19/2037 •  | 5900 | 5924 |
|  6.181% due 10/16/2036 •  | 4600 | 4478 |
|  Ready Capital Mortgage Financing LLC | Ready Capital Mortgage Financing LLC | Ready Capital Mortgage Financing LLC |
|  6.694% due 10/25/2039 ~ | 2009 | 2018 |
|  6.787% due 06/25/2037 •  | 670 | 672 |
|  6.872% due 10/25/2039 •  | 2782 | 2801 |
|  Starwood Commercial Mortgage Trust | Starwood Commercial Mortgage Trust | Starwood Commercial Mortgage Trust |
|  6.149% due 11/15/2038 •  | 9100 | 9052 |
|  |  | 39427 |
| CMBS SUBORDINATED 0.4% | CMBS SUBORDINATED 0.4% | CMBS SUBORDINATED 0.4% |
|  Ready Capital Mortgage Financing LLC | Ready Capital Mortgage Financing LLC | Ready Capital Mortgage Financing LLC |
|  7.431% due 06/25/2037 •  | 4700 | 4721 |
| CREDIT CARD BULLET 1.9% | CREDIT CARD BULLET 1.9% | CREDIT CARD BULLET 1.9% |
|  American Express Credit Account Master Trust | American Express Credit Account Master Trust | American Express Credit Account Master Trust |
|  4.650% due 07/15/2029 | 5500 | 5550 |
|  4.870% due 05/15/2028 | 2500 | 2515 |
|  Bank of America Credit Card Trust | Bank of America Credit Card Trust | Bank of America Credit Card Trust |
|  4.790% due 05/15/2028 | 2500 | 2512 |
|  4.980% due 11/15/2028 | 4800 | 4852 |
|  Synchrony Card Funding LLC | Synchrony Card Funding LLC | Synchrony Card Funding LLC |
|  4.930% due 07/15/2030 | 5200 | 5271 |
|  |  | 20700 |
| HOME EQUITY OTHER 7.5% | HOME EQUITY OTHER 7.5% | HOME EQUITY OTHER 7.5% |
|  ABFC Trust | ABFC Trust | ABFC Trust |
|  5.485% due 03/25/2034 ~ | 1383 | 1344 |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  5.050% due 12/25/2035 ~ | 3419 | 3229 |
|  Argent Securities Trust | Argent Securities Trust | Argent Securities Trust |
|  4.545% due 09/25/2036 •  | 77 | 25 |
|  Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates |
|  3.784% due 01/25/2034 •  | 104 | 99 |
|  3.868% due 02/25/2034 •  | 539 | 556 |
|  Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust |
|  3.264% due 03/25/2036 •  | 10734 | 9343 |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  4.755% due 08/25/2036 ~ | 602 | 581 |
|  5.455% due 10/25/2035 •  | 554 | 552 |
|  Carrington Mortgage Loan Trust | Carrington Mortgage Loan Trust | Carrington Mortgage Loan Trust |
|  4.695% due 02/25/2037 •  | 301 | 287 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  4.735% due 12/25/2036 ~ | 334 | 121 |
|  4.755% due 09/25/2036 •  | 2513 | 1911 |
|  5.335% due 09/25/2035 •  | 4687 | 4535 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.639% due 05/25/2036 •  | 888 | 875 |
|  4.685% due 06/25/2047 •  | 1204 | 1161 |
|  4.715% due 12/25/2046 •  | 978 | 932 |
|  4.835% due 06/25/2037 •  | 1989 | 1988 |
|  4.935% due 01/25/2046 •  | 6432 | 6122 |
|  4.955% due 12/25/2036 •  | 3699 | 3520 |
|  Credit-Based Asset Servicing & Securitization Trust | Credit-Based Asset Servicing & Securitization Trust | Credit-Based Asset Servicing & Securitization Trust |
|  4.555% due 11/25/2036 ~ | 18 | 8 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  4.495% due 01/25/2037 •  | 10 | 5 |
|  5.095% due 01/25/2036 ~ | 35 | 34 |
|  GSAA Home Equity Trust | GSAA Home Equity Trust | GSAA Home Equity Trust |
|  4.675% due 06/25/2036 •  | 65 | 12 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  4.525% due 01/25/2037 ~ | 2066 | 1238 |
|  4.695% due 12/25/2046 •  | 1301 | 654 |
|  4.735% due 12/25/2046 •  | 29 | 14 |
|  4.895% due 01/25/2037 •  | 4200 | 3593 |
|  Home Equity Asset Trust | Home Equity Asset Trust | Home Equity Asset Trust |
|  6.035% due 12/25/2034 •  | 985 | 983 |
|  HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust |
|  4.655% due 12/25/2036 •  | 901 | 228 |
|  4.900% due 03/25/2036 •  | 8552 | 7612 |

---

---

| | | |
|:---|:---|:---|
| **64** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. |
|  4.735% due 07/25/2036 ~ | 62 | 27 |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  4.875% due 02/25/2036 •  | 82 | 80 |
|  4.995% due 10/25/2034 ~ | 15 | 15 |
|  5.410% due 04/25/2035 ~ | 36 | 35 |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  4.755% due 10/25/2036 •  | 284 | 139 |
|  4.915% due 03/25/2036 ~ | 41 | 25 |
|  Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust |
|  4.565% due 01/25/2037 •  | 3030 | 1147 |
|  4.565% due 01/25/2037 ~ | 235 | 107 |
|  4.565% due 02/25/2037 •  | 711 | 625 |
|  4.685% due 03/25/2037 •  | 2527 | 1075 |
|  4.715% due 08/25/2036 •  | 398 | 199 |
|  5.365% due 07/25/2035 •  | 110 | 107 |
|  Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust |
|  4.605% due 04/25/2037 •  | 1540 | 797 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  6.465% due 09/25/2046 þ | 696 | 229 |
|  Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust |
|  5.095% due 10/25/2036 ~ | 159 | 35 |
|  NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust |
|  4.695% due 03/25/2037 ~ | 4303 | 2794 |
|  4.755% due 10/25/2036 •  | 217 | 96 |
|  Option One Mortgage Loan Trust Asset-Backed Certificates | Option One Mortgage Loan Trust Asset-Backed Certificates | Option One Mortgage Loan Trust Asset-Backed Certificates |
|  5.170% due 11/25/2035 •  | 6767 | 5773 |
|  Ownit Mortgage Loan Trust | Ownit Mortgage Loan Trust | Ownit Mortgage Loan Trust |
|  5.335% due 10/25/2036 •  | 26 | 25 |
|  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 |
|  5.410% due 07/25/2035 •  | 3200 | 2598 |
|  6.160% due 02/25/2035 •  | 3359 | 3072 |
|  RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust |
|  6.147% due 06/25/2044 þ | 791 | 798 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  5.500% due 05/25/2035 •  | 2000 | 1943 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  5.155% due 10/25/2035 •  | 304 | 262 |
|  SG Mortgage Securities Trust | SG Mortgage Securities Trust | SG Mortgage Securities Trust |
|  4.795% due 02/25/2036 •  | 8515 | 4169 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  4.515% due 06/25/2037 ~ | 53 | 35 |
|  4.900% due 02/25/2036 •  | 131 | 122 |
|  4.955% due 02/25/2037 •  | 137 | 37 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  4.595% due 03/25/2036 •  | 1199 | 1163 |
|  4.855% due 02/25/2037 •  | 1108 | 1087 |
|  WaMu Asset-Backed Certificates WaMu Trust | WaMu Asset-Backed Certificates WaMu Trust | WaMu Asset-Backed Certificates WaMu Trust |
|  4.675% due 05/25/2037 ~ | 415 | 367 |
|  |  | 80545 |
| HOME EQUITY SEQUENTIAL 0.1% | HOME EQUITY SEQUENTIAL 0.1% | HOME EQUITY SEQUENTIAL 0.1% |
|  ABFC Trust | ABFC Trust | ABFC Trust |
|  4.875% due 01/25/2037 ~ | 2260 | 1255 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  5.155% due 04/25/2037 •  | 35 | 9 |
|  |  | 1264 |
| WHOLE LOAN COLLATERAL 0.7% | WHOLE LOAN COLLATERAL 0.7% | WHOLE LOAN COLLATERAL 0.7% |
|  PRET LLC | PRET LLC | PRET LLC |
|  4.744% due 07/25/2051 þ | 947 | 944 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.935% due 05/25/2036 •  | 7451 | 3842 |
|  Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust |
|  5.035% due 12/25/2036 ~ | 555 | 543 |
|  VCAT LLC | VCAT LLC | VCAT LLC |
|  5.977% due 01/25/2055 þ | 2307 | 2312 |
|  |  | 7641 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| OTHER ABS 7.6% | OTHER ABS 7.6% | OTHER ABS 7.6% |
|  AGL CLO Ltd. | AGL CLO Ltd. | AGL CLO Ltd. |
|  5.682% due 07/20/2034 •  | 1200 | 1202 |
|  Anchorage Credit Funding Ltd. | Anchorage Credit Funding Ltd. | Anchorage Credit Funding Ltd. |
|  2.723% due 04/27/2039 | 400 | 371 |
|  2.875% due 07/27/2039 | 300 | 278 |
|  3.000% due 01/21/2040 | 300 | 280 |
|  3.177% due 10/25/2038 | 700 | 673 |
|  3.900% due 07/28/2037 | 771 | 763 |
|  3.928% due 04/25/2038 | 400 | 388 |
|  4.300% due 07/25/2036 | 282 | 279 |
|  4.620% due 04/25/2037 | 279 | 279 |
|  Arbour CLO DAC | Arbour CLO DAC | Arbour CLO DAC |
|  3.706% due 11/15/2037 •  | 4200 | 4550 |
|  Ares CLO Ltd. | Ares CLO Ltd. | Ares CLO Ltd. |
|  5.623% due 04/17/2033 •  | 2800 | 2804 |
|  Atlas Senior Loan Fund Ltd. | Atlas Senior Loan Fund Ltd. | Atlas Senior Loan Fund Ltd. |
|  5.510% due 10/23/2032 ~ | 2591 | 2590 |
|  Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. |
|  5.743% due 10/20/2034 ~ | 2200 | 2201 |
|  5.943% due 10/20/2034 ~ | 2200 | 2203 |
|  Black Diamond CLO DAC | Black Diamond CLO DAC | Black Diamond CLO DAC |
|  3.536% due 05/15/2032 •  | 2276 | 2464 |
|  Carval CLO Ltd. | Carval CLO Ltd. | Carval CLO Ltd. |
|  5.538% due 07/16/2031 •  | 4922 | 4925 |
|  CBAM Ltd. | CBAM Ltd. | CBAM Ltd. |
|  5.932% due 07/15/2037 •  | 3300 | 3305 |
|  Centerbridge Credit Funding Ltd. | Centerbridge Credit Funding Ltd. | Centerbridge Credit Funding Ltd. |
|  3.164% due 07/25/2039 | 300 | 285 |
|  CRB Securitization Trust | CRB Securitization Trust | CRB Securitization Trust |
|  6.960% due 10/20/2033 | 547 | 550 |
|  DLLAA LLC | DLLAA LLC | DLLAA LLC |
|  5.930% due 07/20/2026 | 126 | 127 |
|  Gallatin CLO Ltd. | Gallatin CLO Ltd. | Gallatin CLO Ltd. |
|  6.214% due 07/15/2031 •  | 2700 | 2707 |
|  GoldenTree Loan Management U.S. CLO Ltd. | GoldenTree Loan Management U.S. CLO Ltd. | GoldenTree Loan Management U.S. CLO Ltd. |
|  5.447% due 04/24/2031 •  | 1764 | 1763 |
|  Harvest CLO DAC | Harvest CLO DAC | Harvest CLO DAC |
|  1.040% due 07/15/2031 | 638 | 668 |
|  Home Partners of America Trust | Home Partners of America Trust | Home Partners of America Trust |
|  1.901% due 12/17/2026 | 425 | 407 |
|  Invesco Euro CLO DAC | Invesco Euro CLO DAC | Invesco Euro CLO DAC |
|  3.725% due 10/30/2038 •  | 1500 | 1620 |
|  Jubilee CLO DAC | Jubilee CLO DAC | Jubilee CLO DAC |
|  3.435% due 04/15/2031 •  | 972 | 1051 |
|  KKR CLO Ltd. | KKR CLO Ltd. | KKR CLO Ltd. |
|  5.495% due 07/18/2030 •  | 427 | 427 |
|  6.155% due 07/18/2030 •  | 3700 | 3706 |
|  Madison Park Euro Funding DAC | Madison Park Euro Funding DAC | Madison Park Euro Funding DAC |
|  3.585% due 07/15/2032 •  | 1796 | 1948 |
|  Madison Park Funding Ltd. | Madison Park Funding Ltd. | Madison Park Funding Ltd. |
|  5.540% due 10/22/2034 ~ | 3000 | 3003 |
|  Marlette Funding Trust | Marlette Funding Trust | Marlette Funding Trust |
|  5.950% due 11/15/2032 | 292 | 292 |
|  Navesink CLO Ltd. | Navesink CLO Ltd. | Navesink CLO Ltd. |
|  5.572% due 04/15/2036 •  | 2700 | 2697 |
|  Nelnet Student Loan Trust | Nelnet Student Loan Trust | Nelnet Student Loan Trust |
|  6.544% due 02/20/2041 •  | 299 | 307 |
|  6.640% due 02/20/2041 | 299 | 310 |
|  OAK Hill European Credit Partners DAC | OAK Hill European Credit Partners DAC | OAK Hill European Credit Partners DAC |
|  3.474% due 01/20/2032 •  | 770 | 833 |
|  Ocean Trails CLO | Ocean Trails CLO | Ocean Trails CLO |
|  6.002% due 10/15/2034 •  | 2000 | 2002 |
|  OZLM Ltd. | OZLM Ltd. | OZLM Ltd. |
|  6.005% due 07/20/2032 •  | 2500 | 2504 |
|  6.255% due 07/20/2032 •  | 1500 | 1503 |
|  Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust |
|  7.600% due 12/16/2030 | 117 | 117 |
|  Regatta Funding Ltd. | Regatta Funding Ltd. | Regatta Funding Ltd. |
|  5.705% due 01/20/2035 •  | 4800 | 4803 |
|  Romark Credit Funding Ltd. | Romark Credit Funding Ltd. | Romark Credit Funding Ltd. |
|  2.625% due 10/25/2039 | 300 | 279 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Segovia European CLO DAC | Segovia European CLO DAC | Segovia European CLO DAC |
|  3.624% due 07/20/2032 •  | 2769 | 2996 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  5.897% due 11/15/2052 •  | 447 | 453 |
|  SoFi Professional Loan Program Trust | SoFi Professional Loan Program Trust | SoFi Professional Loan Program Trust |
|  2.540% due 05/15/2046 | 1408 | 1352 |
|  Theorem Funding Trust | Theorem Funding Trust | Theorem Funding Trust |
|  7.580% due 04/15/2029 | 148 | 149 |
|  Toro European CLO DAC | Toro European CLO DAC | Toro European CLO DAC |
|  3.709% due 01/12/2032 •  | 12064 | 12993 |
|  |  | 81407 |
|  Total Asset-Backed Securities<br>(Cost $321,317) | Total Asset-Backed Securities<br>(Cost $321,317) | 315626 |
| SOVEREIGN ISSUES 7.6% | SOVEREIGN ISSUES 7.6% | SOVEREIGN ISSUES 7.6% |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 07/01/2025 (f) | 50800 | 8619 |
|  0.000% due 10/01/2025 (f) | 25100 | 4104 |
|  CPPIB Capital, Inc. | CPPIB Capital, Inc. | CPPIB Capital, Inc. |
|  4.300% due 06/02/2034 | 2100 | 1546 |
|  Czech Republic Government International Bond | Czech Republic Government International Bond | Czech Republic Government International Bond |
|  4.200% due 12/04/2036 | 18500 | 790 |
|  Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond |
|  2.750% due 11/27/2031 (g) | 24255 | 1036 |
|  3.000% due 12/03/2026 (g) | 51374 | 2416 |
|  4.000% due 11/30/2028 (g) | 7622 | 361 |
|  4.000% due 08/24/2034 (g) | 110159 | 5018 |
|  6.000% due 05/13/2030 | 400 | 408 |
|  6.875% due 05/13/2037 | 700 | 718 |
|  7.375% due 05/13/2055 | 300 | 307 |
|  8.000% due 11/07/2047 | 34200 | 1381 |
|  8.500% due 03/01/2029 | 23500 | 1136 |
|  Peru Government International Bond | Peru Government International Bond | Peru Government International Bond |
|  5.400% due 08/12/2034 | 19500 | 4843 |
|  6.150% due 08/12/2032 | 62100 | 16983 |
|  6.900% due 08/12/2037 | 6600 | 1774 |
|  6.950% due 08/12/2031 | 2700 | 786 |
|  7.300% due 08/12/2033 | 7400 | 2127 |
|  7.600% due 08/12/2039 | 1000 | 282 |
|  Province of Quebec | Province of Quebec | Province of Quebec |
|  4.450% due 09/01/2034 | 13700 | 10167 |
|  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 | 30800 | 1492 |
|  8.000% due 01/31/2030 | 27600 | 1443 |
|  8.250% due 03/31/2032 | 16600 | 833 |
|  8.500% due 01/31/2037 | 21300 | 966 |
|  9.000% due 01/31/2040 | 95000 | 4285 |
|  Saudi Government International Bond | Saudi Government International Bond | Saudi Government International Bond |
|  5.625% due 01/13/2035 | 5800 | 5966 |
|  Turkey Government International Bond | Turkey Government International Bond | Turkey Government International Bond |
|  44.165% due 09/06/2028 ~ | 43800 | 1086 |
|  45.031% due 05/20/2026 ~ | 400 | 11 |
|  45.031% due 08/19/2026 ~ | 300 | 8 |
|  45.031% due 05/17/2028 ~ | 49900 | 1244 |
|  Total Sovereign Issues (Cost $81,643) | Total Sovereign Issues (Cost $81,643) | 82136 |
|  | **SHARES** |  |
| COMMON STOCKS 1.4% | COMMON STOCKS 1.4% | COMMON STOCKS 1.4% |
| COMMUNICATION SERVICES 0.0% | COMMUNICATION SERVICES 0.0% | COMMUNICATION SERVICES 0.0% |
|  Verizon Communications, Inc. | 2210 | 100 |
|  Walt Disney Co. | 2210 | 218 |
|  |  | 318 |
| CONSUMER DISCRETIONARY 0.2% | CONSUMER DISCRETIONARY 0.2% | CONSUMER DISCRETIONARY 0.2% |
|  Amazon.com, Inc. (d) | 2210 | 421 |
|  Home Depot, Inc. | 2210 | 810 |
|  McDonald's Corp. | 2210 | 690 |
|  NIKE, Inc. 'B' | 2210 | 140 |
|  |  | 2061 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 65

------

Schedule of Investments PIMCO RAE PLUS Fund (Cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| CONSUMER STAPLES 0.1% | CONSUMER STAPLES 0.1% | CONSUMER STAPLES 0.1% | CONSUMER STAPLES 0.1% |
|  Coca-Cola Co. | 2210 | $— | 158 |
|  Procter & Gamble Co. | 2210 |  | 377 |
|  Walmart, Inc. | 2210 |  | 194 |
|  |  |  | 729 |
| ENERGY 0.0% | ENERGY 0.0% | ENERGY 0.0% | ENERGY 0.0% |
|  Chevron Corp. | 2210 |  | 370 |
| FINANCIALS 0.3% | FINANCIALS 0.3% | FINANCIALS 0.3% | FINANCIALS 0.3% |
|  American Express Co. | 2210 |  | 595 |
|  Goldman Sachs Group, Inc. | 2210 |  | 1207 |
|  JPMorgan Chase & Co. | 2210 |  | 542 |
|  Travelers Cos., Inc. | 2210 |  | 584 |
|  Visa, Inc. 'A' | 2210 |  | 775 |
|  |  |  | 3703 |
| HEALTH CARE 0.2% | HEALTH CARE 0.2% | HEALTH CARE 0.2% | HEALTH CARE 0.2% |
|  Amgen, Inc. | 2210 |  | 689 |
|  Johnson & Johnson | 2210 |  | 367 |
|  Merck & Co., Inc. | 2210 |  | 198 |
|  UnitedHealth Group, Inc. | 2210 |  | 1157 |
|  |  |  | 2411 |
| INDUSTRIALS 0.2% | INDUSTRIALS 0.2% | INDUSTRIALS 0.2% | INDUSTRIALS 0.2% |
|  3M Co. | 2210 |  | 324 |
|  Boeing Co. (d) | 2210 |  | 377 |
|  Caterpillar, Inc. | 2210 |  | 729 |
|  Honeywell International, Inc. | 2210 |  | 468 |
|  |  |  | 1898 |
| INFORMATION TECHNOLOGY 0.3% | INFORMATION TECHNOLOGY 0.3% | INFORMATION TECHNOLOGY 0.3% | INFORMATION TECHNOLOGY 0.3% |
|  Apple, Inc. | 2210 |  | 491 |
|  Cisco Systems, Inc. | 2210 |  | 136 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  International Business Machines Corp. |  | 2210 | 550 |
|  Microsoft Corp. |  | 2210 | 830 |
|  NVIDIA Corp. |  | 2210 | 239 |
|  Salesforce, Inc. |  | 2210 | 593 |
|  |  |  | 2839 |
| MATERIALS 0.1% | MATERIALS 0.1% | MATERIALS 0.1% | MATERIALS 0.1% |
|  Sherwin-Williams Co. |  | 2210 | 772 |
|  Total Common Stocks (Cost $13,385) | Total Common Stocks (Cost $13,385) | Total Common Stocks (Cost $13,385) | 15101 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| SHORT-TERM INSTRUMENTS 35.9% | SHORT-TERM INSTRUMENTS 35.9% | SHORT-TERM INSTRUMENTS 35.9% | SHORT-TERM INSTRUMENTS 35.9% |
| COMMERCIAL PAPER 5.3% | COMMERCIAL PAPER 5.3% | COMMERCIAL PAPER 5.3% | COMMERCIAL PAPER 5.3% |
|  AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. |
|  4.640% due 04/15/2025 | $— | 5110 | 5100 |
|  AES Corp. | AES Corp. | AES Corp. | AES Corp. |
|  4.900% due 04/10/2025 |  | 2720 | 2716 |
|  4.900% due 04/11/2025 |  | 2700 | 2696 |
|  Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. |
|  4.640% due 04/09/2025 |  | 2640 | 2637 |
|  4.650% due 04/10/2025 |  | 2820 | 2816 |
|  Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
|  4.560% due 04/10/2025 |  | 850 | 849 |
|  Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. |
|  4.850% due 04/28/2025 (b) |  | 1300 | 1296 |
|  4.950% due 04/25/2025 |  | 4050 | 4037 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  4.910% due 04/29/2025 |  | 5430 | 5409 |
|  Enbridge U.S., Inc. | Enbridge U.S., Inc. | Enbridge U.S., Inc. | Enbridge U.S., Inc. |
|  4.550% due 04/16/2025 |  | 3950 | 3942 |
|  4.640% due 04/25/2025 |  | 2390 | 2382 |
|  Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |
|  5.000% due 04/07/2025 |  | 2510 | 2508 |
|  5.000% due 04/21/2025 |  | 2920 | 2911 |
|  Intel Corp. | Intel Corp. | Intel Corp. | Intel Corp. |
|  4.600% due 04/02/2025 |  | 1720 | 1720 |
|  Kinder Morgan, Inc. | Kinder Morgan, Inc. | Kinder Morgan, Inc. | Kinder Morgan, Inc. |
|  4.600% due 04/14/2025 |  | 5300 | 5290 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Marsh & McLennan Cos, Inc. | Marsh & McLennan Cos, Inc. | Marsh & McLennan Cos, Inc. | Marsh & McLennan Cos, Inc. |
|  4.630% due 04/21/2025 | 5450 | $— | 5435 |
|  NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
|  4.630% due 04/21/2025 | 4940 |  | 4927 |
|  |  |  | 56671 |
| REPURCHASE AGREEMENTS (h) 26.7% | REPURCHASE AGREEMENTS (h) 26.7% | REPURCHASE AGREEMENTS (h) 26.7% | REPURCHASE AGREEMENTS (h) 26.7% |
|  |  |  | 287500 |
| U.S. TREASURY BILLS 3.9% | U.S. TREASURY BILLS 3.9% | U.S. TREASURY BILLS 3.9% | U.S. TREASURY BILLS 3.9% |
|  4.289% due 06/05/2025 (e)(f)(l) | 42032 |  | 41714 |
| Total Short-Term Instruments (Cost $385,892) | Total Short-Term Instruments (Cost $385,892) |  | 385885 |
| Total Investments in Securities (Cost $1,672,912) | Total Investments in Securities (Cost $1,672,912) |  | 1666015 |
|  | **SHARES** |  |  |
| INVESTMENTS IN AFFILIATES 8.6% | INVESTMENTS IN AFFILIATES 8.6% | INVESTMENTS IN AFFILIATES 8.6% | INVESTMENTS IN AFFILIATES 8.6% |
| SHORT-TERM INSTRUMENTS 8.6% | SHORT-TERM INSTRUMENTS 8.6% | SHORT-TERM INSTRUMENTS 8.6% | SHORT-TERM INSTRUMENTS 8.6% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 8.6% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 8.6% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 8.6% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 8.6% |
|  PIMCO Short Asset Portfolio | 6906879 |  | 67618 |
|  PIMCO Short-Term Floating NAV Portfolio III | 2565288 |  | 24971 |
| Total Short-Term Instruments (Cost $92,044) | Total Short-Term Instruments (Cost $92,044) |  | 92589 |
| Total Investments in Affiliates (Cost $92,044) | Total Investments in Affiliates (Cost $92,044) |  | 92589 |
| Total Investments 163.3% (Cost $1,764,956) | Total Investments 163.3% (Cost $1,764,956) | $— | 1758604 |
|  Financial Derivative<br>Instruments (i)(k) (2.6)%<br> (Cost or Premiums, net $16,867) | Financial Derivative<br>Instruments (i)(k) (2.6)%<br> (Cost or Premiums, net $16,867) |  | (28490) |
| Other Assets and Liabilities, net (60.7)% | Other Assets and Liabilities, net (60.7)% |  | (653413) |
| Net Assets 100.0% |  | $— | 1076701 |

---

#### 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) Payment in-kind security.

(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) Principal amount of security is adjusted for inflation.

---

| | | |
|:---|:---|:---|
| **66** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Lending<br>Rate | Settlement<br>Date | Maturity<br>Date | Principal<br>Amount | Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| BOS | 4.380% | 04/01/2025 | 04/02/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128700 | U.S. Treasury Notes 4.000% due 12/15/2027 | $(131427) | $128700 | $128700 |
|  | 4.410 | 03/31/2025 | 04/01/2025 | 143600 | U.S. Treasury Notes 2.750% due 04/30/2027 | (146388) | 143600 | 143617 |
| JPS | 4.500 | 03/31/2025 | 04/01/2025 | 15200 | U.S. Treasury Notes 0.750% due 04/30/2026 | (15519) | 15200 | 15202 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(293334) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287519 |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (3.9)% | U.S. Government Agencies (3.9)% | U.S. Government Agencies (3.9)% | U.S. Government Agencies (3.9)% | U.S. Government Agencies (3.9)% | U.S. Government Agencies (3.9)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.500% | 05/01/2055 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47000 | $(42183) | $(42364) |
|  Total Short Sales (3.9)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42183) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42364) |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(2)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BOS | $272317 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272317 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(277815) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5498) |
|  JPS | 15202 | 0 | 0 | 15202 | (15519) | (317) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287519 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |  |  |  |

---

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

**The average amount of borrowings outstanding during the period ended March 31, 2025 was $(338) at a weighted average interest rate of 4.726%. 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

#### 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 | 14 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | $(4) | $(1) |
|  Put - CBOE U.S. Treasury 10-Year Note May Futures | 109.500 | 04/25/2025 | 9 | 9 | (2) | (1) |
|  Put - CBOE U.S. Treasury 10-Year Note May Futures | 110.000 | 04/25/2025 | 23 | 23 | (6) | (5) |
|  Call - CBOE U.S. Treasury 10-Year Note May Futures | 112.000 | 04/25/2025 | 14 | 14 | (5) | (8) |
|  Call - CBOE U.S. Treasury 10-Year Note May Futures | 112.250 | 04/25/2025 | 9 | 9 | (3) | (4) |
|  Call - CBOE U.S. Treasury 10-Year Note May Futures | 112.500 | 04/25/2025 | 23 | 23 | (7) | (9) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 67

------

Schedule of Investments PIMCO RAE PLUS Fund (Cont.)

#### 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-Buxl 30-Year Bond June Futures  | 06/2025 | 1 | $129 | $(8) | $1 | $0 |
|  U.S. Treasury 5-Year Note June Futures  | 06/2025 | 383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41424 | 14 | 0 | (12) |
|  U.S. Treasury 10-Year Note June Futures  | 06/2025 | 111 | 12345 | 146 | 2 | 0 |
|  U.S. Treasury 10-Year Ultra Long-Term Bond June Futures  | 06/2025 | 326 | 37205 | 432 | 31 | 0 |
|  U.S. Treasury Long-Term Bond June Futures  | 06/2025 | 159 | 18648 | 186 | 30 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) |

---

#### SHORT FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | Variation Margin | Variation Margin |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | Asset | Liability |
|  U.S. Treasury 2-Year Note June Futures  | 06/2025 | 266 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55108) | $(229) | $2 | $0 |
|  U.S. Treasury Ultra Long-Term Bond June Futures  | 06/2025 | 136 | (16626) | (89) | 0 | (59) |
|  |  |  |  | $(318) | $2 | $(59) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(71) |

---

#### SWAP AGREEMENTS:

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>March 31, 2025<sup>(2)</sup> | **Notional<br>Amount<sup>(3)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(4)</sup>** | Variation Margin | Variation Margin |
| **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>March 31, 2025<sup>(2)</sup> | **Notional<br>Amount<sup>(3)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(4)</sup>** | Asset | Liability |
|  AT&T, Inc. | 1.000% | Quarterly | 06/20/2026 | 0.346% | $900 | $15 | $(8) | $7 | $0 | $0 |
|  AT&T, Inc. | 1.000 | Quarterly | 06/20/2028 | 0.514 | 200 | (1) | 4 | 3 | 0 | 0 |
|  Bank of America Corp. | 1.000 | Quarterly | 12/20/2025 | 0.269 | 100 | 1 | 0 | 1 | 0 | 0 |
|  Bank of America Corp. | 1.000 | Quarterly | 12/20/2026 | 0.401 | 2100 | 27 | (5) | 22 | 0 | (1) |
|  Barclays Bank PLC | 1.000 | Quarterly | 12/20/2025 | 0.328 | 1000 | 6 | (1) | 5 | 0 | 0 |
|  BNP Paribas SNR | 1.000 | Quarterly | 12/20/2025 | 0.204 | 100 | 1 | 0 | 1 | 0 | 0 |
|  Ford Motor Credit Co. LLC | 5.000 | Quarterly | 06/20/2025 | 0.436 | $200 | 7 | (5) | 2 | 0 | 0 |
|  General Electric Co. | 1.000 | Quarterly | 12/20/2026 | 0.097 | 1900 | 22 | 7 | 29 | 0 | 0 |
|  General Motors Co. | 5.000 | Quarterly | 12/20/2026 | 0.462 | 1970 | 391 | (238) | 153 | 0 | (2) |
|  General Motors Co. | 5.000 | Quarterly | 06/20/2028 | 0.838 | 2425 | 292 | 18 | 310 | 1 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;761 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(228) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Variation Margin | Variation Margin |
| Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Asset | Liability |
|  CDX.HY-40 5-Year Index | 5.000% | Quarterly | 06/20/2028 | $294 | $0 | $17 | $17 | $0 | $0 |
|  CDX.HY-43 5-Year Index | 5.000 | Quarterly | 12/20/2029 | 8100 | 588 | (142) | 446 | 2 | 0 |
|  CDX.HY-44 5-Year Index | 5.000 | Quarterly | 06/20/2030 | 2000 | 104 | 2 | 106 | 1 | 0 |
|  CDX.IG-38 5-Year Index | 1.000 | Quarterly | 06/20/2027 | 100 | 1 | 0 | 1 | 0 | 0 |
|  CDX.IG-39 5-Year Index | 1.000 | Quarterly | 12/20/2027 | 100 | 1 | 1 | 2 | 0 | 0 |
|  CDX.IG-40 5-Year Index | 1.000 | Quarterly | 06/20/2028 | 700 | 10 | 3 | 13 | 0 | 0 |
|  CDX.IG-41 5-Year Index | 1.000 | Quarterly | 12/20/2028 | 600 | 13 | (1) | 12 | 0 | 0 |
|  CDX.IG-43 5-Year Index | 1.000 | Quarterly | 12/20/2029 | 84830 | 1894 | (261) | 1633 | 1 | (1) |
|  CDX.IG-44 5-Year Index | 1.000 | Quarterly | 06/20/2030 | 30500 | 559 | 2 | 561 | 5 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3170 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(379) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2791 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive <br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/Receive <br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.500% | Annual | 03/19/2030 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1655) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(129) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1784) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262 | $0 |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 4.320 | Annual | 10/20/2033 |  | 300 | (2) | 7 | 5 | 3 | 0 |
|  Receive | 1-Day GBP-SONIO Compounded-OIS | 3.700 | Annual | 03/28/2034 |  | 200 | (1) | 9 | 8 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |

---

---

| | | |
|:---|:---|:---|
| **68** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.930% | Annual | 01/06/2035 | 500 | $(1) | $(12) | $(13) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | $0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.250 | Semi-Annual | 06/17/2025 | $11100 | (157) | 218 | 61 | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/21/2025 | 78690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(354) | 818 | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 06/20/2026 | 67900 | (172) | 568 | 396 | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.500 | Semi-Annual | 12/20/2027 | 4700 | (54) | 204 | 150 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.655 | Annual | 05/31/2028 | 2600 | 0 | 28 | 28 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.691 | Annual | 05/31/2028 | 13780 | 0 | 128 | 128 | 0 | (5) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.807 | Annual | 05/31/2028 | 500 | 0 | 2 | 2 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/21/2028 | 6390 | 136 | 24 | 160 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2029 | 9580 | 90 | (42) | 48 | 0 | (6) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 03/04/2030 | 1500 | (3) | (9) | (12) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/21/2030 | 17260 | 508 | 288 | 796 | 0 | (19) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.063 | Semi-Annual | 03/15/2031 | 21700 | 142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2031 | 14500 | 42 | (68) | (26) | 0 | (27) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2032 | 8400 | 1178 | 69 | 1247 | 0 | (16) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2033 | 1500 | (29) | 40 | 11 | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/21/2033 | 67600 | 4419 | 207 | 4626 | 0 | (24) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.250 | Annual | 11/22/2033 | 500 | (2) | (17) | (19) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.950 | Annual | 12/19/2033 | 600 | (3) | (6) | (9) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 12/26/2033 | 300 | (1) | (1) | (2) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.854 | Annual | 12/29/2033 | 700 | (3) | (2) | (5) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 01/02/2034 | 500 | (2) | 2 | 0 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.810 | Annual | 01/02/2034 | 300 | (1) | 0 | (1) | 0 | (1) |
|  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 | 3.750 | Annual | 06/20/2034 | 12750 | 71 | 47 | 118 | 0 | (37) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.679 | Annual | 08/13/2034 | 170 | (1) | 3 | 2 | 0 | (1) |
|  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 | 3.558 | Annual | 08/21/2034 | 500 | (2) | 13 | 11 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.605 | Annual | 08/28/2034 | 200 | (1) | 5 | 4 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.470 | Annual | 09/04/2034 | 500 | (2) | 17 | 15 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.408 | Annual | 09/05/2034 | 500 | (2) | 19 | 17 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.410 | Annual | 09/05/2034 | 240 | (1) | 9 | 8 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.232 | Annual | 09/10/2034 | 250 | (1) | 13 | 12 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.240 | Annual | 09/16/2034 | 400 | (2) | 21 | 19 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.278 | Annual | 09/16/2034 | 500 | (2) | 25 | 23 | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.860 | Annual | 11/14/2034 | 1100 | (4) | 11 | 7 | 3 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.866 | Annual | 11/14/2034 | 800 | (3) | 8 | 5 | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.793 | Annual | 11/19/2034 | 1100 | (5) | 6 | 1 | 3 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.855 | Annual | 11/19/2034 | 500 | (2) | 5 | 3 | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.865 | Annual | 11/20/2034 | 200 | (1) | 2 | 1 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52600 | (330) | 493 | 163 | 0 | (163) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.015 | Annual | 12/30/2034 | 300 | (1) | 7 | 6 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.933 | Annual | 01/06/2035 | 800 | (3) | 14 | 11 | 3 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.840 | Annual | 01/08/2035 | 600 | (2) | 5 | 3 | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.850 | Annual | 01/08/2035 | 400 | (1) | 4 | 3 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.890 | Annual | 01/08/2035 | 500 | (1) | 6 | 5 | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.896 | Annual | 01/08/2035 | 700 | (2) | 9 | 7 | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.900 | Annual | 01/08/2035 | 800 | (2) | 10 | 8 | 3 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.880 | Annual | 01/13/2035 | 1100 | (3) | 13 | 10 | 3 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.970 | Annual | 01/15/2035 | 200 | (1) | 4 | 3 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.013 | Annual | 01/15/2035 | 1000 | (3) | 23 | 20 | 3 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.071 | Annual | 01/15/2035 | 500 | (1) | 13 | 12 | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 01/21/2035 | 400 | (1) | 12 | 11 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.090 | Annual | 01/22/2035 | 800 | (2) | 23 | 21 | 3 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 02/26/2035 | 300 | (1) | (5) | (6) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.890 | Annual | 03/03/2035 | 450 | (2) | (3) | (5) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.908 | Annual | 03/04/2035 | 700 | (3) | (5) | (8) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.870 | Annual | 03/05/2035 | 300 | (1) | (2) | (3) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.874 | Annual | 03/05/2035 | 900 | (3) | (5) | (8) | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.899 | Annual | 03/11/2035 | 600 | (2) | (5) | (7) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 03/12/2035 | 800 | (2) | (7) | (9) | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.975 | Annual | 03/21/2035 | 1100 | (3) | (16) | (19) | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 03/24/2035 | 1500 | (4) | (17) | (21) | 0 | (5) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.884 | Annual | 03/25/2035 | 900 | (3) | (6) | (9) | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 0.982 | Semi-Annual | 02/15/2036 | 5500 | (1) | 1535 | 1534 | 0 | (15) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 02/20/2049 | 10900 | 166 | 139 | 305 | 0 | (72) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.250 | Semi-Annual | 06/16/2051 | 11300 | 2127 | 3192 | 5319 | 0 | (49) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.750 | Annual | 06/21/2053 | 9540 | 514 | 1405 | 1919 | 0 | (60) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/20/2054 | 6900 | (155) | 604 | 449 | 0 | (50) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/18/2054 | 33150 | 517 | 1500 | 2017 | 0 | (81) |
|  Receive | 3-Month EUR-EURIBOR | 2.680 | Annual | 08/07/2034 | 200 | (1) | (3) | (4) | 0 | (1) |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **69** |

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------

Schedule of Investments PIMCO RAE PLUS 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 EUR-EURIBOR | 2.580% | Annual | 08/29/2034 |  | 600 | $(2) | $(4) | $(6) | $0 | $(2) |
|  Receive | 3-Month EUR-EURIBOR | 2.390 | Annual | 10/01/2034 |  | 500 | (1) | 14 | 13 | 0 | (2) |
|  Pay | 3-Month EUR-EURIBOR | 2.380 | Annual | 12/31/2034 |  | 400 | (1) | (9) | (10) | 2 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/20/2033 |  | 23800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(102) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103 | 0 |
|  Receive | 6-Month CZK-PRIBOR | 3.760 | Annual | 11/01/2034 |  | 20600 | 0 | 1 | 1 | 0 | (6) |
|  Receive | 6-Month EUR-EURIBOR | 2.280 | Annual | 03/04/2030 |  | 800 | (1) | 5 | 4 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |
|  Pay<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2030 |  | 3110 | (30) | 3 | (27) | 7 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 3.250 | Annual | 11/06/2033 |  | 500 | (2) | (26) | (28) | 0 | (2) |
|  Receive | 6-Month EUR-EURIBOR | 3.148 | Annual | 11/20/2033 |  | 370 | (2) | (16) | (18) | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 3.280 | Annual | 11/22/2033 |  | 200 | (1) | (11) | (12) | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 3.305 | Annual | 11/27/2033 |  | 200 | (1) | (11) | (12) | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 3.128 | Annual | 12/04/2033 |  | 300 | (1) | (13) | (14) | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 3.063 | Annual | 12/06/2033 |  | 500 | (2) | (18) | (20) | 0 | (2) |
|  Receive | 6-Month EUR-EURIBOR | 2.990 | Annual | 12/08/2033 |  | 600 | (2) | (19) | (21) | 0 | (2) |
|  Receive | 6-Month EUR-EURIBOR | 2.910 | Annual | 12/29/2033 |  | 400 | (1) | (10) | (11) | 0 | (2) |
|  Receive | 6-Month EUR-EURIBOR | 2.670 | Annual | 04/03/2034 |  | 400 | (1) | (6) | (7) | 0 | (2) |
|  Pay | 6-Month EUR-EURIBOR | 2.220 | Annual | 01/08/2035 |  | 500 | (1) | (19) | (20) | 2 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.400 | Annual | 02/12/2035 |  | 400 | (1) | 10 | 9 | 0 | (2) |
|  Pay | 6-Month EUR-EURIBOR | 2.420 | Annual | 03/07/2035 |  | 200 | (1) | (3) | (4) | 1 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.460 | Annual | 03/13/2035 |  | 600 | (2) | (9) | (11) | 2 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.610 | Annual | 03/24/2035 |  | 500 | (1) | (1) | (2) | 2 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.520 | Annual | 03/27/2035 |  | 400 | (1) | (4) | (5) | 2 | 0 |
|  Pay<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.460 | Annual | 04/01/2035 |  | 500 | (1) | (8) | (9) | 0 | (9) |
|  Pay<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2035 |  | 31790 | (1533) | 259 | (1274) | 134 | 0 |
|  Receive<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2055 |  | 13100 | 992 | 76 | 1068 | 0 | (103) |
|  Receive | 28-Day MXN-TIIE | 9.390 | Lunar | 12/12/2025 |  | 15500 | 0 | (4) | (4) | 0 | 0 |
|  Receive | 28-Day MXN-TIIE | 9.430 | Lunar | 12/25/2025 |  | 21400 | 0 | (6) | (6) | 0 | 0 |
|  Receive | 28-Day MXN-TIIE | 9.000 | Lunar | 03/01/2029 |  | 22100 | 0 | (38) | (38) | 0 | 0 |
|  Receive<sup>(5)</sup> | 28-Day MXN-TIIE | 9.430 | Lunar | 10/19/2034 |  | 21400 | 0 | (52) | (52) | 0 | 0 |
|  Receive<sup>(5)</sup> | 28-Day MXN-TIIE | 9.390 | Lunar | 11/03/2034 |  | 15500 | 0 | (36) | (36) | 0 | 0 |
|  Receive | CAONREPO | 2.740 | Semi-Annual | 06/01/2034 |  | 900 | 0 | (3) | (3) | 0 | (2) |
|  Receive | CAONREPO | 2.900 | Semi-Annual | 06/01/2034 |  | 7600 | (1) | (96) | (97) | 0 | (18) |
|  Receive | CAONREPO | 3.000 | Semi-Annual | 06/01/2034 |  | 7350 | 7 | (143) | (136) | 0 | (17) |
|  Receive | CPURNSA | 0.000 | Maturity | 03/25/2030 |  | $7000 | 0 | 36 | 36 | 6 | 0 |
|  Receive | CPURNSA | 0.000 | Maturity | 03/27/2030 |  | 21700 | 0 | 90 | 90 | 20 | 0 |
|  |  |  |  |  |  |  | $7736 | $13888 | $21624 | $593 | $(885) |
|  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;11667 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13281 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24948 | $603 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(889) |

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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 | **Total** | Market Value | Variation Margin<br>Liability<sup>(6)</sup> | Variation Margin<br>Liability<sup>(6)</sup> | **Total** |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | **Total** | Written<br>Options | Futures | Swap<br>Agreements | **Total** |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(71) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(893) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(992) |

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(j) Securities with an aggregate market value of $3,486 and cash of $26,983 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<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. 

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| | | |
|:---|:---|:---|
| **70** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

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March 31, 2025

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

<sup>(6)</sup> Unsettled variation margin liability of $(4) 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 | 31463 | $209 | $0 | $(1) |
|  | 04/2025 | $16716 | 26424 | 0 | (205) |
|  | 04/2025 | 217 | 32427 | 0 | (1) |
|  | 04/2025 | 273 | 365 | 0 | (1) |
|  | 05/2025 | 26424 | $16719 | 205 | 0 |
|  | 05/2025 | 11274 | 1539 | 0 | (17) |
|  | 05/2025 | 365 | 273 | 1 | 0 |
|  | 05/2025 | $5685 | 41170 | 2 | (6) |
|  | 05/2025 | 209 | 31357 | 1 | 0 |
|  | 06/2025 | 22441 | $3070 | 0 | (35) |
|  | 06/2025 | $1621 | 11701 | 0 | (3) |
|  | 07/2025 | 20488 | $2844 | 5 | (1) |
|  | 08/2025 | 20491 | 2842 | 0 | (5) |
|  BOA | 04/2025 | 1504 | 61 | 0 | (4) |
|  | 04/2025 | 323 | 349 | 0 | 0 |
|  | 04/2025 | 451138 | 308 | 1 | 0 |
|  | 04/2025 | $2409 | 43756 | 0 | (25) |
|  | 05/2025 | 11023 | $1506 | 0 | (15) |
|  | 05/2025 | 3484 | 448 | 0 | 0 |
|  | 05/2025 | 4577320 | 275 | 1 | 0 |
|  | 05/2025 | $311 | 26712 | 1 | 0 |
|  | 06/2025 | 14180 | $1954 | 1 | (9) |
|  | 06/2025 | $794 | 5739 | 0 | 0 |
|  | 06/2025 | 308 | 449440 | 0 | (2) |
|  | 06/2025 | 4410 | 17041 | 0 | (21) |
|  | 08/2025 | 5808 | $812 | 5 | 0 |
|  | 08/2025 | 456 | 14 | 0 | 0 |
|  BPS | 04/2025 | 4586 | 2890 | 24 | 0 |
|  | 04/2025 | 29261 | 5088 | 0 | (40) |
|  | 04/2025 | 5030 | 3514 | 19 | 0 |
|  | 04/2025 | 20898 | 859 | 0 | (46) |
|  | 04/2025 | 41509 | 43525 | 0 | (1358) |
|  | 04/2025 | 27489211 | 1658 | 8 | 0 |
|  | 04/2025 | 960 | 260 | 2 | 0 |
|  | 04/2025 | 11229 | 75 | 0 | 0 |
|  | 04/2025 | 7906191 | 5400 | 30 | 0 |
|  | 04/2025 | 273 | 205 | 2 | 0 |
|  | 04/2025 | 11426 | 289 | 0 | (2) |
|  | 04/2025 | 528347 | 16076 | 165 | 0 |
|  | 04/2025 | $5104 | 29261 | 25 | (1) |
|  | 04/2025 | 5804 | 95474434 | 0 | (76) |
|  | 04/2025 | 2727 | 236717 | 40 | 0 |
|  | 04/2025 | 2139 | 318969 | 0 | (13) |
|  | 04/2025 | 2328 | 3381893 | 0 | (32) |
|  | 04/2025 | 175 | 234 | 0 | (1) |
|  | 04/2025 | 10224 | 335834 | 0 | (111) |
|  | 04/2025 | 27167 | $1481 | 3 | (2) |
|  | 05/2025 | 38908 | 5354 | 1 | (17) |
|  | 05/2025 | 13646793 | 820 | 3 | 0 |
|  | 05/2025 | 234 | 175 | 1 | 0 |
|  | 05/2025 | $661 | 613 | 3 | 0 |
|  | 05/2025 | 1080 | 17920461 | 0 | (6) |
|  | 05/2025 | 2798 | 240031 | 3 | 0 |
|  | 05/2025 | 75 | 11191 | 0 | 0 |
|  | 06/2025 | 23509 | $3221 | 0 | (32) |
|  | 06/2025 | 234259 | 164 | 5 | 0 |
|  | 06/2025 | 769 | 199 | 1 | 0 |
|  | 06/2025 | 66315 | 1686 | 88 | 0 |
|  | 06/2025 | $4547 | 17661 | 25 | (24) |
|  | 07/2025 | 85594 | $2634 | 41 | 0 |
|  | 08/2025 | 47898 | 6667 | 13 | 0 |
|  | 08/2025 | 221989 | 6794 | 52 | 0 |
|  | 10/2025 | 12400 | 2071 | 1 | (10) |

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| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **71** |

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------

Schedule of Investments PIMCO RAE PLUS 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** |
|  BRC | 04/2025 | 9661 | $2609 | $9 | $0 |
|  | 04/2025 | 7366 | 84 | 0 | (2) |
|  | 04/2025 | 1714 | 43 | 0 | (1) |
|  | 04/2025 | $1384 | 22652745 | 0 | (25) |
|  | 04/2025 | 197 | 723 | 0 | (2) |
|  | 04/2025 | 86 | 7357 | 0 | 0 |
|  | 04/2025 | 1372 | 52827 | 1 | (17) |
|  | 05/2025 | 7378 | $86 | 0 | 0 |
|  | 05/2025 | 3559 | 90 | 0 | 0 |
|  | 05/2025 | $183 | 7160 | 0 | (4) |
|  | 06/2025 | 26942 | $646 | 0 | (3) |
|  | 06/2025 | $127 | 492 | 0 | 0 |
|  | 06/2025 | 3786 | 149544 | 0 | (181) |
|  BSH | 04/2025 | 23442 | $14852 | 204 | 0 |
|  | 04/2025 | 576786 | 3841 | 0 | (5) |
|  | 04/2025 | 5420 | 1427 | 0 | (48) |
|  | 05/2025 | 985 | 260 | 0 | (8) |
|  | 05/2025 | $3841 | 574843 | 5 | 0 |
|  | 06/2025 | 14152 | $3869 | 25 | 0 |
|  | 06/2025 | $1138 | 4384 | 0 | (9) |
|  | 07/2025 | 5694 | $1518 | 0 | (28) |
|  CBK | 04/2025 | 43658 | 7619 | 3 | (35) |
|  | 04/2025 | 4233 | 4811 | 26 | 0 |
|  | 04/2025 | 107 | 15 | 0 | 0 |
|  | 04/2025 | 29176382 | 1759 | 7 | 0 |
|  | 04/2025 | 6587 | 1807 | 35 | 0 |
|  | 04/2025 | 69744 | 810 | 0 | (6) |
|  | 04/2025 | 15436 | 4108 | 0 | (91) |
|  | 04/2025 | 364448 | 11123 | 148 | 0 |
|  | 04/2025 | $7603 | 43658 | 48 | 0 |
|  | 04/2025 | 32045 | 45646 | 0 | (324) |
|  | 04/2025 | 625 | 551 | 0 | (3) |
|  | 04/2025 | 3501 | 57345939 | 0 | (60) |
|  | 04/2025 | 1155 | 99410 | 6 | 0 |
|  | 04/2025 | 154 | 225272 | 0 | (1) |
|  | 04/2025 | 5249 | 19145 | 0 | (41) |
|  | 04/2025 | 11795 | 386583 | 0 | (154) |
|  | 05/2025 | 45579 | $32045 | 324 | 0 |
|  | 05/2025 | 16278768 | 980 | 4 | 0 |
|  | 05/2025 | 872 | 230 | 0 | (7) |
|  | 05/2025 | 1 | 0 | 0 | 0 |
|  | 05/2025 | $1076 | 17875933 | 0 | (5) |
|  | 06/2025 | 8025 | $1107 | 0 | (3) |
|  | 06/2025 | 14986506 | 10430 | 223 | 0 |
|  | 06/2025 | 2162 | 588 | 1 | 0 |
|  | 06/2025 | $722 | 5214 | 0 | (1) |
|  | 06/2025 | 618 | 893045 | 0 | (10) |
|  | 07/2025 | 11065 | $3025 | 20 | 0 |
|  | 07/2025 | 149188 | 4586 | 66 | 0 |
|  | 07/2025 | $6979 | 40807 | 34 | 0 |
|  | 08/2025 | 8668 | $2321 | 0 | (31) |
|  | 08/2025 | 165369 | 5075 | 52 | 0 |
|  | 09/2025 | 8126 | 2225 | 22 | 0 |
|  | 12/2025 | 4721 | 1275 | 0 | (2) |
|  DUB | 04/2025 | 40 | 28 | 0 | 0 |
|  | 04/2025 | 9547115 | 578 | 5 | 0 |
|  | 04/2025 | 6649 | 1828 | 40 | 0 |
|  | 04/2025 | 99800 | 678 | 13 | 0 |
|  | 04/2025 | 399 | 228 | 1 | 0 |
|  | 04/2025 | 34 | 26 | 0 | 0 |
|  | 04/2025 | $13 | 92 | 0 | 0 |
|  | 04/2025 | 696 | 663 | 21 | 0 |
|  | 04/2025 | 3827 | 63419581 | 0 | (23) |
|  | 04/2025 | 473 | 40701 | 2 | 0 |
|  | 04/2025 | 229 | 399 | 0 | (3) |
|  | 04/2025 | 140 | 187 | 0 | 0 |
|  | 05/2025 | 92 | $13 | 0 | 0 |
|  | 05/2025 | 2004437 | 121 | 0 | 0 |
|  | 05/2025 | 399 | 229 | 3 | 0 |
|  | 05/2025 | 1515 | 398 | 0 | (13) |
|  | 05/2025 | 187 | 140 | 0 | 0 |
|  | 06/2025 | 10552237 | 7345 | 158 | 0 |
|  | 08/2025 | $1161 | 8317 | 0 | (6) |

---

---

| | | |
|:---|:---|:---|
| **72** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  FAR | 04/2025 | 110096 | $19173 | $0 | $(120) |
|  | 04/2025 | 13245 | 14860 | 0 | (112) |
|  | 04/2025 | 169 | 24 | 0 | (1) |
|  | 04/2025 | 6944 | 1913 | 45 | 0 |
|  | 04/2025 | 412656 | 2741 | 0 | (10) |
|  | 04/2025 | $19191 | 110096 | 102 | 0 |
|  | 04/2025 | 1658 | 247429 | 0 | (9) |
|  | 04/2025 | 131 | 4290 | 0 | (2) |
|  | 05/2025 | 1450 | 10462 | 0 | (6) |
|  | 05/2025 | 2741 | 411266 | 10 | 0 |
|  | 06/2025 | 537 | 3126 | 4 | 0 |
|  | 06/2025 | 2197 | 8497 | 0 | (8) |
|  | 07/2025 | 10422 | $1450 | 6 | 0 |
|  GLM | 04/2025 | 39095 | 6925 | 92 | (18) |
|  | 04/2025 | 536 | 373 | 1 | 0 |
|  | 04/2025 | 17700 | 2617 | 51 | 0 |
|  | 04/2025 | 25593718 | 1541 | 6 | 0 |
|  | 04/2025 | 686828 | 468 | 2 | 0 |
|  | 04/2025 | 6932 | 1831 | 0 | (55) |
|  | 04/2025 | 737 | 18 | 0 | (1) |
|  | 04/2025 | $6656 | 39095 | 195 | 0 |
|  | 04/2025 | 2657 | 43730141 | 0 | (33) |
|  | 04/2025 | 210 | 306935 | 0 | (1) |
|  | 05/2025 | 10719 | $1463 | 0 | (16) |
|  | 05/2025 | 7822051 | 469 | 0 | 0 |
|  | 05/2025 | $1541 | 25616838 | 0 | (6) |
|  | 06/2025 | 1254 | 9068 | 4 | (4) |
|  | 06/2025 | 468 | 684333 | 0 | (2) |
|  | 06/2025 | 1118 | 4315 | 0 | (6) |
|  | 07/2025 | 15569 | $479 | 7 | 0 |
|  | 07/2025 | $35 | 1138 | 0 | (1) |
|  | 09/2025 | 3476 | $948 | 6 | 0 |
|  | 10/2025 | 12700 | 2093 | 0 | (37) |
|  IND | 04/2025 | $16 | 14 | 0 | 0 |
|  | 04/2025 | 26 | 179 | 0 | 0 |
|  | 05/2025 | 14 | $16 | 0 | 0 |
|  | 05/2025 | 178 | 26 | 0 | 0 |
|  JPM | 04/2025 | 124697 | 21944 | 96 | (4) |
|  | 04/2025 | 524 | 551 | 0 | (15) |
|  | 04/2025 | 4591973 | 278 | 3 | 0 |
|  | 04/2025 | 7299 | 2005 | 42 | 0 |
|  | 04/2025 | 185948 | 1237 | 0 | (3) |
|  | 04/2025 | 37 | 27 | 0 | 0 |
|  | 04/2025 | 1421 | 35 | 0 | (1) |
|  | 04/2025 | 48188 | 1470 | 18 | 0 |
|  | 04/2025 | $21722 | 124697 | 130 | 0 |
|  | 04/2025 | 45313 | 42011 | 113 | 0 |
|  | 04/2025 | 570 | 9361631 | 0 | (8) |
|  | 04/2025 | 974 | 84303 | 10 | 0 |
|  | 04/2025 | 1781 | 265532 | 0 | (11) |
|  | 04/2025 | 154 | 225173 | 0 | (1) |
|  | 04/2025 | 5592 | 183745 | 0 | (59) |
|  | 04/2025 | 8987 | $493 | 3 | 0 |
|  | 05/2025 | 11457 | 1568 | 0 | (13) |
|  | 05/2025 | 42011 | 45387 | 0 | (113) |
|  | 05/2025 | 5246842 | 316 | 2 | 0 |
|  | 05/2025 | 345 | 9 | 0 | 0 |
|  | 05/2025 | $5328 | 38620 | 7 | (5) |
|  | 05/2025 | 438 | 65926 | 3 | 0 |
|  | 06/2025 | 1717 | $235 | 0 | (2) |
|  | 06/2025 | 250597 | 12143 | 22 | 0 |
|  | 06/2025 | 3203 | 828 | 3 | 0 |
|  | 06/2025 | $21062 | 121187 | 0 | (95) |
|  | 06/2025 | 565 | 11621 | 0 | (3) |
|  | 06/2025 | 4674 | 18108 | 7 | (18) |
|  | 06/2025 | 182 | 7197 | 0 | (6) |
|  | 07/2025 | 19746 | $2736 | 2 | (3) |
|  | 07/2025 | 86638 | 2664 | 40 | 0 |
|  | 07/2025 | $757 | 4427 | 4 | 0 |
|  | 08/2025 | 18697 | $2592 | 1 | (6) |
|  | 08/2025 | 147473 | 4514 | 35 | 0 |
|  | 08/2025 | $649 | 21011 | 0 | (11) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **73** |

---

------

Schedule of Investments PIMCO RAE PLUS Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  MBC | 04/2025 | 206 | $233 | $0 | $0 |
|  | 04/2025 | 318 | 347 | 3 | 0 |
|  | 04/2025 | 96300 | 651 | 9 | 0 |
|  | 04/2025 | 312 | 233 | 1 | 0 |
|  | 04/2025 | 13634 | 353 | 6 | 0 |
|  | 04/2025 | 75850 | 2345 | 61 | 0 |
|  | 04/2025 | $10 | 15 | 0 | 0 |
|  | 04/2025 | 19379 | 17119 | 0 | (29) |
|  | 04/2025 | 1 | 5 | 0 | 0 |
|  | 04/2025 | 3103 | 2402 | 1 | (1) |
|  | 04/2025 | 2129 | 184204 | 22 | 0 |
|  | 04/2025 | 2191 | 327600 | 0 | (7) |
|  | 04/2025 | 2471 | 81182 | 0 | (26) |
|  | 04/2025 | 21785 | $1192 | 5 | 0 |
|  | 05/2025 | 15 | 10 | 0 | 0 |
|  | 05/2025 | 17058 | 19379 | 29 | 0 |
|  | 05/2025 | 18092 | 2494 | 1 | (4) |
|  | 05/2025 | 5 | 1 | 0 | 0 |
|  | 05/2025 | 3138175 | 189 | 1 | 0 |
|  | 05/2025 | 1808 | 54 | 0 | 0 |
|  | 05/2025 | $2627 | 19047 | 3 | (2) |
|  | 06/2025 | 2618792 | $1820 | 36 | 0 |
|  | 06/2025 | $1396 | 5387 | 0 | (9) |
|  | 07/2025 | 9466 | $1314 | 2 | 0 |
|  | 07/2025 | 41659 | 1278 | 16 | 0 |
|  | 08/2025 | 16732 | 2323 | 4 | (5) |
|  | 08/2025 | 39033 | 1193 | 7 | 0 |
|  MYI | 04/2025 | 40055 | 28137 | 302 | 0 |
|  | 04/2025 | 19400 | 2864 | 52 | 0 |
|  | 04/2025 | 6011 | 7617 | 0 | (148) |
|  | 04/2025 | 131 | 98 | 0 | 0 |
|  | 04/2025 | $1009 | 1604 | 0 | (7) |
|  | 04/2025 | 8175 | 54690 | 0 | (248) |
|  | 04/2025 | 558 | 18257 | 0 | (9) |
|  | 04/2025 | 2541 | 46460 | 0 | (10) |
|  | 05/2025 | 2917531 | $175 | 0 | 0 |
|  | 06/2025 | 4674 | 645 | 0 | (2) |
|  | 06/2025 | $294 | 1166 | 6 | 0 |
|  | 07/2025 | 50800 | $8654 | 0 | (77) |
|  NGF | 06/2025 | 3564002 | 2501 | 75 | 0 |
|  SCX | 04/2025 | 17332 | 115 | 0 | (1) |
|  | 04/2025 | 5355 | 1409 | 0 | (48) |
|  | 04/2025 | 39764 | 1225 | 28 | 0 |
|  | 04/2025 | $1725 | 28223732 | 0 | (32) |
|  | 04/2025 | 154 | 224933 | 0 | (1) |
|  | 04/2025 | 716 | 23542 | 0 | (7) |
|  | 05/2025 | 14349 | $1991 | 10 | 0 |
|  | 05/2025 | 1225356 | 74 | 0 | 0 |
|  | 05/2025 | $140 | 20992 | 1 | 0 |
|  | 06/2025 | 1463 | $201 | 0 | (1) |
|  | 06/2025 | $180 | 3693 | 0 | (2) |
|  | 07/2025 | 7920 | $2122 | 0 | (28) |
|  | 08/2025 | 23347 | 716 | 6 | 0 |
|  SSB | 04/2025 | 15144 | 3986 | 0 | (134) |
|  | 04/2025 | $4667 | 3609 | 0 | (5) |
|  | 05/2025 | 3609 | $4667 | 5 | 0 |
|  | 05/2025 | 3372 | 889 | 0 | (28) |
|  UAG | 04/2025 | 6641 | 1144 | 0 | (20) |
|  | 04/2025 | 17500 | 2581 | 45 | 0 |
|  | 04/2025 | 3126211 | 188 | 1 | 0 |
|  | 04/2025 | $1156 | 6641 | 7 | 0 |
|  | 04/2025 | 189 | 3126211 | 0 | (1) |
|  | 04/2025 | 1635 | 243277 | 0 | (13) |
|  | 05/2025 | 188 | 3130607 | 0 | (1) |
|  | 06/2025 | 410 | 1584 | 0 | (2) |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $4101 | $(5007) |

---

74 PIMCO EQUITY-RELATED STRATEGY FUNDS See Accompanying Notes

------

March 31, 2025

#### PURCHASED OPTIONS:

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BRC Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.750% | 10/30/2025 | 120000 | $577 | $474 |
| CBK Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 6.050 | 10/30/2025 | 22100 | 6 | 0 |
|  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;583 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474 |

---

#### WRITTEN OPTIONS:

#### CREDIT DEFAULT SWAPTIONS ON CREDIT INDEXES

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Buy/Sell<br>Protection | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
|  GST | Put - OTC CDX.IG-43 5-Year Index | Sell | 0.700% | 05/21/2025 | 1500 | $(2) | $(1) |
|  | Put - OTC CDX.IG-43 5-Year Index | Sell | 0.700 | 06/18/2025 | 1500 | (3) | (2) |
|  | Put - OTC CDX.IG-43 5-Year Index | Sell | 0.750 | 06/18/2025 | 3200 | (4) | (3) |
|  | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.850 | 06/18/2025 | 2800 | (3) | (3) |
|  | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.900 | 07/16/2025 | 2900 | (3) | (3) |
|  JPM | Put - OTC CDX.IG-44 5-Year Index | Sell | 1.000 | 07/16/2025 | 1400 | (1) | (2) |
|  RBC | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.900 | 07/16/2025 | 1000 | (1) | (1) |
|  |  |  |  |  |  | $(17) | $(15) |

---

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive <br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BPS Call - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.400% | 04/07/2025 | 700 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | $(2) |
| Put - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.750 | 04/07/2025 | 700 | (1) | 0 |
| BRC Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 2.830 | 10/30/2025 | 120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(214) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(137) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.290 | 10/30/2025 | 120000 | (357) | (253) |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.510 | 04/07/2025 | 500 | (2) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.860 | 04/07/2025 | 500 | (2) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.550 | 04/11/2025 | 400 | (2) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.900 | 04/11/2025 | 400 | (2) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.550 | 04/14/2025 | 500 | (2) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.920 | 04/14/2025 | 500 | (2) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.450 | 04/30/2025 | 400 | (1) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.760 | 04/30/2025 | 400 | (1) | (2) |
| CBK Call - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.350 | 04/25/2025 | 400 | (1) | (1) |
| Put - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.650 | 04/25/2025 | 400 | (1) | 0 |
| FAR Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.715 | 04/24/2025 | 900 | (3) | (7) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.065 | 04/24/2025 | 900 | (3) | (1) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.593 | 04/30/2025 | 1000 | (4) | (5) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.943 | 04/30/2025 | 1000 | (4) | (4) |
| GLM Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.535 | 04/10/2025 | 1500 | (6) | (2) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.985 | 04/10/2025 | 1500 | (6) | (2) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.723 | 04/14/2025 | 500 | (2) | (3) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.073 | 04/14/2025 | 500 | (2) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.695 | 04/17/2025 | 500 | (2) | (3) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.045 | 04/17/2025 | 500 | (2) | (1) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.710 | 04/21/2025 | 700 | (3) | (4) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.060 | 04/21/2025 | 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) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.600 | 04/30/2025 | 700 | (3) | (3) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.950 | 04/30/2025 | 700 | (3) | (3) |
| MYC Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.710 | 04/14/2025 | 800 | (4) | (4) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.060 | 04/14/2025 | 800 | (4) | (1) |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.520 | 04/07/2025 | 400 | (1) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.890 | 04/07/2025 | 400 | (2) | 0 |
| NGF Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.530 | 04/17/2025 | 500 | (2) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.890 | 04/17/2025 | 500 | (2) | (1) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(656) | $(450) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $(673) | $(465) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 75

------

Schedule of Investments PIMCO RAE PLUS Fund (Cont.)

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(3)</sup> |  | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(5)</sup> | Swap Agreements,<br>at Value<sup>(5)</sup> |
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(3)</sup> |  | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| DUB | Petroleos Mexicanos « | 4.750% | Monthly | 07/06/2026 |  | —<sup>¨</sup>% | $1224 | $0 | $8 | $8 | $0 |
| GST | Soft Bank Group, Inc. | 1.000 | Quarterly | 06/20/2026 | 1.326 |  | 100 | (1) | 1 | 0 | 0 |
| MYC | Saudi Arabia Government International Bond | 1.000 | Quarterly | 06/20/2025 | 0.253 |  | 100 | 0 | 0 | 0 | 0 |
|  |  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(5)</sup> | Swap Agreements,<br>at Value<sup>(5)</sup> |
| Counterparty | Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BOA | ABX.HE.AAA.6-2 Index « | 0.110% | Monthly | 05/25/2046 | $9445 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2522) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1780 | $0 | $(742) |
|  | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 | 4725 | 917 | 18 | 935 | 0 |
| BPS | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 | 5513 | 1094 | (4) | 1090 | 0 |
| GST | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 | 3052 | 610 | (6) | 604 | 0 |
| JPM | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 | 25299 | 5219 | (214) | 5005 | 0 |
|  |  |  |  |  |  | $5318 | $1574 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7634 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(742) |

---

#### 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 |
|  CBK | Receive | ERAUSLT Index  | 3651 | 4.990% (FEDL01 plus a specified spread) | Monthly | 04/09/2025 | $2156 | $0 | $(9) | $0 | $(9) |
|  FAR | Pay | DJITR Index  | 143 | 5.110 | Monthly | 06/20/2025 | 15093 | 0 | 11 | 11 | 0 |
|  JPM | Receive | ERAUSLT Index  | 110843 | 5.030% (FEDL01 plus a specified spread) | Monthly | 10/01/2025 | 65461 | 0 | (268) | 0 | (268) |
|  | Receive | ERAUSLT Index  | 576632 | 5.130% (FEDL01 plus a specified spread) | Maturity | 02/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355136 | 0 | (18047) | 0 | (18047) |
|  | Receive | ERAUSLT Index  | 612064 | 5.090 | Maturity | 04/08/2026 | 367214 | 0 | (7086) | 0 | (7086) |
|  MYI | Receive | ERAUSLT Index  | 296833 | 4.830% (FEDL01 plus a specified spread) | Monthly | 04/02/2025 | 182867 | 0 | (8254) | 0 | (8254) |
|  | Receive | ERAUSLT Index  | 31205 | 4.840% (FEDL01 plus a specified spread) | Monthly | 05/07/2025 | 18429 | 0 | (72) | 0 | (72) |
|  | Receive | ERAUSLT Index  | 48506 | 4.950% (FEDL01 plus a specified spread) | Monthly | 05/07/2025 | 28646 | 0 | (119) | 0 | (119) |
|  | Receive | ERAUSLT Index  | 92733 | 4.960 | Monthly | 06/04/2025 | 54765 | 0 | (198) | 0 | (198) |
|  | Receive | ERAUSLT Index  | 36676 | 4.820% (FEDL01 plus a specified spread) | Monthly | 07/09/2025 | 21660 | 0 | (85) | 0 | (85) |
|  | Receive | ERAUSLT Index  | 17294 | 5.120% (FEDL01 plus a specified spread) | Monthly | 11/05/2025 | 10213 | 0 | (43) | 0 | (43) |
|  |  |  |  |  |  |  |  | $0 | $(34170) | $11 | $(34181) |
|  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;5317 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32587) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7653 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34923) |

---

76 PIMCO EQUITY-RELATED STRATEGY FUNDS See Accompanying Notes

------

March 31, 2025

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of March 31, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(7)</sup> |
|  AZD | $214 | $0 | $0 | $214 | $(275) | $0 | $0 | $(275) | $(61) | $0 | $(61) |
|  BOA | 9 | 0 | 935 | 944 | (76) | 0 | (742) | (818) | 126 | (420) | (294) |
|  BPS | 555 | 0 | 1090 | 1645 | (1771) | (2) | 0 | (1773) | (128) | 624 | 496 |
|  BRC | 10 | 474 | 0 | 484 | (235) | (395) | 0 | (630) | (146) | 0 | (146) |
|  BSH | 234 | 0 | 0 | 234 | (98) | 0 | 0 | (98) | 136 | 0 | 136 |
|  CBK | 1019 | 0 | 0 | 1019 | (774) | (1) | (9) | (784) | 235 | 162 | 397 |
|  DUB | 243 | 0 | 8 | 251 | (45) | 0 | 0 | (45) | 206 | 0 | 206 |
|  FAR | 167 | 0 | 11 | 178 | (268) | (17) | 0 | (285) | (107) | 313 | 206 |
|  GLM | 364 | 0 | 0 | 364 | (180) | (28) | 0 | (208) | 156 | (330) | (174) |
|  GST | 0 | 0 | 604 | 604 | 0 | (12) | 0 | (12) | 592 | (580) | 12 |
|  JPM | 541 | 0 | 5005 | 5546 | (377) | (2) | (25401) | (25780) | (20234) | 30313 | 10079 |
|  MBC | 207 | 0 | 0 | 207 | (83) | 0 | 0 | (83) | 124 | (280) | (156) |
|  MYC | 0 | 0 | 0 | 0 | 0 | (5) | 0 | (5) | (5) | (40) | (45) |
|  MYI | 360 | 0 | 0 | 360 | (501) | 0 | (8771) | (9272) | (8912) | 16102 | 7190 |
|  NGF | 75 | 0 | 0 | 75 | 0 | (2) | 0 | (2) | 73 | 0 | 73 |
|  RBC | 0 | 0 | 0 | 0 | 0 | (1) | 0 | (1) | (1) | 0 | (1) |
|  SCX | 45 | 0 | 0 | 45 | (120) | 0 | 0 | (120) | (75) | 0 | (75) |
|  SSB | 5 | 0 | 0 | 5 | (167) | 0 | 0 | (167) | (162) | 0 | (162) |
|  UAG | 53 | 0 | 0 | 53 | (37) | 0 | 0 | (37) | 16 | 0 | 16 |
|  Total Over the Counter | $4101 | $474 | $7653 | $12228 | $(5007) | $(465) | $(34923) | $(40395) |  |  |  |

---

(l) Securities with an aggregate market value of $47,514 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of March 31, 2025.

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

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

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

<sup>(4)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

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

<sup>(6)</sup> Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference. 

<sup>(7)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **77** |

---

------

Schedule of Investments PIMCO RAE PLUS 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  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $0 | $0 | $66 | $66 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 10 | 0 | 0 | 593 | 603 |
|  | $0 | $10 | $0 | $0 | $659 | $669 |
|  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 | $4101 | $0 | $4101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 474 | 474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 7642 | 11 | 0 | 0 | 7653 |
|  | $0 | $7642 | $11 | $4101 | $474 | $12228 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7652 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4101 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1133 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12897 |
|  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 | $28 | $28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 71 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 8 | 0 | 0 | 885 | 893 |
|  | $0 | $8 | $0 | $0 | $984 | $992 |
|  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 | $5007 | $0 | $5007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 15 | 0 | 0 | 450 | 465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 742 | 34181 | 0 | 0 | 34923 |
|  | $0 | $757 | $34181 | $5007 | $450 | $40395 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34181 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5007 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1434 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41387 |

---

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; Written Options  | $0 | $0 | $0 | $0 | $156 | $156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | (4056) | 0 | (757) | (4813) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 2408 | 0 | 0 | 11983 | 14391 |
|  | $0 | $2408 | $(4056) | $0 | $11382 | $9734 |
|  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;11265 | $0 | $11265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | (100) | (100) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 849 | 849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 647 | 38824 | 0 | 0 | 39471 |
|  | $0 | $647 | $38824 | $11265 | $749 | $51485 |
|  | $0 | $3055 | $34768 | $11265 | $12131 | $61219 |
|  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 | $(11) | $(11) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 660 | 0 | (205) | 455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (1093) | 0 | 0 | (11468) | (12561) |
|  | $0 | $(1093) | $660 | $0 | $(11684) | $(12117) |
|  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 | $(4045) | $0 | $(4045) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | (179) | (179) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 2 | 0 | 0 | 152 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (558) | (100408) | 0 | 0 | (100966) |
|  | $0 | $(556) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(100408) | $(4045) | $(27) | $(105036) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1649) | $(99748) | $(4045) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11711) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(117153) |

---

78 PIMCO EQUITY-RELATED 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 |
|  Loan Participations and Assignments | $0 | $0 | $1081 | $1081 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | 51481 | 0 | 51481 |
| &nbsp;&nbsp; Industrials | 0 | 11809 | 0 | 11809 |
| &nbsp;&nbsp; Utilities | 0 | 15759 | 0 | 15759 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; California | 0 | 504 | 0 | 504 |
|  U.S. Government Agencies | 0 | 629110 | 0 | 629110 |
|  U.S. Treasury Obligations | 0 | 68655 | 0 | 68655 |
|  Non-Agency Mortgage-Backed Securities | 0 | 88868 | 0 | 88868 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile ABS Other | 0 | 234 | 0 | 234 |
| &nbsp;&nbsp; Automobile Sequential | 0 | 79687 | 0 | 79687 |
| &nbsp;&nbsp; CMBS Other | 0 | 39427 | 0 | 39427 |
| &nbsp;&nbsp; CMBS Subordinated | 0 | 4721 | 0 | 4721 |
| &nbsp;&nbsp; Credit Card Bullet | 0 | 20700 | 0 | 20700 |
| &nbsp;&nbsp; Home Equity Other | 0 | 80545 | 0 | 80545 |
| &nbsp;&nbsp; Home Equity Sequential | 0 | 1264 | 0 | 1264 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 7641 | 0 | 7641 |
| &nbsp;&nbsp; Other ABS | 0 | 81407 | 0 | 81407 |
|  Sovereign Issues | 0 | 82136 | 0 | 82136 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Communication Services | 318 | 0 | 0 | 318 |
| &nbsp;&nbsp; Consumer Discretionary | 2061 | 0 | 0 | 2061 |
| &nbsp;&nbsp; Consumer Staples | 729 | 0 | 0 | 729 |
| &nbsp;&nbsp; Energy | 370 | 0 | 0 | 370 |
| &nbsp;&nbsp; Financials | 3703 | 0 | 0 | 3703 |
| &nbsp;&nbsp; Health Care | 2411 | 0 | 0 | 2411 |
| &nbsp;&nbsp; Industrials | 1898 | 0 | 0 | 1898 |
| &nbsp;&nbsp; Information Technology | 2839 | 0 | 0 | 2839 |
| &nbsp;&nbsp; Materials | 772 | 0 | 0 | 772 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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; Commercial Paper | $0 | $56671 | $0 | $56671 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 287500 | 0 | 287500 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 41714 | 0 | 41714 |
|  | $15101 | $1649833 | $1081 | $1666015 |
|  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 | $92589 | $0 | $0 | $92589 |
|  Total Investments | $107690 | $1649833 | $1081 | $1758604 |
|  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 | $(42364) | $0 | $(42364) |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | 1 | 668 | 0 | 669 |
|  Over the counter | 0 | 12220 | 8 | 12228 |
|  | $1 | $12888 | $8 | $12897 |
|  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 | (988) | 0 | (988) |
|  Over the counter | 0 | (39653) | (742) | (40395) |
|  | $0 | $(40641) | $(742) | $(41383) |
|  Total Financial Derivative Instruments | $1 | $(27753) | $(734) | $(28486) |
|  Totals | $107691 | $1579716 | $347 | $1687754 |

---

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 | **79** |

---

------

Schedule of Investments PIMCO RAE PLUS International 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 138.9% | INVESTMENTS IN SECURITIES 138.9% | INVESTMENTS IN SECURITIES 138.9% |
| CORPORATE BONDS & NOTES 4.7% | CORPORATE BONDS & NOTES 4.7% | CORPORATE BONDS & NOTES 4.7% |
| BANKING & FINANCE 3.0% | BANKING & FINANCE 3.0% | BANKING & FINANCE 3.0% |
|  American Express Co. | American Express Co. | American Express Co. |
|  5.284% due 07/26/2035 •  | 400 | 400 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  1.734% due 07/22/2027 •  | 200 | 193 |
|  Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia |
|  5.450% due 08/01/2029 | 500 | 514 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  6.224% due 05/09/2034 •  | 400 | 417 |
|  Equinix, Inc. | Equinix, Inc. | Equinix, Inc. |
|  1.550% due 03/15/2028 | 100 | 92 |
|  Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP |
|  5.400% due 06/15/2035 | 100 | 99 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  5.800% due 03/05/2027 | 200 | 201 |
|  5.800% due 03/08/2029 | 200 | 198 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  6.208% due 03/15/2028 •  | 400 | 409 |
|  GSPA Monetization Trust | GSPA Monetization Trust | GSPA Monetization Trust |
|  6.422% due 10/09/2029 | 30 | 30 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  5.887% due 08/14/2027 •  | 200 | 203 |
|  Jackson National Life Global Funding | Jackson National Life Global Funding | Jackson National Life Global Funding |
|  5.600% due 04/10/2026 | 300 | 303 |
|  Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. |
|  5.594% due 07/10/2035 •  | 200 | 205 |
|  Prologis LP | Prologis LP | Prologis LP |
|  5.000% due 01/31/2035 | 100 | 99 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  4.751% due 05/12/2028 •  | 500 | 500 |
|  VICI Properties LP | VICI Properties LP | VICI Properties LP |
|  4.750% due 02/15/2028 | 100 | 100 |
|  |  | 3963 |
| INDUSTRIALS 0.9% | INDUSTRIALS 0.9% | INDUSTRIALS 0.9% |
|  Boeing Co. | Boeing Co. | Boeing Co. |
|  6.528% due 05/01/2034 | 100 | 107 |
|  Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. |
|  5.550% due 10/01/2034 | 500 | 489 |
|  T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
|  3.875% due 04/15/2030 | 100 | 96 |
|  4.200% due 10/01/2029 | 100 | 98 |
|  United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust |
|  5.450% due 08/15/2038 | 99 | 100 |
|  Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC |
|  5.050% due 03/27/2028 | 300 | 300 |
|  |  | 1190 |
| UTILITIES 0.8% | UTILITIES 0.8% | UTILITIES 0.8% |
|  Edison International | Edison International | Edison International |
|  6.250% due 03/15/2030 | 100 | 101 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  4.500% due 07/01/2040 | 100 | 85 |
|  6.150% due 03/01/2055 | 100 | 98 |
|  6.700% due 04/01/2053 | 300 | 313 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  4.875% due 02/01/2027 | 100 | 100 |
|  5.150% due 06/01/2029 | 300 | 302 |
|  |  | 999 |
|  Total Corporate Bonds & Notes (Cost $6,105) | Total Corporate Bonds & Notes (Cost $6,105) | 6152 |
| U.S. GOVERNMENT AGENCIES 56.0% | U.S. GOVERNMENT AGENCIES 56.0% | U.S. GOVERNMENT AGENCIES 56.0% |
|  Fannie Mae | Fannie Mae | Fannie Mae |
|  0.000% due 08/25/2039 (b)(f) | 247 | 213 |
|  0.000% due 11/25/2040 •  | 3 | 2 |
|  1.596% due 03/25/2037 •(a) | 109 | 10 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  1.646% due 04/25/2037 •(a) | $— | 402 | 34 |
|  1.696% due 11/25/2039 •(a) |  | 62 | 6 |
|  1.926% due 03/25/2037 •(a) |  | 147 | 13 |
|  1.946% due 05/25/2037 •(a) |  | 370 | 30 |
|  2.242% due 01/25/2031 ~(a) |  | 453 | 28 |
|  2.336% due 04/25/2037 •(a) |  | 677 | 86 |
|  2.746% due 02/25/2037 •(a) |  | 65 | 7 |
|  3.196% due 07/25/2033 •(a) |  | 36 | 3 |
|  4.202% due 10/01/2029 ~ |  | 700 | 696 |
|  4.300% due 12/01/2029 |  | 501 | 500 |
|  4.705% due 09/01/2031 •  |  | 1300 | 1314 |
|  4.720% due 10/01/2028 |  | 800 | 812 |
|  4.784% due 04/25/2037 •  |  | 3 | 3 |
|  4.804% due 07/25/2037 •  |  | 4 | 5 |
|  4.930% due 06/01/2029 |  | 300 | 307 |
|  4.974% due 10/25/2040 •  |  | 14 | 14 |
|  5.300% due 11/01/2030 |  | 600 | 623 |
|  Freddie Mac | Freddie Mac | Freddie Mac | Freddie Mac |
|  0.000% due 02/15/2041 •  |  | 3 | 2 |
|  1.150% due 09/15/2041 •  |  | 468 | 435 |
|  1.934% due 02/15/2040 •  |  | 95 | 86 |
|  2.107% due 09/15/2036 •(a) |  | 127 | 12 |
|  3.000% due 09/01/2032 |  | 356 | 344 |
|  4.763% due 05/15/2037 •  |  | 5 | 5 |
|  5.000% due 04/15/2041 |  | 195 | 199 |
|  5.280% due 11/25/2054 •  |  | 496 | 497 |
|  5.490% due 12/25/2054 •  |  | 1012 | 1017 |
|  5.500% due 03/15/2034 |  | 90 | 93 |
|  Ginnie Mae | Ginnie Mae | Ginnie Mae | Ginnie Mae |
|  4.787% due 08/20/2047 •  |  | 90 | 87 |
|  Ginnie Mae, TBA | Ginnie Mae, TBA | Ginnie Mae, TBA | Ginnie Mae, TBA |
|  4.500% due 05/01/2055 |  | 990 | 950 |
|  5.000% due 04/01/2055 |  | 2150 | 2115 |
|  U.S. Small Business Administration | U.S. Small Business Administration | U.S. Small Business Administration | U.S. Small Business Administration |
|  5.490% due 03/01/2028 |  | 5 | 5 |
|  6.020% due 08/01/2028 |  | 39 | 40 |
|  Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security |
|  3.000% due 01/01/2027 |  | 51 | 51 |
|  4.500% due 08/01/2052 - 12/01/2054 |  | 1160 | 1116 |
|  5.500% due 04/01/2054 - 05/01/2054 |  | 3310 | 3308 |
|  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 |  | 2800 | 2426 |
|  4.000% due 05/01/2055 |  | 9810 | 9128 |
|  4.500% due 05/01/2055 |  | 3570 | 3413 |
|  5.000% due 04/01/2055 |  | 4430 | 4342 |
|  5.500% due 05/01/2055 |  | 2400 | 2395 |
|  6.000% due 06/01/2055 |  | 14700 | 14902 |
|  6.500% due 06/01/2055 |  | 21260 | 21887 |
|  Total U.S. Government Agencies (Cost $73,761) | Total U.S. Government Agencies (Cost $73,761) | Total U.S. Government Agencies (Cost $73,761) | 73561 |
| U.S. TREASURY OBLIGATIONS 2.9% | U.S. TREASURY OBLIGATIONS 2.9% | U.S. TREASURY OBLIGATIONS 2.9% | U.S. TREASURY OBLIGATIONS 2.9% |
|  U.S. Treasury Inflation Protected Securities (g) | U.S. Treasury Inflation Protected Securities (g) | U.S. Treasury Inflation Protected Securities (g) | U.S. Treasury Inflation Protected Securities (g) |
|  1.875% due 07/15/2034 |  | 3745 | 3781 |
|  Total U.S. Treasury Obligations (Cost $3,782) | Total U.S. Treasury Obligations (Cost $3,782) | Total U.S. Treasury Obligations (Cost $3,782) | 3781 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 13.2% | NON-AGENCY MORTGAGE-BACKED SECURITIES 13.2% | NON-AGENCY MORTGAGE-BACKED SECURITIES 13.2% | NON-AGENCY MORTGAGE-BACKED SECURITIES 13.2% |
|  American Home Mortgage Assets Trust | American Home Mortgage Assets Trust | American Home Mortgage Assets Trust | American Home Mortgage Assets Trust |
|  6.750% due 11/25/2046 þ |  | 167 | 148 |
|  Avon Finance PLC | Avon Finance PLC | Avon Finance PLC | Avon Finance PLC |
|  5.357% due 12/28/2049 •  |  | 444 | 575 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  4.483% due 06/20/2037 ~ | $— | 29 | 25 |
|  4.940% due 09/20/2046 ~ |  | 642 | 577 |
|  6.000% due 08/25/2036 |  | 19 | 18 |
|  Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust |
|  5.916% due 02/25/2034 ~ |  | 10 | 10 |
|  6.027% due 01/25/2035 ~ |  | 8 | 8 |
|  6.222% due 06/25/2034 •  |  | 12 | 12 |
|  Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust |
|  4.526% due 02/25/2036 •  |  | 130 | 120 |
|  6.530% due 02/25/2036 •  |  | 5 | 5 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  4.906% due 09/25/2036 •  | 169 | 141 |
|  4.929% due 01/25/2036 ~ | 14 | 13 |
|  ChaseFlex Trust | ChaseFlex Trust | ChaseFlex Trust |
|  5.035% due 07/25/2037 •  | 1427 | 1238 |
|  Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates |
|  4.665% due 05/25/2036 •  | 195 | 185 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  4.821% due 09/25/2037 •  | 19 | 17 |
|  6.170% due 09/25/2062 þ | 629 | 630 |
|  6.560% due 10/25/2035 ~ | 27 | 25 |
|  7.230% due 10/25/2035 ~ | 22 | 22 |
|  CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust |
|  5.035% due 04/25/2037 •  | 230 | 193 |
|  6.000% due 06/25/2037 | 158 | 137 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.644% due 09/20/2046 •  | 38 | 37 |
|  4.955% due 12/25/2035 •  | 17 | 15 |
|  5.034% due 11/20/2035 •  | 87 | 81 |
|  5.500% due 06/25/2025 | 306 | 246 |
|  5.500% due 11/25/2035 | 124 | 69 |
|  5.750% due 03/25/2037 | 268 | 140 |
|  6.000% due 12/25/2035 | 412 | 298 |
|  6.000% due 05/25/2036 | 71 | 33 |
|  6.000% due 08/25/2036 •  | 135 | 78 |
|  6.035% due 08/25/2035 •  | 49 | 46 |
|  6.115% due 01/25/2036 •  | 190 | 179 |
|  6.250% due 08/25/2036 | 942 | 507 |
|  7.000% due 10/25/2037 | 151 | 52 |
|  Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust |
|  5.035% due 05/25/2035 •  | 105 | 92 |
|  5.095% due 02/25/2035 •  | 9 | 8 |
|  5.750% due 05/25/2037 | 12 | 6 |
|  6.000% due 01/25/2037 | 336 | 158 |
|  6.000% due 02/25/2037 | 337 | 157 |
|  7.789% due 10/20/2034 ~ | 13 | 13 |
|  Countrywide Home Loan Reperforming REMIC Trust | Countrywide Home Loan Reperforming REMIC Trust | Countrywide Home Loan Reperforming REMIC Trust |
|  4.775% due 06/25/2035 ~ | 56 | 54 |
|  Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust |
|  4.471% due 06/25/2050 ~ | 841 | 742 |
|  5.750% due 08/25/2036 | 25 | 21 |
|  CSAB Mortgage-Backed Trust | CSAB Mortgage-Backed Trust | CSAB Mortgage-Backed Trust |
|  6.184% due 12/25/2036 þ | 2701 | 432 |
|  Deutsche ALT-A Securities, Inc. Mortgage Loan Trust | Deutsche ALT-A Securities, Inc. Mortgage Loan Trust | Deutsche ALT-A Securities, Inc. Mortgage Loan Trust |
|  4.815% due 02/25/2037 •  | 759 | 658 |
|  4.935% due 02/25/2035 •  | 40 | 39 |
|  First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust |
|  5.292% due 06/25/2036 •  | 433 | 348 |
|  5.700% due 12/25/2035 ~ | 53 | 40 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  4.632% due 11/25/2035 •  | 35 | 31 |
|  5.076% due 11/25/2035 •  | 7 | 7 |
|  5.500% due 01/25/2037 | 13 | 23 |
|  5.507% due 07/25/2035 •  | 4 | 3 |
|  6.119% due 09/25/2035 •  | 38 | 34 |
|  6.940% due 04/25/2032 ~ | 17 | 17 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  6.635% due 10/19/2035 •  | 949 | 480 |
|  Impac CMB Trust | Impac CMB Trust | Impac CMB Trust |
|  5.075% due 03/25/2035 ~ | 137 | 132 |
|  Impac Secured Assets Trust | Impac Secured Assets Trust | Impac Secured Assets Trust |
|  5.915% due 07/25/2035 •  | 59 | 56 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  4.270% due 05/25/2035 ~ | 481 | 328 |
|  4.815% due 09/25/2046 •  | 168 | 150 |
|  4.915% due 07/25/2035 ~ | 255 | 235 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  4.262% due 07/27/2037 ~ | 97 | 90 |
|  5.590% due 07/25/2035 •  | 5 | 5 |
|  5.750% due 01/25/2036 | 20 | 9 |
|  6.233% due 07/25/2035 ~ | 120 | 116 |
|  Lehman Mortgage Trust | Lehman Mortgage Trust | Lehman Mortgage Trust |
|  5.085% due 11/25/2036 •  | 251 | 118 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.885% due 08/25/2046 •  | 440 | 450 |

---

---

| | | |
|:---|:---|:---|
| **80** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust |
|  6.370% due 11/21/2034 •  | 14 | 14 |
|  MASTR Asset Securitization Trust | MASTR Asset Securitization Trust | MASTR Asset Securitization Trust |
|  6.000% due 06/25/2036 | 165 | 93 |
|  Mellon Residential Funding Corp. Mortgage Pass-Through Trust | Mellon Residential Funding Corp. Mortgage Pass-Through Trust | Mellon Residential Funding Corp. Mortgage Pass-Through Trust |
|  5.294% due 08/15/2032 •  | 30 | 29 |
|  Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust |
|  4.655% due 03/25/2037 ~ | 423 | 100 |
|  4.835% due 03/25/2037 •  | 3189 | 756 |
|  6.000% due 03/25/2037 | 77 | 27 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  5.205% due 04/25/2035 •  | 11 | 10 |
|  5.255% due 05/25/2036 •  | 98 | 91 |
|  5.793% due 02/25/2036 •  | 1 | 1 |
|  6.190% due 02/25/2033 •  | 19 | 19 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  6.000% due 08/25/2036 | 122 | 51 |
|  6.283% due 06/25/2036 •  | 5 | 5 |
|  Morgan Stanley Re-REMIC Trust | Morgan Stanley Re-REMIC Trust | Morgan Stanley Re-REMIC Trust |
|  5.250% due 05/26/2037 ~ | 109 | 50 |
|  New York Mortgage Trust | New York Mortgage Trust | New York Mortgage Trust |
|  5.250% due 07/25/2062 þ | 398 | 396 |
|  Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust |
|  5.476% due 05/25/2035 þ | 37 | 17 |
|  NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust |
|  0.490% due 09/25/2046 •  | 928 | 325 |
|  Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust |
|  4.935% due 08/25/2037 ~ | 26 | 25 |
|  6.000% due 01/25/2037 | 43 | 34 |
|  6.000% due 03/25/2037 | 102 | 84 |
|  Residential Funding Mortgage Securities, Inc. Trust | Residential Funding Mortgage Securities, Inc. Trust | Residential Funding Mortgage Securities, Inc. Trust |
|  5.610% due 04/25/2037 ~ | 216 | 188 |
|  Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust |
|  3.575% due 09/20/2046 •  | 112 | 75 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  3.979% due 01/25/2035 ~ | 26 | 25 |
|  5.124% due 08/25/2035 ~ | 41 | 22 |
|  Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust |
|  4.855% due 04/25/2036 ~ | 40 | 36 |
|  SunTrust Adjustable Rate Mortgage Loan Trust | SunTrust Adjustable Rate Mortgage Loan Trust | SunTrust Adjustable Rate Mortgage Loan Trust |
|  6.974% due 01/25/2037 ~ | 105 | 66 |
|  Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust |
|  3.130% due 03/25/2044 ~ | 47 | 46 |
|  5.682% due 12/25/2044 ~ | 88 | 85 |
|  5.989% due 06/25/2047 ~ | 259 | 251 |
|  Towd Point Mortgage Funding | Towd Point Mortgage Funding | Towd Point Mortgage Funding |
|  5.483% due 07/20/2053 •  | 412 | 534 |
|  Trinity Square PLC | Trinity Square PLC | Trinity Square PLC |
|  5.470% due 07/15/2059 ~ | 426 | 551 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  4.174% due 12/25/2046 •  | 36 | 32 |
|  4.237% due 06/25/2037 ~ | 153 | 133 |
|  4.640% due 06/25/2037 ~ | 47 | 41 |
|  4.975% due 12/25/2045 •  | 17 | 17 |
|  5.005% due 10/25/2035 •  | 24 | 22 |
|  5.179% due 12/25/2035 ~ | 220 | 206 |
|  5.337% due 01/25/2035 ~ | 55 | 51 |
|  5.635% due 02/25/2046 ~ | 75 | 68 |
|  6.252% due 08/25/2035 ~ | 42 | 43 |
|  7.262% due 06/25/2033 ~ | 45 | 44 |
|  Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust |
|  4.209% due 09/25/2036 •  | 695 | 182 |
|  4.935% due 02/25/2036 •  | 660 | 544 |
|  5.385% due 02/25/2047 •  | 974 | 897 |
|  5.575% due 04/25/2046 •  | 82 | 67 |
|  Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust |
|  6.935% due 09/25/2036 ~ | 5 | 5 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $19,823) | Total Non-Agency Mortgage-Backed Securities (Cost $19,823) | 17290 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| ASSET-BACKED SECURITIES 23.7% | ASSET-BACKED SECURITIES 23.7% | ASSET-BACKED SECURITIES 23.7% |
| AUTOMOBILE ABS OTHER 1.5% | AUTOMOBILE ABS OTHER 1.5% | AUTOMOBILE ABS OTHER 1.5% |
|  Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
|  5.050% due 05/12/2031 | 500 | 501 |
|  CPS Auto Receivables Trust | CPS Auto Receivables Trust | CPS Auto Receivables Trust |
|  5.190% due 08/15/2028 | 500 | 501 |
|  Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust |
|  4.480% due 04/16/2029 | 500 | 499 |
|  4.640% due 01/15/2030 | 500 | 500 |
|  |  | 2001 |
| AUTOMOBILE SEQUENTIAL 3.3% | AUTOMOBILE SEQUENTIAL 3.3% | AUTOMOBILE SEQUENTIAL 3.3% |
|  Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC |
|  5.900% due 08/21/2028 | 300 | 308 |
|  Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
|  5.420% due 04/10/2028 | 318 | 319 |
|  5.620% due 01/10/2029 | 300 | 304 |
|  6.410% due 09/10/2027 | 80 | 80 |
|  Citizens Auto Receivables Trust | Citizens Auto Receivables Trust | Citizens Auto Receivables Trust |
|  5.110% due 04/17/2028 | 100 | 101 |
|  5.430% due 10/15/2026 | 36 | 37 |
|  DT Auto Owner Trust | DT Auto Owner Trust | DT Auto Owner Trust |
|  6.290% due 08/16/2027 | 104 | 104 |
|  Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC |
|  3.030% due 01/20/2028 | 26 | 26 |
|  Fifth Third Auto Trust | Fifth Third Auto Trust | Fifth Third Auto Trust |
|  5.800% due 11/16/2026 | 51 | 51 |
|  Foursight Capital Automobile Receivables Trust | Foursight Capital Automobile Receivables Trust | Foursight Capital Automobile Receivables Trust |
|  5.990% due 05/15/2028 | 192 | 194 |
|  GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust |
|  5.570% due 02/16/2027 | 111 | 111 |
|  6.040% due 03/15/2027 | 63 | 63 |
|  GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust |
|  5.960% due 10/16/2028 | 300 | 304 |
|  6.270% due 08/16/2027 | 102 | 103 |
|  GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust |
|  4.850% due 12/18/2028 | 300 | 302 |
|  Hertz Vehicle Financing LLC | Hertz Vehicle Financing LLC | Hertz Vehicle Financing LLC |
|  5.490% due 06/25/2027 | 300 | 302 |
|  Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust |
|  4.990% due 02/15/2029 | 500 | 505 |
|  5.290% due 04/15/2027 | 289 | 290 |
|  Octane Receivables Trust | Octane Receivables Trust | Octane Receivables Trust |
|  5.870% due 05/21/2029 | 165 | 166 |
|  Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust |
|  5.320% due 09/25/2030 | 168 | 168 |
|  5.380% due 11/25/2030 | 79 | 79 |
|  7.130% due 01/26/2032 | 281 | 283 |
|  Tricolor Auto Securitization Trust | Tricolor Auto Securitization Trust | Tricolor Auto Securitization Trust |
|  6.610% due 10/15/2027 | 153 | 154 |
|  Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust |
|  5.960% due 10/15/2026 | 40 | 40 |
|  |  | 4394 |
| CMBS OTHER 0.8% | CMBS OTHER 0.8% | CMBS OTHER 0.8% |
|  AREIT Trust | AREIT Trust | AREIT Trust |
|  5.597% due 01/20/2037 •  | 320 | 318 |
|  LoanCore Issuer Ltd. | LoanCore Issuer Ltd. | LoanCore Issuer Ltd. |
|  5.734% due 11/15/2038 ~ | 414 | 415 |
|  MF1 Ltd. | MF1 Ltd. | MF1 Ltd. |
|  5.511% due 10/16/2036 ~ | 250 | 250 |
|  |  | 983 |
| CREDIT CARD BULLET 0.4% | CREDIT CARD BULLET 0.4% | CREDIT CARD BULLET 0.4% |
|  Master Credit Card Trust | Master Credit Card Trust | Master Credit Card Trust |
|  5.197% due 01/21/2027 ~ | 500 | 501 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| HOME EQUITY OTHER 6.6% | HOME EQUITY OTHER 6.6% | HOME EQUITY OTHER 6.6% |
|  Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust |
|  5.245% due 06/25/2034 •  | 1053 | 1061 |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  5.485% due 08/25/2037 •  | 761 | 675 |
|  Chase Funding Trust | Chase Funding Trust | Chase Funding Trust |
|  5.075% due 08/25/2032 ~ | 35 | 34 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  4.625% due 05/25/2037 •  | 1026 | 683 |
|  5.035% due 10/25/2036 •  | 306 | 180 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.835% due 02/25/2037 •  | 287 | 268 |
|  4.875% due 09/25/2037 •  | 315 | 327 |
|  5.175% due 08/25/2047 •  | 345 | 336 |
|  EMC Mortgage Loan Trust | EMC Mortgage Loan Trust | EMC Mortgage Loan Trust |
|  5.735% due 02/25/2041 ~ | 11 | 11 |
|  Encore Credit Receivables Trust | Encore Credit Receivables Trust | Encore Credit Receivables Trust |
|  5.170% due 09/25/2035 •  | 11 | 11 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  4.575% due 11/25/2036 •  | 434 | 255 |
|  4.735% due 10/25/2036 •  | 1494 | 598 |
|  5.170% due 01/25/2035 ~ | 99 | 98 |
|  GSAA Home Equity Trust | GSAA Home Equity Trust | GSAA Home Equity Trust |
|  3.939% due 03/25/2036 •  | 535 | 73 |
|  4.535% due 05/25/2037 •  | 605 | 214 |
|  4.575% due 03/25/2036 ~ | 279 | 90 |
|  5.075% due 04/25/2047 •  | 531 | 232 |
|  6.795% due 06/25/2036 þ | 504 | 115 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  4.635% due 12/25/2046 •  | 199 | 94 |
|  4.895% due 01/25/2037 •  | 605 | 517 |
|  JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. |
|  4.645% due 10/25/2036 •  | 109 | 109 |
|  Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust |
|  4.545% due 03/25/2037 •  | 1839 | 782 |
|  Morgan Stanley Dean Witter Capital, Inc. Trust | Morgan Stanley Dean Witter Capital, Inc. Trust | Morgan Stanley Dean Witter Capital, Inc. Trust |
|  5.415% due 02/25/2033 •  | 61 | 61 |
|  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 |
|  6.532% due 10/25/2036 þ | 359 | 75 |
|  Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust |
|  5.215% due 02/25/2035 •  | 415 | 395 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  5.535% due 09/25/2037 •  | 340 | 139 |
|  Residential Asset Securities Corp. Trust | Residential Asset Securities Corp. Trust | Residential Asset Securities Corp. Trust |
|  5.015% due 06/25/2033 ~ | 86 | 80 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.915% due 07/25/2036 •  | 722 | 283 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  5.735% due 10/25/2037 •  | 610 | 466 |
|  Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust |
|  7.585% due 08/25/2033 •  | 420 | 380 |
|  |  | 8642 |
| WHOLE LOAN COLLATERAL 1.2% | WHOLE LOAN COLLATERAL 1.2% | WHOLE LOAN COLLATERAL 1.2% |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  7.250% due 05/25/2036 þ | 127 | 64 |
|  First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust |
|  4.595% due 11/25/2036 •  | 59 | 59 |
|  4.745% due 09/25/2036 •  | 145 | 134 |
|  5.155% due 11/25/2035 •  | 642 | 599 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  5.395% due 01/25/2036 •  | 351 | 331 |
|  Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust |
|  4.735% due 06/25/2037 •  | 124 | 74 |
|  5.035% due 12/25/2036 ~ | 370 | 362 |
|  |  | 1623 |
| OTHER ABS 9.9% | OTHER ABS 9.9% | OTHER ABS 9.9% |
|  37 Capital CLO Ltd. | 37 Capital CLO Ltd. | 37 Capital CLO Ltd. |
|  5.582% due 10/15/2034 ~ | 500 | 500 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **81** |

---

------

Schedule of Investments PIMCO RAE PLUS International Fund (Cont.)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  ACHV ABS Trust | ACHV ABS Trust | ACHV ABS Trust | ACHV ABS Trust |
|  5.430% due 10/27/2031 | $| 288 | 289 |
|  AIMCO CLO | AIMCO CLO | AIMCO CLO | AIMCO CLO |
|  5.553% due 10/17/2034 ~ |  | 500 | 500 |
|  Albacore Euro CLO Ltd. | Albacore Euro CLO Ltd. | Albacore Euro CLO Ltd. | Albacore Euro CLO Ltd. |
|  3.824% due 10/18/2034 •  | EUR | 500 | 541 |
|  American Money Management Corp. CLO Ltd. | American Money Management Corp. CLO Ltd. | American Money Management Corp. CLO Ltd. | American Money Management Corp. CLO Ltd. |
|  5.493% due 01/20/2035 •  | $| 600 | 598 |
|  Anchorage Credit Funding Ltd. | Anchorage Credit Funding Ltd. | Anchorage Credit Funding Ltd. | Anchorage Credit Funding Ltd. |
|  3.793% due 10/25/2037 |  | 500 | 492 |
|  Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. |
|  5.538% due 07/16/2034 •  |  | 500 | 499 |
|  BHG Securitization Trust | BHG Securitization Trust | BHG Securitization Trust | BHG Securitization Trust |
|  5.930% due 10/17/2035 |  | 755 | 757 |
|  Capital Four U.S. CLO Ltd. | Capital Four U.S. CLO Ltd. | Capital Four U.S. CLO Ltd. | Capital Four U.S. CLO Ltd. |
|  6.193% due 01/20/2037 •  |  | 500 | 502 |
|  Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. |
|  5.383% due 07/20/2034 ~ |  | 600 | 598 |
|  CBAM Ltd. | CBAM Ltd. | CBAM Ltd. | CBAM Ltd. |
|  5.584% due 04/17/2031 •  |  | 297 | 297 |
|  CIFC Funding Ltd. | CIFC Funding Ltd. | CIFC Funding Ltd. | CIFC Funding Ltd. |
|  5.655% due 07/18/2031 •  |  | 378 | 378 |
|  CQS U.S. CLO Ltd. | CQS U.S. CLO Ltd. | CQS U.S. CLO Ltd. | CQS U.S. CLO Ltd. |
|  5.493% due 01/20/2035 ~ |  | 600 | 603 |
|  CRB Securitization Trust | CRB Securitization Trust | CRB Securitization Trust | CRB Securitization Trust |
|  6.960% due 10/20/2033 |  | 189 | 191 |
|  CVC Cordatus Loan Fund DAC | CVC Cordatus Loan Fund DAC | CVC Cordatus Loan Fund DAC | CVC Cordatus Loan Fund DAC |
|  3.384% due 05/22/2032 •  | EUR | 566 | 612 |
|  3.871% due 10/23/2034 •  |  | 464 | 502 |
|  Diameter Capital CLO Ltd. | Diameter Capital CLO Ltd. | Diameter Capital CLO Ltd. | Diameter Capital CLO Ltd. |
|  5.912% due 04/15/2037 •  | $| 1000 | 1001 |
|  DLLAA LLC | DLLAA LLC | DLLAA LLC | DLLAA LLC |
|  5.930% due 07/20/2026 |  | 126 | 127 |
|  Dryden Senior Loan Fund | Dryden Senior Loan Fund | Dryden Senior Loan Fund | Dryden Senior Loan Fund |
|  5.614% due 07/15/2031 ~ |  | 339 | 339 |
|  Jamestown CLO Ltd. | Jamestown CLO Ltd. | Jamestown CLO Ltd. | Jamestown CLO Ltd. |
|  5.420% due 07/25/2034 •  |  | 700 | 698 |
|  5.570% due 07/25/2035 •  |  | 500 | 500 |
|  Marlette Funding Trust | Marlette Funding Trust | Marlette Funding Trust | Marlette Funding Trust |
|  5.950% due 11/15/2032 |  | 29 | 29 |
|  Octagon Investment Partners Ltd. | Octagon Investment Partners Ltd. | Octagon Investment Partners Ltd. | Octagon Investment Partners Ltd. |
|  5.443% due 10/20/2030 •  |  | 474 | 474 |
|  Oportun Issuance Trust | Oportun Issuance Trust | Oportun Issuance Trust | Oportun Issuance Trust |
|  5.860% due 02/09/2032 |  | 271 | 272 |
|  Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC |
|  3.806% due 08/15/2033 •  | EUR | 417 | 450 |
|  PK ALIFT Loan Funding 4 LP | PK ALIFT Loan Funding 4 LP | PK ALIFT Loan Funding 4 LP | PK ALIFT Loan Funding 4 LP |
|  5.052% due 10/15/2039 | $| 576 | 568 |
|  Sandstone Peak Ltd. | Sandstone Peak Ltd. | Sandstone Peak Ltd. | Sandstone Peak Ltd. |
|  5.582% due 10/15/2034 •  |  | 500 | 500 |
|  Theorem Funding Trust | Theorem Funding Trust | Theorem Funding Trust | Theorem Funding Trust |
|  6.060% due 12/15/2028 |  | 42 | 42 |
|  Upstart Securitization Trust | Upstart Securitization Trust | Upstart Securitization Trust | Upstart Securitization Trust |
|  5.500% due 06/20/2032 |  | 78 | 78 |
|  Upstart Structured Pass-Through Trust | Upstart Structured Pass-Through Trust | Upstart Structured Pass-Through Trust | Upstart Structured Pass-Through Trust |
|  4.250% due 06/17/2030 |  | 18 | 18 |
|  |  |  | 12955 |
|  Total Asset-Backed Securities (Cost $32,357) | Total Asset-Backed Securities (Cost $32,357) | Total Asset-Backed Securities (Cost $32,357) | 31099 |
| SOVEREIGN ISSUES 9.3% | SOVEREIGN ISSUES 9.3% | SOVEREIGN ISSUES 9.3% | SOVEREIGN ISSUES 9.3% |
|  Bonos de la Tesoreria de la Republica en pesos | Bonos de la Tesoreria de la Republica en pesos | Bonos de la Tesoreria de la Republica en pesos | Bonos de la Tesoreria de la Republica en pesos |
|  4.700% due 09/01/2030 | CLP | 340000 | 341 |
|  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 (f) | BRL | 16800 | 2747 |
|  Colombian TES | Colombian TES | Colombian TES | Colombian TES |
|  6.000% due 04/28/2028 | COP | 1590700 | 338 |
|  Czech Republic Government International Bond | Czech Republic Government International Bond | Czech Republic Government International Bond | Czech Republic Government International Bond |
|  4.200% due 12/04/2036 | CZK | 2200 | 94 |
|  Egypt Government International Bond | Egypt Government International Bond | Egypt Government International Bond | Egypt Government International Bond |
|  21.954% due 03/04/2028 | EGP | 11200 | 227 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond |
|  2.750% due 11/27/2031 (g) | MXN | 3453 | 148 |
|  3.000% due 12/03/2026 (g) |  | 6738 | 317 |
|  4.000% due 11/30/2028 (g) |  | 1011 | 48 |
|  4.000% due 08/24/2034 (g) |  | 13812 | 629 |
|  8.500% due 03/01/2029 |  | 5900 | 285 |
|  Peru Government International Bond | Peru Government International Bond | Peru Government International Bond | Peru Government International Bond |
|  5.400% due 08/12/2034 | PEN | 2500 | 621 |
|  6.150% due 08/12/2032 |  | 7500 | 2051 |
|  6.900% due 08/12/2037 |  | 700 | 188 |
|  6.950% due 08/12/2031 |  | 500 | 145 |
|  7.300% due 08/12/2033 |  | 900 | 259 |
|  Province of Quebec | Province of Quebec | Province of Quebec | Province of Quebec |
|  4.450% due 09/01/2034 | CAD | 1800 | 1336 |
|  Republic of Poland Government International Bond | Republic of Poland Government International Bond | Republic of Poland Government International Bond | Republic of Poland Government International Bond |
|  4.750% due 07/25/2029 | PLN | 1500 | 380 |
|  Republic of South Africa Government International Bond | Republic of South Africa Government International Bond | Republic of South Africa Government International Bond | Republic of South Africa Government International Bond |
|  7.000% due 02/28/2031 | ZAR | 3700 | 179 |
|  8.000% due 01/31/2030 |  | 4400 | 230 |
|  8.250% due 03/31/2032 |  | 1800 | 90 |
|  8.500% due 01/31/2037 |  | 2600 | 118 |
|  9.000% due 01/31/2040 |  | 10800 | 487 |
|  Saudi Government International Bond | Saudi Government International Bond | Saudi Government International Bond | Saudi Government International Bond |
|  5.625% due 01/13/2035 | $| 700 | 720 |
|  Turkey Government International Bond | Turkey Government International Bond | Turkey Government International Bond | Turkey Government International Bond |
|  44.165% due 09/06/2028 ~ | TRY | 5500 | 136 |
|  45.031% due 05/20/2026 ~ |  | 100 | 3 |
|  45.031% due 05/17/2028 ~ |  | 6200 | 155 |
|  Total Sovereign Issues (Cost $12,172) | Total Sovereign Issues (Cost $12,172) | Total Sovereign Issues (Cost $12,172) | 12272 |
|  |  | **SHARES** |  |
| COMMON STOCKS 1.4% | COMMON STOCKS 1.4% | COMMON STOCKS 1.4% | COMMON STOCKS 1.4% |
| COMMUNICATION SERVICES 0.0% | COMMUNICATION SERVICES 0.0% | COMMUNICATION SERVICES 0.0% | COMMUNICATION SERVICES 0.0% |
|  Verizon Communications, Inc. |  | 278 | 13 |
|  Walt Disney Co. |  | 278 | 27 |
|  |  |  | 40 |
| CONSUMER DISCRETIONARY 0.2% | CONSUMER DISCRETIONARY 0.2% | CONSUMER DISCRETIONARY 0.2% | CONSUMER DISCRETIONARY 0.2% |
|  Amazon.com, Inc. (d) |  | 278 | 53 |
|  Home Depot, Inc. |  | 278 | 102 |
|  McDonald's Corp. |  | 278 | 87 |
|  NIKE, Inc. 'B' |  | 278 | 17 |
|  |  |  | 259 |
| CONSUMER STAPLES 0.1% | CONSUMER STAPLES 0.1% | CONSUMER STAPLES 0.1% | CONSUMER STAPLES 0.1% |
|  Coca-Cola Co. |  | 278 | 20 |
|  Procter & Gamble Co. |  | 278 | 47 |
|  Walmart, Inc. |  | 278 | 25 |
|  |  |  | 92 |
| ENERGY 0.0% | ENERGY 0.0% | ENERGY 0.0% | ENERGY 0.0% |
|  Chevron Corp. |  | 278 | 47 |
| FINANCIALS 0.3% | FINANCIALS 0.3% | FINANCIALS 0.3% | FINANCIALS 0.3% |
|  American Express Co. |  | 278 | 75 |
|  Goldman Sachs Group, Inc. |  | 278 | 152 |
|  JPMorgan Chase & Co. |  | 278 | 68 |
|  Travelers Cos., Inc. |  | 278 | 74 |
|  Visa, Inc. 'A' |  | 278 | 97 |
|  |  |  | 466 |
| HEALTH CARE 0.2% | HEALTH CARE 0.2% | HEALTH CARE 0.2% | HEALTH CARE 0.2% |
|  Amgen, Inc. |  | 278 | 87 |
|  Johnson & Johnson |  | 278 | 46 |
|  Merck & Co., Inc. |  | 278 | 25 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  UnitedHealth Group, Inc. |  | 278 | 145 |
|  |  |  | 303 |
| INDUSTRIALS 0.2% | INDUSTRIALS 0.2% | INDUSTRIALS 0.2% | INDUSTRIALS 0.2% |
|  3M Co. |  | 278 | 41 |
|  Boeing Co. (d) |  | 278 | 47 |
|  Caterpillar, Inc. |  | 278 | 92 |
|  Honeywell International, Inc. |  | 278 | 59 |
|  |  |  | 239 |
| INFORMATION TECHNOLOGY 0.3% | INFORMATION TECHNOLOGY 0.3% | INFORMATION TECHNOLOGY 0.3% | INFORMATION TECHNOLOGY 0.3% |
|  Apple, Inc. |  | 278 | 62 |
|  Cisco Systems, Inc. |  | 278 | 17 |
|  International Business Machines Corp. |  | 278 | 69 |
|  Microsoft Corp. |  | 278 | 104 |
|  NVIDIA Corp. |  | 278 | 30 |
|  Salesforce, Inc. |  | 278 | 75 |
|  |  |  | 357 |
| MATERIALS 0.1% | MATERIALS 0.1% | MATERIALS 0.1% | MATERIALS 0.1% |
|  Sherwin-Williams Co. |  | 278 | 97 |
|  Total Common Stocks (Cost $1,689) | Total Common Stocks (Cost $1,689) | Total Common Stocks (Cost $1,689) | 1900 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| SHORT-TERM INSTRUMENTS 27.7% | SHORT-TERM INSTRUMENTS 27.7% | SHORT-TERM INSTRUMENTS 27.7% | SHORT-TERM INSTRUMENTS 27.7% |
| COMMERCIAL PAPER 6.0% | COMMERCIAL PAPER 6.0% | COMMERCIAL PAPER 6.0% | COMMERCIAL PAPER 6.0% |
|  AES Corp. | AES Corp. | AES Corp. | AES Corp. |
|  4.850% due 04/01/2025 | $— | 700 | 700 |
|  Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. |
|  4.570% due 04/10/2025 |  | 680 | 679 |
|  Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. |
|  4.850% due 04/28/2025 (c) |  | 670 | 668 |
|  Conagra Brands, Inc. | Conagra Brands, Inc. | Conagra Brands, Inc. | Conagra Brands, Inc. |
|  4.800% due 04/04/2025 |  | 680 | 680 |
|  Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. |
|  4.700% due 04/11/2025 |  | 700 | 699 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  4.910% due 04/29/2025 |  | 700 | 697 |
|  Entergy Corp. | Entergy Corp. | Entergy Corp. | Entergy Corp. |
|  4.550% due 05/12/2025 |  | 360 | 358 |
|  Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |
|  5.000% due 04/21/2025 |  | 440 | 439 |
|  5.000% due 04/22/2025 |  | 270 | 269 |
|  Intel Corp. | Intel Corp. | Intel Corp. | Intel Corp. |
|  4.600% due 04/02/2025 |  | 700 | 700 |
|  Jabil, Inc. | Jabil, Inc. | Jabil, Inc. | Jabil, Inc. |
|  4.820% due 04/11/2025 |  | 690 | 689 |
|  Jones Lang LaSalle Finance BV | Jones Lang LaSalle Finance BV | Jones Lang LaSalle Finance BV | Jones Lang LaSalle Finance BV |
|  4.650% due 04/08/2025 |  | 690 | 689 |
|  Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. |
|  4.600% due 04/23/2025 |  | 660 | 658 |
|  |  |  | 7925 |
| REPURCHASE AGREEMENTS (h) 20.6% | REPURCHASE AGREEMENTS (h) 20.6% | REPURCHASE AGREEMENTS (h) 20.6% | REPURCHASE AGREEMENTS (h) 20.6% |
|  |  |  | 27000 |
| U.S. TREASURY BILLS 1.1% | U.S. TREASURY BILLS 1.1% | U.S. TREASURY BILLS 1.1% | U.S. TREASURY BILLS 1.1% |
|  4.312% due 04/10/2025 - 05/01/2025 (e)(f) |  | 1410 | 1407 |
| Total Short-Term Instruments (Cost $36,333) | Total Short-Term Instruments (Cost $36,333) | Total Short-Term Instruments (Cost $36,333) | 36332 |
| Total Investments in Securities (Cost $186,022) | Total Investments in Securities (Cost $186,022) | Total Investments in Securities (Cost $186,022) | 182387 |

---

82 PIMCO EQUITY-RELATED STRATEGY FUNDS See Accompanying Notes

------

March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN AFFILIATES 9.1% | INVESTMENTS IN AFFILIATES 9.1% | INVESTMENTS IN AFFILIATES 9.1% | INVESTMENTS IN AFFILIATES 9.1% |
| SHORT-TERM INSTRUMENTS 9.1% | SHORT-TERM INSTRUMENTS 9.1% | SHORT-TERM INSTRUMENTS 9.1% | SHORT-TERM INSTRUMENTS 9.1% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 9.1% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 9.1% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 9.1% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 9.1% |
|  PIMCO Short Asset Portfolio | 1209358 | $— | 11839 |
|  PIMCO Short-Term<br>Floating NAV Portfolio III | 12622 |  | 123 |
| Total Short-Term Instruments (Cost $11,815) | Total Short-Term Instruments (Cost $11,815) |  | 11962 |

---

---

| | | |
|:---|:---|:---|
|  | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| Total Investments in Affiliates (Cost $11,815) |  | 11962 |
| Total Investments 148.0%<br>(Cost $197,837) | $— | 194349 |
|  Financial Derivative Instruments (i)(j) (0.0)%<br> (Cost or Premiums, net $3,736) |  | (53) |
| Other Assets and Liabilities, net (48.0)% |  | (62938) |
| Net Assets 100.0% | $— | 131358 |

---

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

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

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

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

(b) Principal only security.

(c) When-issued security.

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

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

(f) Zero coupon security.

(g) Principal amount of security is adjusted for inflation.

#### 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> |
| FICC STR | 4.360% | 03/31/2025 | 04/01/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27000 | U.S. Treasury Inflation Protected Securities 2.375% due 02/15/2055 | $(27540) | $27000 | $27003 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27540) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27003 |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (3.8)% | U.S. Government Agencies (3.8)% | U.S. Government Agencies (3.8)% | U.S. Government Agencies (3.8)% | U.S. Government Agencies (3.8)% | U.S. Government Agencies (3.8)% |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.500% | 05/01/2055 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5600 | $(5026) | $(5048) |
|  Total Short Sales (3.8)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5026) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5048) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 83

------

Schedule of Investments PIMCO RAE PLUS International Fund (Cont.)

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(2)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  FICC STR | $27003 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27003 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27540) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(537) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27003 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |  |  |  |

---

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

&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 | 2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $0 | $0 |
|  Put - CBOE U.S. Treasury 10-Year Note May Futures | 109.500 | 04/25/2025 | 1 | 1 | 0 | 0 |
|  Put - CBOE U.S. Treasury 10-Year Note May Futures | 110.000 | 04/25/2025 | 2 | 2 | (1) | 0 |
|  Call - CBOE U.S. Treasury 10-Year Note May Futures | 112.000 | 04/25/2025 | 2 | 2 | (1) | (1) |
|  Call - CBOE U.S. Treasury 10-Year Note May Futures | 112.250 | 04/25/2025 | 1 | 1 | 0 | (1) |
|  Call - CBOE U.S. Treasury 10-Year Note May Futures | 112.500 | 04/25/2025 | 2 | 2 | (1) | (1) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) |

---

#### 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 5-Year Note June Futures  | 06/2025 | 38 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4110 | $1 | $0 | $(1) |
|  U.S. Treasury 10-Year Note June Futures  | 06/2025 | 41 | 4560 | 61 | 1 | 0 |
|  U.S. Treasury 10-Year Ultra Long-Term Bond June Futures  | 06/2025 | 9 | 1027 | 24 | 1 | 0 |
|  U.S. Treasury Long-Term Bond June Futures  | 06/2025 | 14 | 1642 | 16 | 2 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |

---

#### SHORT FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  E-Mini S&P 500 Index June Futures  | 06/2025 | 12 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3392) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46) | $0 | $(46) |
|  Mini MSCI EAFE Index June Futures  | 06/2025 | 7 | (846) | 25 | 9 | 0 |
|  U.S. Treasury Ultra Long-Term Bond June Futures  | 06/2025 | 7 | (856) | (3) | 0 | (3) |
|  |  |  |  | $(24) | $9 | $(49) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $78 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50) |

---

84 PIMCO EQUITY-RELATED STRATEGY FUNDS See Accompanying Notes

------

March 31, 2025

#### SWAP AGREEMENTS:

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Variation Margin | Variation Margin |
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Asset | Liability |
|  AT&T, Inc. | 1.000% | Quarterly | 06/20/2026 | 0.346% | $600 | $11 | $(6) | $5 | $0 | $0 |
|  AT&T, Inc. | 1.000 | Quarterly | 06/20/2028 | 0.514 | 100 | (1) | 2 | 1 | 0 | 0 |
|  Bank of America Corp. | 1.000 | Quarterly | 12/20/2026 | 0.401 | 600 | 8 | (2) | 6 | 0 | 0 |
|  General Electric Co. | 1.000 | Quarterly | 12/20/2026 | 0.097 | 700 | 8 | 3 | 11 | 0 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 | $740 | $(17) | $3 | $(14) | $0 | $0 |
|  CDX.IG-44 5-Year Index | (1.000) | Quarterly | 06/20/2030 | 600 | (12) | 1 | (11) | 0 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive <br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/Receive <br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.500% | Annual | 03/19/2030 | 7000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(191) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(207) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 4.320 | Annual | 10/20/2033 | 100 | (1) | 3 | 2 | 1 | 0 |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.930 | Annual | 01/06/2035 | 100 | 0 | (3) | (3) | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/21/2025 | $11050 | 164 | (49) | 115 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 06/20/2026 | 4800 | (2) | 30 | 28 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.982 | Annual | 09/30/2026 | 7700 | 0 | 7 | 7 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 02/28/2029 | 940 | 0 | 6 | 6 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 03/04/2030 | 300 | (1) | (2) | (3) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/21/2030 | 3700 | 93 | 77 | 170 | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2030 | 4900 | 49 | 7 | 56 | 0 | (7) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.809 | Annual | 06/30/2031 | 2700 | 0 | 15 | 15 | 5 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2031 | 1700 | 5 | (8) | (3) | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1966 | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/21/2033 | 7900 | 516 | 8 | 524 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2034 | 2410 | (4) | 26 | 22 | 0 | (7) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.450 | Annual | 10/11/2034 | 100 | 0 | (3) | (3) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.375 | Annual | 10/15/2034 | 100 | 0 | (4) | (4) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.385 | Annual | 10/17/2034 | 100 | 0 | (4) | (4) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.395 | Annual | 10/17/2034 | 200 | (1) | (6) | (7) | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.446 | Annual | 10/23/2034 | 100 | 0 | (3) | (3) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.463 | Annual | 10/23/2034 | 100 | 0 | (3) | (3) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.465 | Annual | 10/30/2034 | 100 | 0 | (3) | (3) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.485 | Annual | 10/30/2034 | 100 | 0 | (3) | (3) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.495 | Annual | 10/30/2034 | 200 | (1) | (4) | (5) | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.455 | Annual | 11/01/2034 | 100 | 0 | (3) | (3) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.470 | Annual | 11/01/2034 | 100 | 0 | (3) | (3) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.435 | Annual | 11/05/2034 | 300 | (1) | (8) | (9) | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.515 | Annual | 11/06/2034 | 100 | 0 | (2) | (2) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.535 | Annual | 11/06/2034 | 200 | (1) | (3) | (4) | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.860 | Annual | 11/14/2034 | 100 | (1) | 2 | 1 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.866 | Annual | 11/14/2034 | 100 | (1) | 2 | 1 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.793 | Annual | 11/19/2034 | 100 | (1) | 1 | 0 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.855 | Annual | 11/19/2034 | 100 | (1) | 2 | 1 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 | 2800 | (18) | 27 | 9 | 0 | (9) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.015 | Annual | 12/30/2034 | 100 | 0 | 2 | 2 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.933 | Annual | 01/06/2035 | 100 | 0 | 1 | 1 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.840 | Annual | 01/08/2035 | 100 | 0 | 1 | 1 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.890 | Annual | 01/08/2035 | 100 | 0 | 1 | 1 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.900 | Annual | 01/08/2035 | 100 | 0 | 1 | 1 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.880 | Annual | 01/13/2035 | 200 | (1) | 3 | 2 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.013 | Annual | 01/15/2035 | 100 | 0 | 2 | 2 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 01/21/2035 | 100 | 0 | 3 | 3 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.090 | Annual | 01/22/2035 | 100 | 0 | 3 | 3 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.890 | Annual | 03/03/2035 | 50 | 0 | (1) | (1) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.908 | Annual | 03/04/2035 | 100 | 0 | (1) | (1) | 0 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **85** |

---

------

Schedule of Investments PIMCO RAE PLUS International 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/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.870% | Annual | 03/05/2035 |  | $100 | $0 | $(1) | $(1) | $0 | $0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.899 | Annual | 03/11/2035 |  | 100 | 0 | (1) | (1) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 03/12/2035 |  | 100 | 0 | (1) | (1) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.975 | Annual | 03/21/2035 |  | 100 | 0 | (2) | (2) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 03/24/2035 |  | 200 | (1) | (2) | (3) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.884 | Annual | 03/25/2035 |  | 100 | 0 | (1) | (1) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2052 |  | 3300 | 745 | 496 | 1241 | 0 | (17) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.750 | Annual | 06/21/2053 |  | 1980 | 106 | 292 | 398 | 0 | (13) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/18/2054 |  | 3360 | 49 | 155 | 204 | 0 | (8) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.498 | Quarterly | 04/28/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1407200 | 0 | 9 | 9 | 0 | 0 |
|  Receive | 3-Month EUR-EURIBOR | 2.390 | Annual | 10/01/2034 |  | 100 | 0 | 3 | 3 | 0 | 0 |
|  Receive | 3-Month PLN-WIBOR | 4.930 | Annual | 07/25/2029 |  | 1500 | 0 | (8) | (8) | 0 | (1) |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/20/2033 |  | 3900 | (17) | 69 | 52 | 17 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 5.020 | Semi-Annual | 09/01/2030 |  | 340000 | 0 | 1 | 1 | 0 | (1) |
|  Receive | 6-Month CZK-PRIBOR | 3.760 | Annual | 11/01/2034 |  | 2400 | 0 | 0 | 0 | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 2.280 | Annual | 03/04/2030 |  | 100 | 0 | 1 | 1 | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 3.148 | Annual | 11/20/2033 |  | 100 | (1) | (4) | (5) | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 3.063 | Annual | 12/06/2033 |  | 100 | (1) | (3) | (4) | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.990 | Annual | 12/08/2033 |  | 100 | (1) | (2) | (3) | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 2.970 | Annual | 12/15/2033 |  | 100 | (1) | (2) | (3) | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 2.890 | Annual | 12/22/2033 |  | 100 | 0 | (3) | (3) | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 2.910 | Annual | 12/29/2033 |  | 100 | 0 | (3) | (3) | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 2.650 | Annual | 01/08/2034 |  | 100 | (1) | 1 | 0 | 0 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.220 | Annual | 01/08/2035 |  | 100 | 0 | (4) | (4) | 1 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.460 | Annual | 03/13/2035 |  | 100 | 0 | (2) | (2) | 1 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.520 | Annual | 03/27/2035 |  | 100 | 0 | (1) | (1) | 1 | 0 |
|  Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.460 | Annual | 04/01/2035 |  | 100 | 0 | (2) | (2) | 0 | (2) |
|  Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2035 |  | 3600 | (154) | 10 | (144) | 15 | 0 |
|  Receive<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2055 |  | 1470 | 122 | (2) | 120 | 0 | (12) |
|  Receive | 28-Day MXN-TIIE | 9.000 | Lunar | 03/01/2029 |  | 5600 | 0 | (10) | (10) | 0 | 0 |
|  Receive | CAONREPO | 2.740 | Semi-Annual | 06/01/2034 |  | 100 | 0 | 0 | 0 | 0 | 0 |
|  Receive | CAONREPO | 2.900 | Semi-Annual | 06/01/2034 |  | 1100 | 0 | (14) | (14) | 0 | (3) |
|  Receive | CAONREPO | 3.000 | Semi-Annual | 06/01/2034 |  | 600 | 0 | (11) | (11) | 0 | (1) |
|  Receive | CPURNSA | 2.477 | Maturity | 11/07/2029 |  | $1600 | 0 | 17 | 17 | 2 | 0 |
|  Receive | CPURNSA | 0.000 | Maturity | 03/25/2030 |  | 1700 | 0 | 9 | 9 | 2 | 0 |
|  Receive | CPURNSA | 0.000 | Maturity | 03/27/2030 |  | 2600 | 0 | 11 | 11 | 3 | 0 |
|  Receive | CPURNSA | 2.487 | Maturity | 12/07/2051 |  | 1000 | 43 | (11) | 32 | 1 | 0 |
|  |  |  |  |  |  |  | $3042 | $1495 | $4537 | $87 | $(115) |
|  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;3039 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1496 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4535 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(115) |

---

#### 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 | |  | Variation Margin<br>Liability | Variation Margin<br>Liability | |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total |  | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | $(3) | $(50) | $(115) | $(168) |

---

Cash of $3,859 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> If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

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

---

| | | |
|:---|:---|:---|
| **86** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

<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;(j) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Asset | Liability |
|  AZD | 04/2025 | 13038 | $86 | $0 | $(1) |
|  | 04/2025 | $2164 | 3421 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27) |
|  | 04/2025 | 25 | 3728 | 0 | 0 |
|  | 04/2025 | 33 | 45 | 0 | 0 |
|  | 05/2025 | 3421 | $2165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | 0 |
|  | 05/2025 | 1251 | 171 | 0 | (2) |
|  | 05/2025 | 45 | 33 | 0 | 0 |
|  | 05/2025 | $642 | 4649 | 0 | (1) |
|  | 05/2025 | 86 | 12994 | 1 | 0 |
|  | 06/2025 | 2602 | $356 | 0 | (4) |
|  | 06/2025 | $203 | 1463 | 0 | 0 |
|  | 07/2025 | 2313 | $321 | 1 | 0 |
|  | 08/2025 | 2314 | 321 | 0 | (1) |
|  BOA | 04/2025 | 99 | 107 | 0 | 0 |
|  | 04/2025 | $484 | 8797 | 0 | (5) |
|  | 05/2025 | 1223 | $167 | 0 | (2) |
|  | 05/2025 | 608 | 78 | 0 | 0 |
|  | 05/2025 | 694690 | 42 | 0 | 0 |
|  | 05/2025 | $33 | 2812 | 0 | 0 |
|  | 06/2025 | 2010 | $277 | 0 | (1) |
|  | 06/2025 | $99 | 717 | 0 | 0 |
|  | 06/2025 | 601 | 2324 | 0 | (3) |
|  | 08/2025 | 1452 | $203 | 1 | 0 |
|  | 08/2025 | 52 | 2 | 0 | 0 |
|  BPS | 04/2025 | 634 | 400 | 3 | 0 |
|  | 04/2025 | 3534 | 615 | 0 | (4) |
|  | 04/2025 | 862 | 602 | 3 | 0 |
|  | 04/2025 | 2132 | 88 | 0 | (5) |
|  | 04/2025 | 2782 | 2917 | 0 | (91) |
|  | 04/2025 | 2632080 | 159 | 1 | 0 |
|  | 04/2025 | 4653 | 31 | 0 | 0 |
|  | 04/2025 | 1171288 | 800 | 4 | 0 |
|  | 04/2025 | 1344 | 34 | 0 | 0 |
|  | 04/2025 | 60472 | 1839 | 18 | 0 |
|  | 04/2025 | $616 | 3534 | 4 | 0 |
|  | 04/2025 | 673 | 11064672 | 0 | (9) |
|  | 04/2025 | 219 | 19047 | 3 | 0 |
|  | 04/2025 | 246 | 36667 | 0 | (1) |
|  | 04/2025 | 304 | 442085 | 0 | (4) |
|  | 04/2025 | 21 | 29 | 0 | 0 |
|  | 04/2025 | 1122 | 36866 | 0 | (12) |
|  | 04/2025 | 4882 | $267 | 1 | 0 |
|  | 05/2025 | 774 | 135 | 0 | 0 |
|  | 05/2025 | 4373 | 602 | 0 | (2) |
|  | 05/2025 | 2045973 | 123 | 0 | 0 |
|  | 05/2025 | 29 | 21 | 0 | 0 |
|  | 05/2025 | $132 | 2190505 | 0 | (1) |
|  | 05/2025 | 295 | 25266 | 0 | 0 |
|  | 05/2025 | 31 | 4638 | 0 | 0 |
|  | 06/2025 | 2801 | $384 | 0 | (4) |
|  | 06/2025 | 22677 | 16 | 1 | 0 |
|  | 06/2025 | 8406 | 214 | 11 | 0 |
|  | 06/2025 | $491 | 1909 | 3 | (3) |
|  | 07/2025 | 9946 | $306 | 5 | 0 |
|  | 08/2025 | 5806 | 808 | 2 | 0 |
|  | 08/2025 | 29505 | 903 | 7 | 0 |
|  | 10/2025 | 1500 | 250 | 0 | (1) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **87** |

---

------

Schedule of Investments PIMCO RAE PLUS International 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 | 490 | $532 | $3 | $0 |
|  | 04/2025 | 1486 | 401 | 1 | 0 |
|  | 04/2025 | 871 | 10 | 0 | 0 |
|  | 04/2025 | 2718 | 70 | 0 | 0 |
|  | 04/2025 | $298 | 230 | 0 | (1) |
|  | 04/2025 | 168 | 2755712 | 0 | (3) |
|  | 04/2025 | 199 | 731 | 0 | (2) |
|  | 04/2025 | 10 | 870 | 0 | 0 |
|  | 04/2025 | 240 | 9270 | 0 | (4) |
|  | 04/2025 | 929 | $50 | 0 | 0 |
|  | 05/2025 | 230 | 298 | 1 | 0 |
|  | 05/2025 | 872 | 10 | 0 | 0 |
|  | 05/2025 | 435 | 11 | 0 | 0 |
|  | 05/2025 | $23 | 891 | 0 | (1) |
|  | 06/2025 | 2253 | $54 | 0 | 0 |
|  | 06/2025 | $9 | 35 | 0 | 0 |
|  | 06/2025 | 357 | 14114 | 0 | (17) |
|  | 08/2025 | 282 | $39 | 0 | 0 |
|  BSH | 04/2025 | 2740 | 1736 | 24 | 0 |
|  | 04/2025 | 67973 | 453 | 0 | (1) |
|  | 04/2025 | 4610 | 1210 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44) |
|  | 05/2025 | 124 | 33 | 0 | (1) |
|  | 05/2025 | $453 | 67744 | 1 | 0 |
|  | 06/2025 | 3349 | $908 | 0 | (2) |
|  | 06/2025 | $88 | 339 | 0 | (1) |
|  CBK | 04/2025 | 47 | $30 | 1 | 0 |
|  | 04/2025 | 6247 | 1090 | 0 | (5) |
|  | 04/2025 | 529 | 601 | 3 | 0 |
|  | 04/2025 | 1505179 | 344 | 0 | (16) |
|  | 04/2025 | 93 | 13 | 0 | 0 |
|  | 04/2025 | 230 | 297 | 0 | 0 |
|  | 04/2025 | 3785205 | 228 | 1 | 0 |
|  | 04/2025 | 869 | 239 | 5 | 0 |
|  | 04/2025 | 1003 | 270 | 0 | (3) |
|  | 04/2025 | 44066 | 1345 | 18 | 0 |
|  | 04/2025 | $1088 | 6247 | 7 | 0 |
|  | 04/2025 | 4215 | 6006 | 0 | (41) |
|  | 04/2025 | 186 | 164 | 0 | 0 |
|  | 04/2025 | 361 | 1515476 | 1 | 0 |
|  | 04/2025 | 171 | 156 | 0 | (2) |
|  | 04/2025 | 446 | 344 | 0 | (2) |
|  | 04/2025 | 427 | 6988613 | 0 | (7) |
|  | 04/2025 | 72 | 6225 | 1 | 0 |
|  | 04/2025 | 22 | 32181 | 0 | 0 |
|  | 04/2025 | 1078 | 3948 | 0 | (4) |
|  | 04/2025 | 1280 | 41942 | 0 | (17) |
|  | 05/2025 | 5783 | $4064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | 0 |
|  | 05/2025 | 2504412 | 151 | 1 | 0 |
|  | 05/2025 | 109 | 29 | 0 | (1) |
|  | 05/2025 | $132 | 2185073 | 0 | (1) |
|  | 06/2025 | 326571 | $348 | 4 | 0 |
|  | 06/2025 | 912 | 126 | 0 | 0 |
|  | 06/2025 | 1532897 | 361 | 0 | (1) |
|  | 06/2025 | 1858925 | 1293 | 27 | 0 |
|  | 06/2025 | 384 | 104 | 0 | 0 |
|  | 06/2025 | $80 | 580 | 0 | 0 |
|  | 07/2025 | 17270 | $531 | 8 | 0 |
|  | 07/2025 | $1090 | 6369 | 5 | 0 |
|  | 08/2025 | 1033 | $277 | 0 | (4) |
|  | 08/2025 | 18916 | 580 | 6 | 0 |
|  | 08/2025 | $142 | 4673 | 0 | 0 |
|  | 09/2025 | 3960 | $1078 | 5 | 0 |
|  DUB | 04/2025 | 75 | 82 | 1 | 0 |
|  | 04/2025 | 878 | 241 | 5 | 0 |
|  | 04/2025 | 29400 | 200 | 4 | 0 |
|  | 04/2025 | 20 | 11 | 0 | 0 |
|  | 04/2025 | $12 | 81 | 0 | 0 |
|  | 04/2025 | 192 | 183 | 6 | 0 |
|  | 04/2025 | 440 | 7282877 | 0 | (3) |
|  | 04/2025 | 65 | 5614 | 0 | 0 |

---

---

| | | |
|:---|:---|:---|
| **88** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 04/2025 | $11 | 20 | $0 | $0 |
|  | 04/2025 | 17 | 23 | 0 | 0 |
|  | 05/2025 | 81 | $12 | 0 | 0 |
|  | 05/2025 | 304958 | 18 | 0 | 0 |
|  | 05/2025 | 20 | 11 | 0 | 0 |
|  | 05/2025 | 186 | 49 | 0 | (2) |
|  | 05/2025 | 23 | 17 | 0 | 0 |
|  | 06/2025 | 1277365 | 888 | 19 | 0 |
|  | 08/2025 | $80 | 571 | 0 | 0 |
|  FAR | 04/2025 | 1129 | $197 | 0 | (1) |
|  | 04/2025 | 1485 | 1667 | 0 | (13) |
|  | 04/2025 | 148 | 21 | 0 | (1) |
|  | 04/2025 | 787 | 217 | 5 | 0 |
|  | 04/2025 | 48631 | 323 | 0 | (1) |
|  | 04/2025 | $197 | 1129 | 1 | 0 |
|  | 04/2025 | 191 | 28444 | 0 | (1) |
|  | 05/2025 | 164 | 1181 | 0 | (1) |
|  | 05/2025 | 323 | 48467 | 1 | 0 |
|  | 06/2025 | 197 | 1143 | 1 | 0 |
|  | 06/2025 | 41 | 149 | 0 | 0 |
|  | 06/2025 | 180 | 698 | 0 | (1) |
|  | 07/2025 | 1177 | $164 | 1 | 0 |
|  GLM | 04/2025 | 17690 | 3101 | 16 | (15) |
|  | 04/2025 | 76 | 53 | 0 | 0 |
|  | 04/2025 | 2600 | 384 | 8 | 0 |
|  | 04/2025 | 2881864 | 174 | 1 | 0 |
|  | 04/2025 | 84 | 2 | 0 | 0 |
|  | 04/2025 | $3060 | 17690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | 0 |
|  | 04/2025 | 309 | 5094172 | 0 | (4) |
|  | 04/2025 | 30 | 43851 | 0 | 0 |
|  | 05/2025 | 1190 | $162 | 0 | (2) |
|  | 05/2025 | 1203422 | 72 | 0 | 0 |
|  | 05/2025 | $174 | 2884467 | 0 | (1) |
|  | 06/2025 | 187 | 1355 | 1 | 0 |
|  | 06/2025 | 79 | 303 | 0 | 0 |
|  | 07/2025 | 1769 | $54 | 1 | 0 |
|  | 09/2025 | 426 | 116 | 1 | 0 |
|  | 10/2025 | 15300 | 2486 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(81) |
|  IND | 04/2025 | $23 | 156 | 0 | 0 |
|  | 05/2025 | 156 | $23 | 0 | 0 |
|  JPM | 04/2025 | 4282 | 746 | 0 | (5) |
|  | 04/2025 | 160065 | 10 | 0 | 0 |
|  | 04/2025 | 686 | 189 | 4 | 0 |
|  | 04/2025 | 27411 | 182 | 0 | (1) |
|  | 04/2025 | 5562 | 170 | 2 | 0 |
|  | 04/2025 | $744 | 4282 | 6 | 0 |
|  | 04/2025 | 3053 | 2830 | 8 | 0 |
|  | 04/2025 | 69 | 1139628 | 0 | (1) |
|  | 04/2025 | 115 | 421 | 0 | (2) |
|  | 04/2025 | 132 | 11440 | 1 | 0 |
|  | 04/2025 | 367 | 54924 | 0 | (1) |
|  | 04/2025 | 22 | 32167 | 0 | 0 |
|  | 04/2025 | 729 | 23967 | 0 | (7) |
|  | 04/2025 | 1277 | $70 | 0 | 0 |
|  | 05/2025 | 1271 | 174 | 0 | (1) |
|  | 05/2025 | 2830 | 3058 | 0 | (8) |
|  | 05/2025 | 801508 | 48 | 0 | 0 |
|  | 05/2025 | $602 | 4361 | 1 | (1) |
|  | 05/2025 | 182 | 27319 | 1 | 0 |
|  | 06/2025 | 294 | $40 | 0 | 0 |
|  | 06/2025 | 29053 | 1408 | 3 | 0 |
|  | 06/2025 | 312 | 81 | 0 | 0 |
|  | 06/2025 | $439 | 1702 | 1 | (2) |
|  | 06/2025 | 23 | 897 | 0 | (1) |
|  | 07/2025 | 2230 | $309 | 0 | 0 |
|  | 07/2025 | 10067 | 310 | 5 | 0 |
|  | 07/2025 | $70 | 408 | 0 | 0 |
|  | 08/2025 | 2111 | $293 | 0 | (1) |
|  | 08/2025 | 19045 | 583 | 4 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **89** |

---

------

Schedule of Investments PIMCO RAE PLUS International Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  MBC | 04/2025 | 490 | $341 | $1 | $0 |
|  | 04/2025 | 402 | 456 | 2 | 0 |
|  | 04/2025 | 66 | 72 | 1 | 0 |
|  | 04/2025 | 554 | 151 | 2 | 0 |
|  | 04/2025 | 10500 | 70 | 0 | 0 |
|  | 04/2025 | 772 | 73 | 0 | (4) |
|  | 04/2025 | 81 | 60 | 0 | 0 |
|  | 04/2025 | 8610 | 266 | 7 | 0 |
|  | 04/2025 | $2548 | 2251 | 0 | (4) |
|  | 04/2025 | 1 | 4 | 0 | 0 |
|  | 04/2025 | 375 | 343 | 0 | (4) |
|  | 04/2025 | 303 | 235 | 0 | 0 |
|  | 04/2025 | 330 | 28582 | 3 | 0 |
|  | 04/2025 | 743 | 110500 | 0 | (7) |
|  | 04/2025 | 85 | 895 | 4 | 0 |
|  | 04/2025 | 291 | 9573 | 0 | (3) |
|  | 04/2025 | 3610 | $198 | 1 | 0 |
|  | 05/2025 | 2157 | 2451 | 4 | 0 |
|  | 05/2025 | 2063 | 284 | 0 | 0 |
|  | 05/2025 | 4 | 1 | 0 | 0 |
|  | 05/2025 | 1190 | 1286 | 0 | (2) |
|  | 05/2025 | 482762 | 29 | 0 | 0 |
|  | 05/2025 | $297 | 2151 | 0 | 0 |
|  | 06/2025 | 611255 | $424 | 7 | 0 |
|  | 06/2025 | $161 | 620 | 0 | (1) |
|  | 07/2025 | 1069 | $148 | 0 | 0 |
|  | 07/2025 | 4867 | 149 | 2 | 0 |
|  | 08/2025 | 2958 | 411 | 1 | (1) |
|  | 08/2025 | 4648 | 142 | 1 | 0 |
|  MYI | 04/2025 | 4578 | 3216 | 35 | 0 |
|  | 04/2025 | 2900 | 428 | 8 | 0 |
|  | 04/2025 | 15 | 12 | 0 | 0 |
|  | 04/2025 | $1191 | 7965 | 0 | (36) |
|  | 04/2025 | 70 | 2282 | 0 | (1) |
|  | 04/2025 | 372 | 6798 | 0 | (1) |
|  | 05/2025 | 439314 | $26 | 0 | 0 |
|  | 06/2025 | 584 | 81 | 0 | 0 |
|  | 06/2025 | $36 | 143 | 1 | 0 |
|  NGF | 06/2025 | 345010 | $242 | 7 | 0 |
|  RYL | 04/2025 | 51900 | 353 | 7 | 0 |
|  SCX | 04/2025 | 13932 | 2384 | 0 | (58) |
|  | 04/2025 | 7182 | 48 | 0 | 0 |
|  | 04/2025 | 4497 | 139 | 3 | 0 |
|  | 04/2025 | $2426 | 13932 | 15 | 0 |
|  | 04/2025 | 210 | 3433442 | 0 | (4) |
|  | 04/2025 | 22 | 32133 | 0 | 0 |
|  | 04/2025 | 85 | 2803 | 0 | (1) |
|  | 05/2025 | 1707 | $237 | 1 | 0 |
|  | 05/2025 | 188514 | 11 | 0 | 0 |
|  | 05/2025 | $58 | 8699 | 0 | 0 |
|  | 06/2025 | 365 | $50 | 0 | 0 |
|  | 06/2025 | $2384 | 14109 | 58 | 0 |
|  | 07/2025 | 1002 | $269 | 0 | (4) |
|  | 08/2025 | 2780 | 85 | 1 | 0 |
|  SOG | 04/2025 | $78 | 2562 | 0 | (1) |
|  SSB | 04/2025 | 1165 | $1474 | 0 | (30) |
|  | 04/2025 | 238 | 65 | 1 | 0 |
|  | 04/2025 | 3389 | 104 | 2 | 0 |
|  | 04/2025 | $757 | 586 | 0 | (1) |
|  | 04/2025 | 57 | 938759 | 0 | (1) |
|  | 05/2025 | 586 | $757 | 1 | 0 |
|  | 05/2025 | 326 | 86 | 0 | (3) |
|  UAG | 04/2025 | 2500 | 369 | 6 | 0 |
|  | 04/2025 | 382128 | 23 | 0 | 0 |
|  | 04/2025 | $23 | 382128 | 0 | 0 |
|  | 04/2025 | 188 | 27966 | 0 | (2) |
|  | 05/2025 | 23 | 382666 | 0 | 0 |
|  | 06/2025 | 167 | 243529 | 0 | (1) |
|  | 06/2025 | 50 | 195 | 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;589 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(693) |

---

90 PIMCO EQUITY-RELATED STRATEGY FUNDS See Accompanying Notes

------

March 31, 2025

#### PURCHASED OPTIONS:

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BRC Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.750% | 10/30/2025 | 14400 | $69 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 |
| CBK Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 5.850 | 11/21/2025 | 3200 | 1 | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 5.850 | 11/24/2025 | 1200 | 1 | 0 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $71 | $57 |

---

#### WRITTEN OPTIONS:

#### CREDIT DEFAULT SWAPTIONS ON CREDIT INDEXES

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Buy/Sell<br>Protection | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
|  GST | Put - OTC CDX.IG-43 5-Year Index | Sell | 0.700% | 05/21/2025 | 200 | $0 | $0 |
|  | Put - OTC CDX.IG-43 5-Year Index | Sell | 0.700 | 06/18/2025 | 200 | 0 | 0 |
|  | Put - OTC CDX.IG-43 5-Year Index | Sell | 0.750 | 06/18/2025 | 400 | (1) | (1) |
|  | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.850 | 06/18/2025 | 300 | 0 | 0 |
|  | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.900 | 07/16/2025 | 400 | (1) | (1) |
|  JPM | Put - OTC CDX.IG-44 5-Year Index | Sell | 1.000 | 07/16/2025 | 200 | 0 | 0 |
|  RBC | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.900 | 07/16/2025 | 100 | 0 | 0 |
|  |  |  |  |  |  | $(2) | $(2) |

---

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive <br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BPS Call - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.400% | 04/07/2025 | 200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(1) |
| Put - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.750 | 04/07/2025 | 200 | 0 | 0 |
| BRC Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 2.830 | 10/30/2025 | 14400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.290 | 10/30/2025 | 14400 | (43) | (30) |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.550 | 04/11/2025 | 100 | 0 | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.900 | 04/11/2025 | 100 | 0 | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.550 | 04/14/2025 | 100 | 0 | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.920 | 04/14/2025 | 100 | 0 | 0 |
| CBK Call - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.350 | 04/25/2025 | 100 | 0 | 0 |
| Put - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.650 | 04/25/2025 | 100 | 0 | 0 |
| FAR Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.715 | 04/24/2025 | 100 | 0 | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.065 | 04/24/2025 | 100 | 0 | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.593 | 04/30/2025 | 100 | (1) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.943 | 04/30/2025 | 100 | 0 | 0 |
| GLM Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.535 | 04/10/2025 | 200 | (1) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.985 | 04/10/2025 | 200 | (1) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.723 | 04/14/2025 | 100 | (1) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.073 | 04/14/2025 | 100 | (1) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.695 | 04/17/2025 | 100 | (1) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.045 | 04/17/2025 | 100 | (1) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.710 | 04/21/2025 | 100 | 0 | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.060 | 04/21/2025 | 100 | 0 | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.713 | 04/28/2025 | 100 | 0 | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.063 | 04/28/2025 | 100 | 0 | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.600 | 04/30/2025 | 100 | (1) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.950 | 04/30/2025 | 100 | (1) | 0 |
| MYC Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.710 | 04/14/2025 | 100 | (1) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.060 | 04/14/2025 | 100 | (1) | 0 |
|  |  |  |  |  |  | $(80) | $(54) |
|  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;(82) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 91

------

Schedule of Investments PIMCO RAE PLUS International Fund (Cont.)

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(5)</sup> | Swap Agreements,<br>at Value<sup>(5)</sup> |
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| GST | Soft Bank Group, Inc. | 1.000% | Quarterly | 06/20/2026 | 1.326% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(5)</sup> | Swap Agreements,<br>at Value<sup>(5)</sup> |
| Counterparty | Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BOA | ABX.HE.AAA.6-2 Index « | 0.110% | Monthly | 05/25/2046 | $970 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(262) | $186 | $0 | $(76) |
|  | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 | EUR 492 | 96 | 1 | 97 | 0 |
| BPS | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 | 591 | 117 | 0 | 117 | 0 |
| GST | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 | 295 | 59 | (1) | 58 | 0 |
| JPM | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3446 | 708 | (26) | 682 | 0 |
| SAL | CMBX.NA.AAA.16 Index | 0.500 | Monthly | 04/17/2065 | $400 | (6) | 0 | 0 | (6) |
|  |  |  |  |  |  | $712 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;954 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(82) |

---

#### 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 |
| CBK | Receive | ERADXULT Index  | 11071 | 5.335 | Monthly | 03/04/2026 | $30396 | $0 | $(83) | $0 | $(83) |
| FAR | Pay | DJITR Index  | 18 | 5.11 | Monthly | 06/20/2025 | 1900 | 0 | 1 | 1 | 0 |
| JPM | Receive | ERADXULT Index  | 34877 | 5.230% (FEDL01 plus a specified spread) | Maturity | 10/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93421 | 0 | (635) | 0 | (635) |
| MEI | Receive | ERADXULT Index  | 150 | 5.130% (FEDL01 plus a specified spread) | Monthly | 05/07/2025 | 412 | 0 | (1) | 0 | (1) |
| MYI | Receive | ERADXULT Index  | 3205 | 5.115% (FEDL01 plus a specified spread) | Monthly | 04/16/2025 | 8800 | 0 | (35) | 0 | (35) |
|  |  |  |  |  |  |  |  | $0 | $(753) | $1 | $(754) |
|  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;711 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(593) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(837) |

---

#### 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 | $29 | $0 | $0 | $29 | $(36) | $0 | $0 | $(36) | $(7) | $0 | $(7) |
|  BOA | 1 | 0 | 97 | 98 | (11) | 0 | (76) | (87) | 11 | 0 | 11 |
|  BPS | 66 | 0 | 117 | 183 | (137) | (1) | 0 | (138) | 45 | 0 | 45 |
|  BRC | 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 | 0 | 62 | (28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46) | 0 | (74) | (12) | 0 | (12) |
|  BSH | 25 | 0 | 0 | 25 | (49) | 0 | 0 | (49) | (24) | 0 | (24) |
|  CBK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133 | 0 | 0 | 133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(104) | 0 | (83) | (187) | (54) | 0 | (54) |
|  DUB | 35 | 0 | 0 | 35 | (5) | 0 | 0 | (5) | 30 | 0 | 30 |
|  FAR | 9 | 0 | 1 | 10 | (19) | (1) | 0 | (20) | (10) | 0 | (10) |
|  GLM | 68 | 0 | 0 | 68 | (103) | (5) | 0 | (108) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40) | 0 | (40) |
|  GST | 0 | 0 | 58 | 58 | 0 | (2) | (1) | (3) | 55 | 0 | 55 |
|  JPM | 36 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718 | (31) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(635) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(666) | 52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2226) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2174) |
|  MBC | 36 | 0 | 0 | 36 | (26) | 0 | 0 | (26) | 10 | 0 | 10 |
|  MEI | 0 | 0 | 0 | 0 | 0 | 0 | (1) | (1) | (1) | 0 | (1) |
|  MYC | 0 | 0 | 0 | 0 | 0 | (1) | 0 | (1) | (1) | 0 | (1) |
|  MYI | 44 | 0 | 0 | 44 | (38) | 0 | (35) | (73) | (29) | (400) | (429) |
|  NGF | 7 | 0 | 0 | 7 | 0 | 0 | 0 | 0 | 7 | 0 | 7 |
|  RYL | 7 | 0 | 0 | 7 | 0 | 0 | 0 | 0 | 7 | 0 | 7 |
|  SAL | 0 | 0 | 0 | 0 | 0 | 0 | (6) | (6) | (6) | 0 | (6) |
|  SCX | 78 | 0 | 0 | 78 | (67) | 0 | 0 | (67) | 11 | 0 | 11 |
|  SOG | 0 | 0 | 0 | 0 | (1) | 0 | 0 | (1) | (1) | 0 | (1) |
|  SSB | 4 | 0 | 0 | 4 | (35) | 0 | 0 | (35) | (31) | 0 | (31) |
|  UAG | 6 | 0 | 0 | 6 | (3) | 0 | 0 | (3) | 3 | 0 | 3 |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1601 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(693) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(837) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1586) |  |  |  |

---

92 PIMCO EQUITY-RELATED STRATEGY FUNDS See Accompanying Notes

------

March 31, 2025

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

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

<sup>(4)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

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

<sup>(6)</sup> Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference. 

<sup>(7)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

#### 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 | $9 | $0 | $4 | $13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 87 | 87 |
|  | $0 | $0 | $9 | $0 | $91 | $100 |
|  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 | $589 | $0 | $589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 57 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 954 | 1 | 0 | 0 | 955 |
|  | $0 | $954 | $1 | $589 | $57 | $1601 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;954 | $10 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589 | $148 | $1701 |
|  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 | $3 | $3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 46 | 0 | 4 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 115 | 115 |
|  | $0 | $0 | $46 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122 | $168 |
|  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 | $693 | $0 | $693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 2 | 0 | 0 | 54 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 83 | 754 | 0 | 0 | 837 |
|  | $0 | $85 | $754 | $693 | $54 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1586 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $85 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | $693 | $176 | $1754 |

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See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 93

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Schedule of Investments PIMCO RAE PLUS International Fund (Cont.) March 31, 2025

The effect of Financial Derivative Instruments on the Statements of Operations for the year ended March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $21 | $21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | (624) | 0 | (71) | (695) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 28 | 0 | 0 | 860 | 888 |
|  | $0 | $28 | $(624) | $0 | $810 | $214 |
|  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 | $1054 | $0 | $1054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | (15) | (15) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 107 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 73 | 9771 | 0 | 0 | 9844 |
|  | $0 | $73 | $9771 | $1054 | $92 | $10990 |
|  | $0 | $101 | $9147 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1054 | $902 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11204 |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $(2) | $(2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 74 | 0 | 154 | 228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (16) | 0 | 0 | (976) | (992) |
|  | $0 | $(16) | $74 | $0 | $(824) | $(766) |
|  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 | $(359) | $0 | $(359) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | (25) | (25) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 17 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (62) | (6540) | 0 | 0 | (6602) |
|  | $0 | $(62) | $(6540) | $(359) | $(8) | $(6969) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(78) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6466) | $(359) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(832) | $(7735) |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | $0 | $3963 | $0 | $3963 |
| &nbsp;&nbsp; Industrials | 0 | 1190 | 0 | 1190 |
| &nbsp;&nbsp; Utilities | 0 | 999 | 0 | 999 |
|  U.S. Government Agencies | 0 | 73561 | 0 | 73561 |
|  U.S. Treasury Obligations | 0 | 3781 | 0 | 3781 |
|  Non-Agency Mortgage-Backed Securities | 0 | 17290 | 0 | 17290 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile ABS Other | 0 | 2001 | 0 | 2001 |
| &nbsp;&nbsp; Automobile Sequential | 0 | 4394 | 0 | 4394 |
| &nbsp;&nbsp; CMBS Other | 0 | 983 | 0 | 983 |
| &nbsp;&nbsp; Credit Card Bullet | 0 | 501 | 0 | 501 |
| &nbsp;&nbsp; Home Equity Other | 0 | 8642 | 0 | 8642 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 1623 | 0 | 1623 |
| &nbsp;&nbsp; Other ABS | 0 | 12955 | 0 | 12955 |
|  Sovereign Issues | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12272 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12272 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Communication Services | 40 | 0 | 0 | 40 |
| &nbsp;&nbsp; Consumer Discretionary | 259 | 0 | 0 | 259 |
| &nbsp;&nbsp; Consumer Staples | 92 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 92 |
| &nbsp;&nbsp; Energy | 47 | 0 | 0 | 47 |
| &nbsp;&nbsp; Financials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466 | 0 | 0 | 466 |
| &nbsp;&nbsp; Health Care | 303 | 0 | 0 | 303 |
| &nbsp;&nbsp; Industrials | 239 | 0 | 0 | 239 |
| &nbsp;&nbsp; Information Technology | 357 | 0 | 0 | 357 |
| &nbsp;&nbsp; Materials | 97 | 0 | 0 | 97 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Commercial Paper | 0 | 7925 | 0 | 7925 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 27000 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27000 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>03/31/2025** |
| &nbsp;&nbsp; U.S. Treasury Bills | $0 | $1407 | $0 | $1407 |
|  | $1900 | $180487 | $0 | $182387 |
|  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 | $11962 | $0 | $0 | $11962 |
|  Total Investments | $13862 | $180487 | $0 | $194349 |
|  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 | $(5048) | $0 | $(5048) |
|  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 | 9 | 91 | 0 | 100 |
|  Over the counter | 0 | 1601 | 0 | 1601 |
|  | $9 | $1692 | $0 | $1701 |
|  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 | (46) | (122) | 0 | (168) |
|  Over the counter | 0 | (1510) | (76) | (1586) |
|  | $(46) | $(1632) | $(76) | $(1754) |
|  Total Financial Derivative Instruments | $(37) | $60 | $(76) | $(53) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13825 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175499 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(76) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189248 |

---

There were no significant transfers into or out of Level 3 during the period ended March 31, 2025.

---

| | | |
|:---|:---|:---|
| **94** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO RAE PLUS Small 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 135.6% | INVESTMENTS IN SECURITIES 135.6% | INVESTMENTS IN SECURITIES 135.6% |
| CORPORATE BONDS & NOTES 4.5% | CORPORATE BONDS & NOTES 4.5% | CORPORATE BONDS & NOTES 4.5% |
| BANKING & FINANCE 2.6% | BANKING & FINANCE 2.6% | BANKING & FINANCE 2.6% |
|  American Express Co. | American Express Co. | American Express Co. |
|  5.284% due 07/26/2035 •  | 200 | 200 |
|  Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia |
|  5.450% due 08/01/2029 | 600 | 617 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  4.837% due 09/10/2028 •  | 200 | 200 |
|  6.224% due 05/09/2034 •  | 400 | 417 |
|  Credit Suisse AG AT1 Claim | 200 | 24 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  5.800% due 03/05/2027 | 200 | 201 |
|  5.800% due 03/08/2029 | 200 | 198 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  1.431% due 03/09/2027 •  | 300 | 291 |
|  5.016% due 10/23/2035 •  | 300 | 292 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  5.887% due 08/14/2027 •  | 200 | 203 |
|  Jackson National Life Global Funding | Jackson National Life Global Funding | Jackson National Life Global Funding |
|  5.324% due 01/14/2028 •  | 100 | 101 |
|  5.600% due 04/10/2026 | 400 | 404 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  4.946% due 10/22/2035 •  | 100 | 98 |
|  5.040% due 01/23/2028 •  | 100 | 101 |
|  5.581% due 04/22/2030 •  | 100 | 103 |
|  Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. |
|  5.594% due 07/10/2035 •  | 200 | 205 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  4.654% due 10/18/2030 •  | 200 | 198 |
|  5.320% due 07/19/2035 •  | 200 | 200 |
|  5.656% due 04/18/2030 •  | 200 | 206 |
|  Prologis LP | Prologis LP | Prologis LP |
|  5.000% due 01/31/2035 | 100 | 99 |
|  Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
|  4.969% due 08/02/2030 •  | 100 | 101 |
|  VICI Properties LP | VICI Properties LP | VICI Properties LP |
|  5.125% due 11/15/2031 | 100 | 99 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  2.393% due 06/02/2028 •  | 100 | 95 |
|  5.707% due 04/22/2028 •  | 100 | 102 |
|  |  | 4755 |
| INDUSTRIALS 0.5% | INDUSTRIALS 0.5% | INDUSTRIALS 0.5% |
|  Boeing Co. | Boeing Co. | Boeing Co. |
|  2.196% due 02/04/2026 | 100 | 98 |
|  CVS Pass-Through Trust | CVS Pass-Through Trust | CVS Pass-Through Trust |
|  6.943% due 01/10/2030 | 106 | 109 |
|  Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. |
|  5.550% due 10/01/2034 | 400 | 391 |
|  T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
|  3.875% due 04/15/2030 | 100 | 96 |
|  United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust |
|  5.450% due 08/15/2038 | 99 | 100 |
|  Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC |
|  5.288% due 09/12/2025 •  | 200 | 201 |
|  |  | 995 |
| UTILITIES 1.4% | UTILITIES 1.4% | UTILITIES 1.4% |
|  Eversource Energy | Eversource Energy | Eversource Energy |
|  5.850% due 04/15/2031 | 400 | 416 |
|  ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |
|  5.050% due 11/01/2034 | 700 | 676 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  5.282% due 09/04/2025 •  | 800 | 800 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  4.650% due 10/01/2043 | 200 | 168 |
|  4.700% due 06/01/2027 | 300 | 300 |
|  5.150% due 06/01/2029 | 300 | 302 |
|  |  | 2662 |
|  Total Corporate Bonds & Notes (Cost $8,345) | Total Corporate Bonds & Notes (Cost $8,345) | 8412 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| U.S. GOVERNMENT AGENCIES 54.0% | U.S. GOVERNMENT AGENCIES 54.0% | U.S. GOVERNMENT AGENCIES 54.0% |
|  Fannie Mae | Fannie Mae | Fannie Mae |
|  1.396% due 03/25/2041 •(a) | 499 | 46 |
|  2.242% due 01/25/2031 ~(a) | 465 | 29 |
|  2.246% due 03/25/2036 •(a) | 141 | 10 |
|  4.202% due 10/01/2029 ~ | 1000 | 994 |
|  4.300% due 12/01/2029 | 702 | 700 |
|  4.705% due 09/01/2031 •  | 1900 | 1920 |
|  4.720% due 10/01/2028 | 500 | 508 |
|  4.770% due 10/01/2028 | 600 | 610 |
|  4.804% due 07/25/2037 - 09/25/2042 •  | 9 | 9 |
|  4.834% due 07/25/2037 •  | 11 | 11 |
|  4.854% due 09/25/2035 •  | 21 | 21 |
|  4.864% due 09/25/2035 •  | 46 | 46 |
|  4.930% due 06/01/2029 | 400 | 409 |
|  5.174% due 06/25/2037 •  | 92 | 92 |
|  5.290% due 11/25/2054 •  | 783 | 782 |
|  5.300% due 11/01/2030 | 800 | 831 |
|  8.743% due 12/25/2036 •  | 7 | 8 |
|  Freddie Mac | Freddie Mac | Freddie Mac |
|  2.007% due 07/15/2036 •(a) | 273 | 27 |
|  2.237% due 04/15/2036 •(a) | 27 | 2 |
|  3.000% due 09/01/2032 | 284 | 275 |
|  4.843% due 03/15/2037 •  | 60 | 60 |
|  5.000% due 04/15/2041 | 296 | 298 |
|  5.163% due 08/15/2037 •  | 139 | 139 |
|  5.173% due 10/15/2037 •  | 21 | 21 |
|  5.183% due 05/15/2037 - 09/15/2037 •  | 154 | 154 |
|  5.280% due 11/25/2054 •  | 794 | 795 |
|  5.440% due 11/25/2054 •  | 736 | 734 |
|  5.490% due 12/25/2054 •  | 365 | 367 |
|  5.500% due 03/15/2034 | 66 | 68 |
|  Ginnie Mae | Ginnie Mae | Ginnie Mae |
|  6.473% due 04/20/2068 •  | 320 | 324 |
|  Ginnie Mae, TBA | Ginnie Mae, TBA | Ginnie Mae, TBA |
|  4.500% due 05/01/2055 | 1210 | 1161 |
|  5.000% due 04/01/2055 | 2600 | 2558 |
|  U.S. Small Business Administration | U.S. Small Business Administration | U.S. Small Business Administration |
|  4.430% due 05/01/2029 | 12 | 12 |
|  Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security |
|  3.000% due 01/01/2027 | 51 | 51 |
|  4.500% due 12/01/2053 - 12/01/2054 | 1658 | 1596 |
|  5.000% due 08/01/2053 | 1749 | 1723 |
|  5.500% due 11/01/2052 - 01/01/2055 | 5838 | 5846 |
|  5.500% due 04/01/2054 - 05/01/2054 | 1605 | 1604 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  3.000% due 05/01/2055 | 3700 | 3206 |
|  4.000% due 05/01/2055 | 14550 | 13538 |
|  4.500% due 05/01/2055 | 3170 | 3031 |
|  5.000% due 04/01/2055 | 5300 | 5195 |
|  5.500% due 05/01/2055 | 1000 | 998 |
|  6.000% due 06/01/2055 | 21660 | 21958 |
|  6.500% due 06/01/2055 | 26520 | 27302 |
|  Total U.S. Government Agencies (Cost $99,907) | Total U.S. Government Agencies (Cost $99,907) | 100069 |
| U.S. TREASURY OBLIGATIONS 5.9% | U.S. TREASURY OBLIGATIONS 5.9% | U.S. TREASURY OBLIGATIONS 5.9% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  4.625% due 05/15/2044 | 2100 | 2108 |
|  U.S. Treasury Inflation Protected Securities (e) | U.S. Treasury Inflation Protected Securities (e) | U.S. Treasury Inflation Protected Securities (e) |
|  1.750% due 01/15/2034 | 413 | 413 |
|  1.875% due 07/15/2034 | 5769 | 5825 |
|  2.125% due 04/15/2029 | 1951 | 2009 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  0.375% due 09/30/2027 | 100 | 92 |
|  0.625% due 11/30/2027 | 200 | 183 |
|  0.750% due 01/31/2028 | 300 | 275 |
|  Total U.S. Treasury Obligations (Cost $10,839) | Total U.S. Treasury Obligations (Cost $10,839) | 10905 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 10.4% | NON-AGENCY MORTGAGE-BACKED SECURITIES 10.4% | NON-AGENCY MORTGAGE-BACKED SECURITIES 10.4% |
|  Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust |
|  5.581% due 01/25/2036 ~ | 381 | 288 |
|  American Home Mortgage Investment Trust | American Home Mortgage Investment Trust | American Home Mortgage Investment Trust |
|  6.500% due 03/25/2047 þ | 105 | 69 |
|  Avon Finance PLC | Avon Finance PLC | Avon Finance PLC |
|  5.357% due 12/28/2049 •  | 444 | 575 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  4.854% due 04/20/2047 •  | 12 | 10 |
|  7.621% due 09/20/2034 •  | 1 | 1 |
|  Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust |
|  5.916% due 02/25/2034 ~ | 8 | 8 |
|  6.027% due 01/25/2035 ~ | 9 | 9 |
|  Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust |
|  5.172% due 01/25/2035 •  | 1 | 1 |
|  5.239% due 07/25/2034 •  | 19 | 18 |
|  5.967% due 11/25/2034 ~ | 4 | 4 |
|  6.337% due 01/25/2033 ~ | 106 | 105 |
|  6.351% due 11/25/2034 •  | 1 | 0 |
|  6.530% due 02/25/2036 •  | 6 | 5 |
|  6.548% due 04/25/2033 ~ | 4 | 4 |
|  7.480% due 08/25/2033 •  | 8 | 8 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  4.630% due 11/25/2035 •  | 188 | 171 |
|  4.775% due 12/25/2046 •  | 13 | 12 |
|  4.935% due 01/25/2036 •  | 17 | 17 |
|  5.362% due 10/25/2035 ~ | 154 | 129 |
|  BX Trust | BX Trust | BX Trust |
|  6.159% due 01/17/2039 •  | 1000 | 988 |
|  Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust |
|  5.590% due 05/25/2055 ~ | 393 | 394 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  4.762% due 12/25/2035 ~ | 7 | 6 |
|  4.906% due 09/25/2036 •  | 34 | 28 |
|  6.000% due 11/25/2036 | 113 | 45 |
|  6.000% due 12/25/2036 | 59 | 25 |
|  ChaseFlex Trust | ChaseFlex Trust | ChaseFlex Trust |
|  5.035% due 07/25/2037 •  | 165 | 143 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  4.821% due 09/25/2037 •  | 142 | 131 |
|  6.170% due 09/25/2062 þ | 865 | 866 |
|  6.759% due 08/25/2035 ~ | 2 | 2 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.815% due 09/25/2046 •  | 180 | 174 |
|  4.835% due 08/25/2037 •  | 41 | 26 |
|  4.894% due 05/20/2046 •  | 13 | 12 |
|  4.995% due 02/25/2037 •  | 74 | 62 |
|  5.034% due 11/20/2035 •  | 14 | 13 |
|  5.074% due 12/20/2035 ~ | 157 | 148 |
|  5.075% due 11/25/2035 •  | 794 | 698 |
|  5.500% due 07/25/2035 | 1 | 1 |
|  5.500% due 11/25/2035 | 17 | 10 |
|  5.635% due 12/25/2035 •  | 21 | 19 |
|  6.035% due 08/25/2035 •  | 9 | 8 |
|  6.115% due 01/25/2036 •  | 43 | 40 |
|  6.250% due 08/25/2036 | 492 | 265 |
|  Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust |
|  5.095% due 02/25/2035 •  | 14 | 13 |
|  5.160% due 11/25/2034 •  | 37 | 36 |
|  5.415% due 02/20/2035 •  | 1 | 1 |
|  7.789% due 10/20/2034 ~ | 26 | 26 |
|  Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. |
|  5.250% due 09/25/2035 | 767 | 603 |
|  Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust |
|  5.750% due 03/25/2037 | 66 | 33 |
|  Deutsche ALT-A Securities, Inc. Mortgage Loan Trust | Deutsche ALT-A Securities, Inc. Mortgage Loan Trust | Deutsche ALT-A Securities, Inc. Mortgage Loan Trust |
|  5.095% due 02/25/2036 ~ | 481 | 471 |
|  5.935% due 10/25/2047 ~ | 701 | 556 |
|  Eurohome U.K. Mortgages PLC | Eurohome U.K. Mortgages PLC | Eurohome U.K. Mortgages PLC |
|  4.728% due 06/15/2044 •  | 19 | 24 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  5.076% due 11/25/2035 •  | 5 | 5 |
|  5.500% due 01/25/2037 | 12 | 22 |
|  6.000% due 02/25/2036 | 1001 | 396 |
|  6.000% due 07/25/2037 | 253 | 164 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **95** |

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Schedule of Investments PIMCO RAE PLUS Small Fund (Cont.)

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| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.347% due 06/19/2036 •  | 242 | 124 |
|  4.771% due 12/19/2036 •  | 20 | 18 |
|  4.871% due 05/19/2035 •  | 718 | 689 |
|  4.911% due 06/19/2035 ~ | 130 | 127 |
|  4.911% due 12/19/2036 •  | 440 | 416 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  4.152% due 06/25/2036 •  | 433 | 379 |
|  4.795% due 02/25/2037 ~ | 272 | 252 |
|  5.075% due 07/25/2045 •  | 13 | 10 |
|  JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust |
|  4.308% due 05/25/2036 •  | 240 | 135 |
|  JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
|  5.817% due 12/15/2031 ~ | 114 | 112 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  4.471% due 10/25/2036 ~ | 13 | 7 |
|  4.619% due 10/25/2036 •  | 105 | 77 |
|  5.750% due 01/25/2036 | 9 | 4 |
|  5.753% due 04/25/2037 ~ | 14 | 11 |
|  6.233% due 07/25/2035 ~ | 63 | 61 |
|  Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust |
|  5.892% due 10/25/2066 þ | 646 | 646 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.935% due 08/25/2037 •  | 176 | 171 |
|  6.135% due 09/25/2047 •  | 181 | 163 |
|  Luminent Mortgage Trust | Luminent Mortgage Trust | Luminent Mortgage Trust |
|  5.155% due 04/25/2036 ~ | 105 | 91 |
|  MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust |
|  3.269% due 07/25/2035 ~ | 33 | 29 |
|  5.165% due 10/25/2033 ~ | 142 | 123 |
|  Mellon Residential Funding Corp. Mortgage Pass-Through Trust | Mellon Residential Funding Corp. Mortgage Pass-Through Trust | Mellon Residential Funding Corp. Mortgage Pass-Through Trust |
|  4.874% due 12/15/2030 ~ | 2 | 2 |
|  Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust |
|  4.835% due 03/25/2037 •  | 1702 | 403 |
|  5.035% due 03/25/2037 •  | 347 | 82 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  5.312% due 09/25/2035 •  | 90 | 72 |
|  6.058% due 05/25/2033 ~ | 11 | 10 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  6.283% due 06/25/2036 •  | 5 | 5 |
|  Morgan Stanley Re-REMIC Trust | Morgan Stanley Re-REMIC Trust | Morgan Stanley Re-REMIC Trust |
|  3.199% due 02/26/2037 ~ | 84 | 77 |
|  5.250% due 05/26/2037 ~ | 86 | 39 |
|  Mortgage Equity Conversion Asset Trust | Mortgage Equity Conversion Asset Trust | Mortgage Equity Conversion Asset Trust |
|  4.540% due 05/25/2042 ~ | 161 | 159 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  3.500% due 10/25/2059 ~ | 163 | 154 |
|  Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust |
|  5.476% due 05/25/2035 þ | 10 | 5 |
|  PHH Alternative Mortgage Trust | PHH Alternative Mortgage Trust | PHH Alternative Mortgage Trust |
|  4.755% due 02/25/2037 •  | 529 | 391 |
|  PRPM LLC | PRPM LLC | PRPM LLC |
|  5.228% due 08/25/2069 þ | 658 | 654 |
|  Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust |
|  4.735% due 02/25/2037 •  | 217 | 191 |
|  4.795% due 07/25/2036 •  | 882 | 294 |
|  4.805% due 08/25/2036 •  | 394 | 359 |
|  6.000% due 08/25/2036 | 46 | 38 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  4.088% due 11/25/2035 ~ | 135 | 127 |
|  4.735% due 08/25/2036 •  | 131 | 103 |
|  6.035% due 01/25/2035 ~ | 4 | 3 |
|  6.527% due 02/25/2034 •  | 1 | 1 |
|  Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust |
|  4.895% due 02/25/2036 •  | 152 | 140 |
|  4.995% due 02/25/2036 ~ | 2 | 1 |
|  5.131% due 02/19/2035 •  | 7 | 7 |
|  Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust |
|  5.989% due 06/25/2047 ~ | 30 | 29 |
|  5.989% due 06/25/2047 •  | 123 | 109 |
|  Towd Point Mortgage Funding | Towd Point Mortgage Funding | Towd Point Mortgage Funding |
|  5.483% due 07/20/2053 •  | 412 | 534 |

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| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  4.416% due 10/27/2064 •  | $| 937 | 937 |
|  Trinity Square PLC | Trinity Square PLC | Trinity Square PLC | Trinity Square PLC |
|  5.470% due 07/15/2059 ~ | GBP | 426 | 551 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  4.091% due 02/25/2037 •  | $| 61 | 52 |
|  4.092% due 12/25/2046 •  |  | 52 | 46 |
|  4.640% due 06/25/2037 ~ |  | 27 | 24 |
|  4.995% due 11/25/2045 •  |  | 15 | 14 |
|  5.445% due 07/25/2047 •  |  | 117 | 98 |
|  5.515% due 10/25/2046 •  |  | 1363 | 1169 |
|  6.135% due 10/25/2046 •  |  | 16 | 15 |
|  Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust |
|  5.385% due 02/25/2047 •  |  | 558 | 513 |
|  Wells Fargo Alternative Loan Trust | Wells Fargo Alternative Loan Trust | Wells Fargo Alternative Loan Trust | Wells Fargo Alternative Loan Trust |
|  6.250% due 07/25/2037 |  | 325 | 281 |
|  7.125% due 07/25/2037 ~ |  | 11 | 10 |
|  Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust |
|  6.931% due 12/25/2036 •  |  | 62 | 60 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $20,448) | Total Non-Agency Mortgage-Backed Securities (Cost $20,448) | Total Non-Agency Mortgage-Backed Securities (Cost $20,448) | 19292 |
| ASSET-BACKED SECURITIES 31.1% | ASSET-BACKED SECURITIES 31.1% | ASSET-BACKED SECURITIES 31.1% | ASSET-BACKED SECURITIES 31.1% |
| AUTOMOBILE ABS OTHER 1.5% | AUTOMOBILE ABS OTHER 1.5% | AUTOMOBILE ABS OTHER 1.5% | AUTOMOBILE ABS OTHER 1.5% |
|  Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust |
|  4.480% due 04/16/2029 |  | 800 | 798 |
|  4.640% due 01/15/2030 |  | 600 | 600 |
|  GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust |
|  5.210% due 02/18/2031 |  | 500 | 503 |
|  Nissan Auto Lease Trust | Nissan Auto Lease Trust | Nissan Auto Lease Trust | Nissan Auto Lease Trust |
|  4.759% due 06/15/2027 •  |  | 786 | 786 |
|  Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust |
|  5.019% due 10/15/2026 •  |  | 32 | 32 |
|  |  |  | 2719 |
| AUTOMOBILE SEQUENTIAL 7.6% | AUTOMOBILE SEQUENTIAL 7.6% | AUTOMOBILE SEQUENTIAL 7.6% | AUTOMOBILE SEQUENTIAL 7.6% |
|  AmeriCredit Automobile Receivables Trust | AmeriCredit Automobile Receivables Trust | AmeriCredit Automobile Receivables Trust | AmeriCredit Automobile Receivables Trust |
|  6.190% due 04/19/2027 |  | 174 | 174 |
|  Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC |
|  5.900% due 08/21/2028 |  | 300 | 308 |
|  CarMax Auto Owner Trust | CarMax Auto Owner Trust | CarMax Auto Owner Trust | CarMax Auto Owner Trust |
|  4.890% due 07/16/2029 |  | 600 | 606 |
|  5.210% due 09/15/2027 |  | 597 | 598 |
|  5.300% due 03/15/2027 |  | 257 | 257 |
|  Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
|  5.620% due 01/10/2029 |  | 300 | 304 |
|  6.410% due 09/10/2027 |  | 60 | 60 |
|  Citizens Auto Receivables Trust | Citizens Auto Receivables Trust | Citizens Auto Receivables Trust | Citizens Auto Receivables Trust |
|  5.110% due 04/17/2028 |  | 100 | 101 |
|  5.430% due 10/15/2026 |  | 36 | 37 |
|  6.090% due 10/15/2026 |  | 28 | 28 |
|  Drive Auto Receivables Trust | Drive Auto Receivables Trust | Drive Auto Receivables Trust | Drive Auto Receivables Trust |
|  5.830% due 12/15/2026 |  | 23 | 23 |
|  DT Auto Owner Trust | DT Auto Owner Trust | DT Auto Owner Trust | DT Auto Owner Trust |
|  6.290% due 08/16/2027 |  | 91 | 91 |
|  Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC |
|  3.030% due 01/20/2028 |  | 22 | 22 |
|  Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust |
|  5.600% due 05/17/2027 |  | 261 | 261 |
|  Fifth Third Auto Trust | Fifth Third Auto Trust | Fifth Third Auto Trust | Fifth Third Auto Trust |
|  5.800% due 11/16/2026 |  | 41 | 41 |
|  Flagship Credit Auto Trust | Flagship Credit Auto Trust | Flagship Credit Auto Trust | Flagship Credit Auto Trust |
|  5.640% due 03/15/2028 |  | 1077 | 1080 |
|  GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust |
|  5.570% due 02/16/2027 |  | 95 | 95 |
|  GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust |
|  5.580% due 06/17/2030 |  | 1184 | 1199 |
|  GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust |
|  4.400% due 08/16/2029 |  | 1000 | 1002 |
|  5.120% due 02/16/2027 |  | 154 | 154 |

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| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Hertz Vehicle Financing LLC | Hertz Vehicle Financing LLC | Hertz Vehicle Financing LLC |
|  5.440% due 01/25/2029 | 800 | 812 |
|  5.490% due 06/25/2027 | 300 | 302 |
|  Honda Auto Receivables Owner Trust | Honda Auto Receivables Owner Trust | Honda Auto Receivables Owner Trust |
|  5.710% due 03/18/2026 | 28 | 28 |
|  Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust |
|  4.990% due 02/15/2029 | 500 | 505 |
|  5.290% due 04/15/2027 | 289 | 290 |
|  Nissan Auto Lease Trust | Nissan Auto Lease Trust | Nissan Auto Lease Trust |
|  4.920% due 11/15/2027 | 900 | 908 |
|  5.050% due 06/15/2027 | 786 | 789 |
|  Octane Receivables Trust | Octane Receivables Trust | Octane Receivables Trust |
|  5.870% due 05/21/2029 | 165 | 166 |
|  OneMain Direct Auto Receivables Trust | OneMain Direct Auto Receivables Trust | OneMain Direct Auto Receivables Trust |
|  5.410% due 11/14/2029 | 600 | 607 |
|  Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust |
|  5.320% due 09/25/2030 | 168 | 168 |
|  5.380% due 11/25/2030 | 111 | 111 |
|  7.130% due 01/26/2032 | 281 | 283 |
|  Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust |
|  5.930% due 07/17/2028 | 500 | 504 |
|  SBNA Auto Lease Trust | SBNA Auto Lease Trust | SBNA Auto Lease Trust |
|  5.390% due 11/20/2026 | 600 | 602 |
|  Toyota Auto Receivables Owner Trust | Toyota Auto Receivables Owner Trust | Toyota Auto Receivables Owner Trust |
|  4.880% due 03/15/2029 | 1000 | 1009 |
|  Tricolor Auto Securitization Trust | Tricolor Auto Securitization Trust | Tricolor Auto Securitization Trust |
|  6.610% due 10/15/2027 | 153 | 154 |
|  Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust |
|  5.960% due 10/15/2026 | 32 | 32 |
|  6.230% due 01/15/2027 | 259 | 260 |
|  World Omni Auto Receivables Trust | World Omni Auto Receivables Trust | World Omni Auto Receivables Trust |
|  5.570% due 12/15/2026 | 113 | 113 |
|  |  | 14084 |
| CMBS OTHER 0.6% | CMBS OTHER 0.6% | CMBS OTHER 0.6% |
|  Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. |
|  5.799% due 01/15/2037 •  | 387 | 387 |
|  AREIT Trust | AREIT Trust | AREIT Trust |
|  5.597% due 01/20/2037 •  | 426 | 424 |
|  M360 Ltd. | M360 Ltd. | M360 Ltd. |
|  5.934% due 11/22/2038 ~ | 236 | 233 |
|  |  | 1044 |
| CREDIT CARD BULLET 2.4% | CREDIT CARD BULLET 2.4% | CREDIT CARD BULLET 2.4% |
|  American Express Credit Account Master Trust | American Express Credit Account Master Trust | American Express Credit Account Master Trust |
|  4.650% due 07/15/2029 | 900 | 908 |
|  4.870% due 05/15/2028 | 400 | 402 |
|  Bank of America Credit Card Trust | Bank of America Credit Card Trust | Bank of America Credit Card Trust |
|  4.790% due 05/15/2028 | 400 | 402 |
|  4.980% due 11/15/2028 | 700 | 708 |
|  Chase Issuance Trust | Chase Issuance Trust | Chase Issuance Trust |
|  4.630% due 01/15/2031 | 700 | 708 |
|  Master Credit Card Trust | Master Credit Card Trust | Master Credit Card Trust |
|  5.197% due 01/21/2027 ~ | 500 | 501 |
|  Synchrony Card Funding LLC | Synchrony Card Funding LLC | Synchrony Card Funding LLC |
|  4.930% due 07/15/2030 | 800 | 811 |
|  |  | 4440 |
| CREDIT CARD OTHER 0.3% | CREDIT CARD OTHER 0.3% | CREDIT CARD OTHER 0.3% |
|  Trillium Credit Card Trust | Trillium Credit Card Trust | Trillium Credit Card Trust |
|  5.147% due 08/26/2028 ~ | 600 | 601 |
| HOME EQUITY OTHER 6.5% | HOME EQUITY OTHER 6.5% | HOME EQUITY OTHER 6.5% |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  4.555% due 10/25/2036 ~ | 2 | 1 |
|  Argent Securities Trust | Argent Securities Trust | Argent Securities Trust |
|  4.545% due 09/25/2036 •  | 299 | 96 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  4.635% due 05/25/2037 •  | 842 | 549 |
|  4.735% due 12/25/2036 ~ | 1298 | 472 |
|  4.795% due 01/25/2037 ~ | 1424 | 1035 |

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| | | |
|:---|:---|:---|
| **96** | **PIMCO EQUITY-RELATED 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)** |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.835% due 02/25/2037 •  | $| 178 | 166 |
|  4.975% due 03/25/2036 •  |  | 278 | 246 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  5.095% due 01/25/2036 ~ |  | 166 | 160 |
|  GSAA Home Equity Trust | GSAA Home Equity Trust | GSAA Home Equity Trust | GSAA Home Equity Trust |
|  4.675% due 06/25/2036 •  |  | 253 | 48 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  4.535% due 12/25/2046 •  |  | 574 | 272 |
|  4.605% due 12/25/2036 •  |  | 1191 | 588 |
|  HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust |
|  4.655% due 12/25/2036 •  |  | 3499 | 887 |
|  4.795% due 04/25/2037 •  |  | 597 | 389 |
|  IndyMac Residential Asset Backed Trust | IndyMac Residential Asset Backed Trust | IndyMac Residential Asset Backed Trust | IndyMac Residential Asset Backed Trust |
|  4.645% due 04/25/2037 ~ |  | 102 | 72 |
|  JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. |
|  4.735% due 07/25/2036 ~ |  | 243 | 104 |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  4.735% due 05/25/2036 ~ |  | 209 | 111 |
|  4.975% due 05/25/2046 •  |  | 1427 | 431 |
|  5.410% due 04/25/2035 ~ |  | 138 | 138 |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  4.755% due 10/25/2036 •  |  | 1105 | 539 |
|  4.915% due 03/25/2036 ~ |  | 159 | 95 |
|  Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust |
|  4.565% due 01/25/2037 ~ |  | 914 | 416 |
|  4.565% due 02/25/2037 •  |  | 1166 | 519 |
|  4.570% due 11/25/2036 •  |  | 1583 | 995 |
|  4.645% due 01/25/2037 •  |  | 834 | 380 |
|  4.715% due 08/25/2036 •  |  | 1547 | 772 |
|  Morgan Stanley Dean Witter Capital, Inc. Trust | Morgan Stanley Dean Witter Capital, Inc. Trust | Morgan Stanley Dean Witter Capital, Inc. Trust | Morgan Stanley Dean Witter Capital, Inc. Trust |
|  5.415% due 02/25/2033 •  |  | 54 | 54 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  4.775% due 11/25/2036 •  |  | 124 | 36 |
|  Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust |
|  5.095% due 10/25/2036 ~ |  | 617 | 137 |
|  NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust |
|  4.755% due 10/25/2036 •  |  | 842 | 374 |
|  Ownit Mortgage Loan Trust | Ownit Mortgage Loan Trust | Ownit Mortgage Loan Trust | Ownit Mortgage Loan Trust |
|  5.335% due 10/25/2036 •  |  | 101 | 97 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  5.586% due 11/25/2036 þ |  | 1602 | 529 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.915% due 07/25/2036 •  |  | 443 | 173 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  4.515% due 06/25/2037 ~ |  | 208 | 136 |
|  4.955% due 02/25/2037 •  |  | 533 | 143 |
|  5.335% due 10/25/2037 ~ |  | 1165 | 884 |
|  |  |  | 12044 |
| HOME EQUITY SEQUENTIAL 0.0% | HOME EQUITY SEQUENTIAL 0.0% | HOME EQUITY SEQUENTIAL 0.0% | HOME EQUITY SEQUENTIAL 0.0% |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  5.155% due 04/25/2037 •  |  | 137 | 37 |
|  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 |
|  4.775% due 12/25/2036 •  |  | 12 | 12 |
|  |  |  | 49 |
| WHOLE LOAN COLLATERAL 0.4% | WHOLE LOAN COLLATERAL 0.4% | WHOLE LOAN COLLATERAL 0.4% | WHOLE LOAN COLLATERAL 0.4% |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.595% due 08/25/2036 •  |  | 930 | 303 |
|  5.395% due 01/25/2036 •  |  | 446 | 420 |
|  |  |  | 723 |
| OTHER ABS 11.8% | OTHER ABS 11.8% | OTHER ABS 11.8% | OTHER ABS 11.8% |
|  37 Capital CLO Ltd. | 37 Capital CLO Ltd. | 37 Capital CLO Ltd. | 37 Capital CLO Ltd. |
|  5.582% due 10/15/2034 ~ |  | 500 | 500 |
|  5.592% due 07/15/2034 ~ |  | 1000 | 1000 |
|  Albacore Euro CLO Ltd. | Albacore Euro CLO Ltd. | Albacore Euro CLO Ltd. | Albacore Euro CLO Ltd. |
|  3.775% due 07/15/2035 •  | EUR | 1000 | 1081 |
|  3.824% due 10/18/2034 •  |  | 500 | 540 |

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| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Arbour CLO DAC | Arbour CLO DAC | Arbour CLO DAC | Arbour CLO DAC |
|  3.706% due 11/15/2037 •  | EUR | 700 | 758 |
|  Ares CLO Ltd. | Ares CLO Ltd. | Ares CLO Ltd. | Ares CLO Ltd. |
|  5.623% due 04/17/2033 •  | $| 1000 | 1002 |
|  Ares European CLO DAC | Ares European CLO DAC | Ares European CLO DAC | Ares European CLO DAC |
|  3.774% due 10/21/2034 •  | EUR | 547 | 592 |
|  4.544% due 10/21/2034 •  |  | 500 | 541 |
|  Atlas Senior Loan Fund Ltd. | Atlas Senior Loan Fund Ltd. | Atlas Senior Loan Fund Ltd. | Atlas Senior Loan Fund Ltd. |
|  5.510% due 10/23/2032 ~ | $| 463 | 463 |
|  BHG Securitization Trust | BHG Securitization Trust | BHG Securitization Trust | BHG Securitization Trust |
|  5.930% due 10/17/2035 |  | 1007 | 1009 |
|  Birch Grove CLO Ltd. | Birch Grove CLO Ltd. | Birch Grove CLO Ltd. | Birch Grove CLO Ltd. |
|  5.893% due 07/17/2037 ~ |  | 1000 | 1001 |
|  Crown Point CLO Ltd. | Crown Point CLO Ltd. | Crown Point CLO Ltd. | Crown Point CLO Ltd. |
|  5.523% due 10/20/2031 ~ |  | 563 | 563 |
|  CVC Cordatus Loan Fund DAC | CVC Cordatus Loan Fund DAC | CVC Cordatus Loan Fund DAC | CVC Cordatus Loan Fund DAC |
|  3.871% due 10/23/2034 •  | EUR | 464 | 502 |
|  Diameter Capital CLO Ltd. | Diameter Capital CLO Ltd. | Diameter Capital CLO Ltd. | Diameter Capital CLO Ltd. |
|  5.912% due 04/15/2037 •  | $| 1000 | 1001 |
|  DLLAA LLC | DLLAA LLC | DLLAA LLC | DLLAA LLC |
|  5.930% due 07/20/2026 |  | 126 | 127 |
|  Henley CLO DAC | Henley CLO DAC | Henley CLO DAC | Henley CLO DAC |
|  3.663% due 04/25/2034 •  | EUR | 500 | 541 |
|  ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. |
|  5.443% due 10/20/2034 •  | $| 1100 | 1098 |
|  Jamestown CLO Ltd. | Jamestown CLO Ltd. | Jamestown CLO Ltd. | Jamestown CLO Ltd. |
|  5.570% due 07/25/2035 •  |  | 500 | 500 |
|  LCM Ltd. | LCM Ltd. | LCM Ltd. | LCM Ltd. |
|  5.573% due 07/20/2034 •  |  | 1000 | 999 |
|  Madison Park Funding Ltd. | Madison Park Funding Ltd. | Madison Park Funding Ltd. | Madison Park Funding Ltd. |
|  5.540% due 10/22/2034 ~ |  | 500 | 500 |
|  Marlette Funding Trust | Marlette Funding Trust | Marlette Funding Trust | Marlette Funding Trust |
|  5.950% due 11/15/2032 |  | 44 | 44 |
|  Massachusetts Educational Financing Authority | Massachusetts Educational Financing Authority | Massachusetts Educational Financing Authority | Massachusetts Educational Financing Authority |
|  5.768% due 04/25/2038 ~ |  | 21 | 21 |
|  Northwoods Capital Ltd. | Northwoods Capital Ltd. | Northwoods Capital Ltd. | Northwoods Capital Ltd. |
|  5.489% due 06/15/2031 ~ |  | 387 | 388 |
|  5.565% due 11/13/2031 ~ |  | 714 | 713 |
|  Octagon Investment Partners Ltd. | Octagon Investment Partners Ltd. | Octagon Investment Partners Ltd. | Octagon Investment Partners Ltd. |
|  5.443% due 10/20/2030 •  |  | 474 | 474 |
|  OZLM Ltd. | OZLM Ltd. | OZLM Ltd. | OZLM Ltd. |
|  5.493% due 10/20/2031 ~ |  | 662 | 662 |
|  Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust |
|  5.331% due 01/15/2032 |  | 836 | 840 |
|  Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC |
|  3.806% due 08/15/2033 •  | EUR | 417 | 450 |
|  Pikes Peak CLO | Pikes Peak CLO | Pikes Peak CLO | Pikes Peak CLO |
|  5.512% due 07/15/2034 ~ | $| 500 | 499 |
|  5.513% due 10/11/2034 •  |  | 500 | 499 |
|  Sandstone Peak Ltd. | Sandstone Peak Ltd. | Sandstone Peak Ltd. | Sandstone Peak Ltd. |
|  5.582% due 10/15/2034 •  |  | 500 | 500 |
|  SLM Student Loan Trust | SLM Student Loan Trust | SLM Student Loan Trust | SLM Student Loan Trust |
|  3.073% due 10/25/2039 •  | EUR | 465 | 473 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  5.447% due 07/15/2053 •  | $| 458 | 459 |
|  TCW CLO Ltd. | TCW CLO Ltd. | TCW CLO Ltd. | TCW CLO Ltd. |
|  5.622% due 08/16/2034 •  |  | 500 | 499 |
|  Theorem Funding Trust | Theorem Funding Trust | Theorem Funding Trust | Theorem Funding Trust |
|  6.060% due 12/15/2028 |  | 54 | 54 |
|  Tralee CLO Ltd. | Tralee CLO Ltd. | Tralee CLO Ltd. | Tralee CLO Ltd. |
|  5.520% due 10/25/2032 •  |  | 879 | 878 |
|  Upstart Securitization Trust | Upstart Securitization Trust | Upstart Securitization Trust | Upstart Securitization Trust |
|  5.500% due 06/20/2032 |  | 107 | 107 |
|  Upstart Structured Pass-Through Trust | Upstart Structured Pass-Through Trust | Upstart Structured Pass-Through Trust | Upstart Structured Pass-Through Trust |
|  4.250% due 06/17/2030 |  | 36 | 36 |
|  |  |  | 21914 |
|  Total Asset-Backed Securities (Cost $60,963) | Total Asset-Backed Securities (Cost $60,963) | Total Asset-Backed Securities (Cost $60,963) | 57618 |
| SOVEREIGN ISSUES 8.0% | SOVEREIGN ISSUES 8.0% | SOVEREIGN ISSUES 8.0% | SOVEREIGN ISSUES 8.0% |
|  Bonos de la Tesoreria de la Republica en pesos | Bonos de la Tesoreria de la Republica en pesos | Bonos de la Tesoreria de la Republica en pesos | Bonos de la Tesoreria de la Republica en pesos |
|  4.700% due 09/01/2030 | CLP | 500000 | 501 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 07/01/2025 (d) | BRL | 9900 | 1680 |
|  0.000% due 10/01/2025 (d) |  | 3300 | 540 |
|  Colombian TES | Colombian TES | Colombian TES | Colombian TES |
|  6.000% due 04/28/2028 | COP | 2540100 | 540 |
|  Czech Republic Government International Bond | Czech Republic Government International Bond | Czech Republic Government International Bond | Czech Republic Government International Bond |
|  4.200% due 12/04/2036 | CZK | 3200 | 137 |
|  Egypt Government International Bond | Egypt Government International Bond | Egypt Government International Bond | Egypt Government International Bond |
|  21.954% due 03/04/2028 | EGP | 14500 | 293 |
|  Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond |
|  2.750% due 11/27/2031 (e) | MXN | 4464 | 190 |
|  3.000% due 12/03/2026 (e) |  | 5895 | 277 |
|  4.000% due 11/30/2028 (e) |  | 505 | 24 |
|  4.000% due 08/24/2034 (e) |  | 19286 | 878 |
|  8.500% due 03/01/2029 |  | 9500 | 459 |
|  Peru Government International Bond | Peru Government International Bond | Peru Government International Bond | Peru Government International Bond |
|  5.400% due 08/12/2034 | PEN | 3700 | 919 |
|  6.150% due 08/12/2032 |  | 10600 | 2899 |
|  6.900% due 08/12/2037 |  | 1000 | 269 |
|  6.950% due 08/12/2031 |  | 900 | 262 |
|  7.300% due 08/12/2033 |  | 1300 | 374 |
|  7.600% due 08/12/2039 |  | 200 | 56 |
|  Province of Quebec | Province of Quebec | Province of Quebec | Province of Quebec |
|  4.450% due 09/01/2034 | CAD | 2900 | 2152 |
|  Republic of Poland Government International Bond | Republic of Poland Government International Bond | Republic of Poland Government International Bond | Republic of Poland Government International Bond |
|  4.750% due 07/25/2029 | PLN | 2200 | 557 |
|  Republic of South Africa Government International Bond | Republic of South Africa Government International Bond | Republic of South Africa Government International Bond | Republic of South Africa Government International Bond |
|  7.000% due 02/28/2031 | ZAR | 4700 | 228 |
|  8.000% due 01/31/2030 |  | 5200 | 272 |
|  8.250% due 03/31/2032 |  | 2600 | 130 |
|  8.500% due 01/31/2037 |  | 3200 | 145 |
|  9.000% due 01/31/2040 |  | 13700 | 618 |
|  Turkey Government International Bond | Turkey Government International Bond | Turkey Government International Bond | Turkey Government International Bond |
|  44.165% due 09/06/2028 ~ | TRY | 7900 | 196 |
|  45.031% due 05/20/2026 ~ |  | 100 | 3 |
|  45.031% due 05/17/2028 ~ |  | 8100 | 202 |
|  Total Sovereign Issues (Cost $14,669) | Total Sovereign Issues (Cost $14,669) | Total Sovereign Issues (Cost $14,669) | 14801 |
|  |  | **SHARES** |  |
| COMMON STOCKS 1.1% | COMMON STOCKS 1.1% | COMMON STOCKS 1.1% | COMMON STOCKS 1.1% |
| COMMUNICATION SERVICES 0.0% | COMMUNICATION SERVICES 0.0% | COMMUNICATION SERVICES 0.0% | COMMUNICATION SERVICES 0.0% |
|  Verizon Communications, Inc. | Verizon Communications, Inc. | 309 | 14 |
|  Walt Disney Co. |  | 309 | 30 |
|  |  |  | 44 |
| CONSUMER DISCRETIONARY 0.1% | CONSUMER DISCRETIONARY 0.1% | CONSUMER DISCRETIONARY 0.1% | CONSUMER DISCRETIONARY 0.1% |
|  Amazon.com, Inc. (b) |  | 309 | 59 |
|  Home Depot, Inc. |  | 309 | 113 |
|  McDonald's Corp. |  | 309 | 96 |
|  NIKE, Inc. 'B' |  | 309 | 20 |
|  |  |  | 288 |
| CONSUMER STAPLES 0.1% | CONSUMER STAPLES 0.1% | CONSUMER STAPLES 0.1% | CONSUMER STAPLES 0.1% |
|  Coca-Cola Co. |  | 309 | 22 |
|  Procter & Gamble Co. |  | 309 | 53 |
|  Walmart, Inc. |  | 309 | 27 |
|  |  |  | 102 |
| ENERGY 0.0% | ENERGY 0.0% | ENERGY 0.0% | ENERGY 0.0% |
|  Chevron Corp. |  | 309 | 52 |
| FINANCIALS 0.3% | FINANCIALS 0.3% | FINANCIALS 0.3% | FINANCIALS 0.3% |
|  American Express Co. |  | 309 | 83 |
|  Goldman Sachs Group, Inc. |  | 309 | 169 |
|  JPMorgan Chase & Co. |  | 309 | 76 |
|  Travelers Cos., Inc. |  | 309 | 82 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **97** |

---

------

Schedule of Investments PIMCO RAE PLUS Small Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  Visa, Inc. 'A' | 309 | 108 |
|  |  | 518 |
| HEALTH CARE 0.2% | HEALTH CARE 0.2% | HEALTH CARE 0.2% |
|  Amgen, Inc. | 309 | 96 |
|  Johnson & Johnson | 309 | 51 |
|  Merck & Co., Inc. | 309 | 28 |
|  UnitedHealth Group, Inc. | 309 | 162 |
|  |  | 337 |
| INDUSTRIALS 0.1% | INDUSTRIALS 0.1% | INDUSTRIALS 0.1% |
|  3M Co. | 309 | 45 |
|  Boeing Co. (b) | 309 | 53 |
|  Caterpillar, Inc. | 309 | 102 |
|  Honeywell International, Inc. | 309 | 65 |
|  |  | 265 |
| INFORMATION TECHNOLOGY 0.2% | INFORMATION TECHNOLOGY 0.2% | INFORMATION TECHNOLOGY 0.2% |
|  Apple, Inc. | 309 | 69 |
|  Cisco Systems, Inc. | 309 | 19 |
|  International Business Machines Corp. | 309 | 77 |
|  Microsoft Corp. | 309 | 116 |
|  NVIDIA Corp. | 309 | 33 |
|  Salesforce, Inc. | 309 | 83 |
|  |  | 397 |
| MATERIALS 0.1% | MATERIALS 0.1% | MATERIALS 0.1% |
|  Sherwin-Williams Co. | 309 | 108 |
|  Total Common Stocks (Cost $1,877) | Total Common Stocks (Cost $1,877) | 2111 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SHORT-TERM INSTRUMENTS 20.6% | SHORT-TERM INSTRUMENTS 20.6% | SHORT-TERM INSTRUMENTS 20.6% |
| COMMERCIAL PAPER 5.1% | COMMERCIAL PAPER 5.1% | COMMERCIAL PAPER 5.1% |
|  Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. |
|  4.640% due 04/09/2025 | 940 | 939 |
|  Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
|  4.610% due 05/13/2025 | 950 | 945 |
|  Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. |
|  4.950% due 04/25/2025 | 940 | 937 |
|  CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. |
|  4.720% due 04/17/2025 | 940 | 938 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  4.910% due 04/29/2025 | 950 | 946 |
|  International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. |
|  4.950% due 04/11/2025 | 940 | 939 |
|  Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. |
|  4.600% due 04/14/2025 | 940 | 938 |
|  Marsh & McLennan Cos, Inc. | Marsh & McLennan Cos, Inc. | Marsh & McLennan Cos, Inc. |
|  4.630% due 04/21/2025 | 940 | 938 |
|  NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
|  4.630% due 04/21/2025 | 940 | 937 |
|  Targa Resources Corp. | Targa Resources Corp. | Targa Resources Corp. |
|  4.700% due 04/21/2025 | 940 | 937 |
|  |  | 9394 |
| REPURCHASE AGREEMENTS (f) 9.2% | REPURCHASE AGREEMENTS (f) 9.2% | REPURCHASE AGREEMENTS (f) 9.2% |
|  |  | 17000 |
| U.S. TREASURY BILLS 6.3% | U.S. TREASURY BILLS 6.3% | U.S. TREASURY BILLS 6.3% |
|  4.296% due 05/22/2025 - 06/05/2025 (c)(d)(i) | 11802 | 11723 |
| Total Short-Term Instruments<br>(Cost $38,118) | Total Short-Term Instruments<br>(Cost $38,118) | 38117 |
| Total Investments in Securities (Cost $255,166) | Total Investments in Securities (Cost $255,166) | 251325 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| INVESTMENTS IN AFFILIATES 9.0% | INVESTMENTS IN AFFILIATES 9.0% | INVESTMENTS IN AFFILIATES 9.0% | INVESTMENTS IN AFFILIATES 9.0% |
| SHORT-TERM INSTRUMENTS 9.0% | SHORT-TERM INSTRUMENTS 9.0% | SHORT-TERM INSTRUMENTS 9.0% | SHORT-TERM INSTRUMENTS 9.0% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 9.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 9.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 9.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 9.0% |
|  PIMCO Short Asset Portfolio | 1709942 | $— | 16740 |
|  PIMCO Short-Term Floating NAV Portfolio III | 2135 |  | 21 |
| Total Short-Term Instruments<br>(Cost $16,622) | Total Short-Term Instruments<br>(Cost $16,622) |  | 16761 |
| Total Investments in Affiliates<br>(Cost $16,622) | Total Investments in Affiliates<br>(Cost $16,622) |  | 16761 |
| Total Investments 144.6%<br>(Cost $271,788) | Total Investments 144.6%<br>(Cost $271,788) | $— | 268086 |
|  Financial Derivative<br>Instruments (g)(h) (2.8)%<br> (Cost or Premiums, net $3,553) | Financial Derivative<br>Instruments (g)(h) (2.8)%<br> (Cost or Premiums, net $3,553) |  | (5180) |
| Other Assets and Liabilities, net (41.8)% | Other Assets and Liabilities, net (41.8)% |  | (77551) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 185355 |

---

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

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

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

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

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

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

(d) Zero coupon security.

(e) Principal amount of security is adjusted for inflation.

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Lending<br>Rate | Settlement<br>Date | Maturity<br>Date | Principal<br>Amount | Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| BOS | 4.410% | 03/31/2025 | 04/01/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13200 | U.S. Treasury Notes 2.750% due 04/30/2027 | $(13456) | $13200 | $13202 |
| JPS | 4.500 | 03/31/2025 | 04/01/2025 | 3800 | U.S. Treasury Notes 0.750% due 03/31/2026 | (3878) | 3800 | 3800 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17334) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17002 |

---

98 PIMCO EQUITY-RELATED STRATEGY FUNDS See Accompanying Notes

------

March 31, 2025

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (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)% | U.S. Government Agencies (3.6)% |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.500% | 05/01/2055 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7400 | $(6642) | $(6670) |
|  Total Short Sales (3.6)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6642) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6670) |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(2)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BOS | $13202 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13202 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13456) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(254) |
|  JPS | 3800 | 0 | 0 | 3800 | (3878) | (78) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17002 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |  |  |  |

---

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

The average amount of borrowings outstanding during the period ended March 31, 2025 was $(88) at a weighted average interest rate of 4.665%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

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

#### WRITTEN OPTIONS:

#### OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Premiums<br>(Received) | Market<br>Value |
|  Put - CBOE U.S. Treasury 10-Year Note May Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109.000 | 04/25/2025 | 3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | $0 |
|  Put - CBOE U.S. Treasury 10-Year Note May Futures | 109.500 | 04/25/2025 | 1 | 1 | 0 | 0 |
|  Put - CBOE U.S. Treasury 10-Year Note May Futures | 110.000 | 04/25/2025 | 4 | 4 | (1) | (1) |
|  Call - CBOE U.S. Treasury 10-Year Note May Futures | 112.000 | 04/25/2025 | 3 | 3 | (1) | (2) |
|  Call - CBOE U.S. Treasury 10-Year Note May Futures | 112.250 | 04/25/2025 | 1 | 1 | 0 | 0 |
|  Call - CBOE U.S. Treasury 10-Year Note May Futures | 112.500 | 04/25/2025 | 4 | 4 | (2) | (2) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $(5) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) |

---

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  E-Mini Russell 2000 Index June Futures  | 06/2025 | 45 | $4561 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(106) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(23) |
|  Euro-Bund June Futures  | 06/2025 | 1 | 139 | (3) | 1 | 0 |
|  U.S. Treasury 5-Year Note June Futures  | 06/2025 | 265 | 28661 | 221 | 0 | (8) |
|  U.S. Treasury 10-Year Ultra Long-Term Bond June Futures  | 06/2025 | 74 | 8445 | 171 | 6 | 0 |
|  |  |  |  | $283 | $7 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31) |
| SHORT FUTURES CONTRACTS |  |  |  |  |  |  |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  E-Mini S&P 500 Index June Futures  | 06/2025 | 6 | $(1696) | $18 | $0 | $(9) |
|  Euro-BOBL June Futures  | 06/2025 | 8 | (1019) | 9 | 1 | (2) |
|  U.S. Treasury 2-Year Note June Futures  | 06/2025 | 32 | (6630) | (41) | 0 | 0 |
|  U.S. Treasury 10-Year Note June Futures  | 06/2025 | 31 | (3448) | (21) | 0 | (1) |
|  U.S. Treasury Long-Term Bond June Futures  | 06/2025 | 2 | (235) | (6) | 0 | 0 |
|  U.S. Treasury Ultra Long-Term Bond June Futures  | 06/2025 | 25 | (3056) | (18) | 0 | (11) |
|  |  |  |  | $(59) | $1 | $(23) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $224 | $8 | $(54) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 99

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Schedule of Investments PIMCO RAE PLUS Small Fund (Cont.)

#### SWAP AGREEMENTS:

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

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(2)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Variation Margin | Variation Margin |
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(2)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Asset | Liability |
|  Bank of America Corp. | 1.000% | Quarterly | 12/20/2026 | 0.401% | $100 | $1 | $0 | $1 | $0 | $0 |
|  Barclays Bank PLC | 1.000 | Quarterly | 12/20/2025 | 0.328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | 1 | 0 | 1 | 0 | 0 |
|  General Motors Co. | 5.000 | Quarterly | 06/20/2028 | 0.838 | $200 | 29 | (3) | 26 | 0 | 0 |
|  Volkswagen International Finance NV | 1.000 | Quarterly | 06/20/2028 | 0.688 | 100 | (1) | 2 | 1 | 0 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Variation Margin | Variation Margin |
| Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Asset | Liability |
|  CDX.HY-44 5-Year Index | 5.000% | Quarterly | 06/20/2030 | $400 | $22 | $(1) | $21 | $0 | $0 |
|  CDX.IG-43 5-Year Index | 1.000 | Quarterly | 12/20/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4440 | 100 | (14) | 86 | 0 | 0 |
|  CDX.IG-44 5-Year Index | 1.000 | Quarterly | 06/20/2030 | 1800 | 33 | 0 | 33 | 0 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive <br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/Receive <br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 3.500% | Annual | 03/19/2030 | 10100 | $(276) | $(23) | $(299) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 | $0 |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 3.930 | Annual | 01/06/2035 | 100 | 0 | (3) | (3) | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/21/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21540 | 362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(138) | 224 | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 06/20/2026 | 9100 | (23) | 76 | 53 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/21/2028 | 1270 | 27 | 5 | 32 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2029 | 2900 | 26 | (11) | 15 | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2029 | 5210 | 21 | (34) | (13) | 0 | (5) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 03/04/2030 | 300 | (1) | (2) | (3) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/21/2030 | 2520 | 77 | 39 | 116 | 0 | (3) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2031 | 2200 | 6 | (10) | (4) | 0 | (4) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2032 | 14300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1813 | 333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2146 | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/21/2033 | 5100 | 333 | 6 | 339 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2034 | 1030 | 9 | 0 | 9 | 0 | (3) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.232 | Annual | 09/10/2034 | 50 | 0 | 2 | 2 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.278 | Annual | 09/16/2034 | 70 | 0 | 3 | 3 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.248 | Annual | 09/18/2034 | 100 | 0 | 5 | 5 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.860 | Annual | 11/14/2034 | 200 | (1) | 2 | 1 | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.866 | Annual | 11/14/2034 | 100 | 0 | 1 | 1 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.793 | Annual | 11/19/2034 | 200 | (1) | 1 | 0 | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.855 | Annual | 11/19/2034 | 100 | (1) | 2 | 1 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.865 | Annual | 11/20/2034 | 100 | (1) | 2 | 1 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 | 9050 | (57) | 85 | 28 | 0 | (28) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.015 | Annual | 12/30/2034 | 100 | 0 | 2 | 2 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.933 | Annual | 01/06/2035 | 100 | 0 | 1 | 1 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.840 | Annual | 01/08/2035 | 100 | 0 | 1 | 1 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.850 | Annual | 01/08/2035 | 100 | 0 | 1 | 1 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.890 | Annual | 01/08/2035 | 100 | 0 | 1 | 1 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.896 | Annual | 01/08/2035 | 200 | (1) | 3 | 2 | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.900 | Annual | 01/08/2035 | 100 | 0 | 1 | 1 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.880 | Annual | 01/13/2035 | 200 | (1) | 3 | 2 | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.970 | Annual | 01/15/2035 | 100 | 0 | 2 | 2 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.013 | Annual | 01/15/2035 | 100 | 0 | 2 | 2 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.071 | Annual | 01/15/2035 | 100 | 0 | 2 | 2 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 01/21/2035 | 100 | 0 | 3 | 3 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.090 | Annual | 01/22/2035 | 200 | (1) | 6 | 5 | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 02/26/2035 | 50 | 0 | (1) | (1) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.890 | Annual | 03/03/2035 | 100 | 0 | (1) | (1) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.908 | Annual | 03/04/2035 | 100 | 0 | (1) | (1) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.874 | Annual | 03/05/2035 | 200 | (1) | (1) | (2) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.899 | Annual | 03/11/2035 | 200 | (1) | (1) | (2) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 03/12/2035 | 100 | 0 | (1) | (1) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.975 | Annual | 03/21/2035 | 200 | (1) | (3) | (4) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 03/24/2035 | 200 | (1) | (2) | (3) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.884 | Annual | 03/25/2035 | 200 | (1) | (1) | (2) | 0 | (1) |

---

---

| | | |
|:---|:---|:---|
| **100** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.700% | Annual | 02/20/2049 | $1800 | $27 | $23 | $50 | $0 | $(12) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.750 | Annual | 06/21/2053 | 2080 | 110 | 308 | 418 | 0 | (13) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/20/2054 | 200 | (5) | 18 | 13 | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/18/2054 | 5400 | 84 | 245 | 329 | 0 | (13) |
| Receive | 3-Month COP-IBR Compounded-OIS | 7.498 | Quarterly | 04/28/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2247000 | 0 | 15 | 15 | 0 | (1) |
| Receive | 3-Month EUR-EURIBOR | 2.580 | Annual | 08/29/2034 | 100 | 0 | (1) | (1) | 0 | 0 |
| Receive | 3-Month EUR-EURIBOR | 2.390 | Annual | 10/01/2034 | 100 | 0 | 3 | 3 | 0 | 0 |
| Pay | 3-Month EUR-EURIBOR | 2.380 | Annual | 12/31/2034 | 100 | 0 | (3) | (3) | 1 | 0 |
| Receive | 3-Month PLN-WIBOR | 4.930 | Annual | 07/25/2029 | 2200 | 0 | (12) | (12) | 0 | (2) |
| Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/20/2033 | 3400 | (15) | 60 | 45 | 15 | 0 |
| Receive | 6-Month CLP-CHILIBOR | 5.020 | Semi-Annual | 09/01/2030 | 500000 | 0 | 2 | 2 | 0 | (1) |
| Receive | 6-Month CZK-PRIBOR | 3.760 | Annual | 11/01/2034 | 3600 | 0 | 0 | 0 | 0 | (1) |
| Receive | 6-Month EUR-EURIBOR | 2.280 | Annual | 03/04/2030 | 100 | 0 | 1 | 1 | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 3.148 | Annual | 11/20/2033 | 100 | (1) | (4) | (5) | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 3.063 | Annual | 12/06/2033 | 100 | 0 | (4) | (4) | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.990 | Annual | 12/08/2033 | 100 | 0 | (3) | (3) | 0 | (1) |
| Receive | 6-Month EUR-EURIBOR | 2.970 | Annual | 12/15/2033 | 100 | 0 | (3) | (3) | 0 | (1) |
| Receive | 6-Month EUR-EURIBOR | 2.890 | Annual | 12/22/2033 | 100 | 0 | (3) | (3) | 0 | (1) |
| Receive | 6-Month EUR-EURIBOR | 2.910 | Annual | 12/29/2033 | 100 | 0 | (3) | (3) | 0 | (1) |
| Receive | 6-Month EUR-EURIBOR | 2.650 | Annual | 01/08/2034 | 100 | 0 | 0 | 0 | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.400 | Annual | 02/12/2035 | 100 | 0 | 2 | 2 | 0 | (1) |
| Pay | 6-Month EUR-EURIBOR | 2.420 | Annual | 03/07/2035 | 100 | 0 | (2) | (2) | 1 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.460 | Annual | 03/13/2035 | 100 | 0 | (2) | (2) | 1 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.610 | Annual | 03/24/2035 | 100 | 0 | 0 | 0 | 0 | 0 |
| Pay<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.460 | Annual | 04/01/2035 | 100 | 0 | (2) | (2) | 0 | (2) |
| Pay<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2035 | 5960 | (254) | 15 | (239) | 25 | 0 |
| Receive<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2055 | 2440 | 202 | (3) | 199 | 0 | (19) |
| Receive | 28-Day MXN-TIIE | 9.000 | Lunar | 03/01/2029 | 9000 | 0 | (15) | (15) | 0 | 0 |
| Receive | CAONREPO | 2.740 | Semi-Annual | 06/01/2034 | 100 | 0 | 0 | 0 | 0 | 0 |
| Receive | CAONREPO | 2.900 | Semi-Annual | 06/01/2034 | 1800 | 0 | (23) | (23) | 0 | (4) |
| Receive | CAONREPO | 3.000 | Semi-Annual | 06/01/2034 | 1000 | 0 | (19) | (19) | 0 | (2) |
| Receive | CPURNSA | 0.000 | Maturity | 03/25/2030 | $2000 | 0 | 10 | 10 | 2 | 0 |
| Receive | CPURNSA | 0.000 | Maturity | 03/27/2030 | 4000 | 0 | 17 | 17 | 4 | 0 |
| Receive | CPURNSA | 2.487 | Maturity | 12/07/2051 | 900 | 24 | 4 | 28 | 1 | 0 |
|  |  |  |  |  |  | $2477 | $978 | $3455 | $101 | $(141) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2662 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;962 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3624 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(141) |

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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 | **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;8 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(141) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(200) |

---

Cash of $4,462 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 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.

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| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **101** |

---

------

Schedule of Investments PIMCO RAE PLUS Small Fund (Cont.)

&nbsp;&nbsp;&nbsp;&nbsp;(h) 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 | 3236 | $21 | $0 | $0 |
|  | 04/2025 | $2873 | 4541 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35) |
|  | 04/2025 | 44 | 6583 | 0 | 0 |
|  | 04/2025 | 57 | 76 | 0 | 0 |
|  | 05/2025 | 4541 | $2873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | 0 |
|  | 05/2025 | 2127 | 290 | 0 | (3) |
|  | 05/2025 | 76 | 57 | 0 | 0 |
|  | 05/2025 | $1056 | 7644 | 1 | (1) |
|  | 05/2025 | 21 | 3225 | 0 | 0 |
|  | 06/2025 | 4152 | $568 | 0 | (7) |
|  | 06/2025 | $304 | 2194 | 0 | 0 |
|  | 07/2025 | 3804 | $528 | 1 | 0 |
|  | 08/2025 | 3805 | 528 | 0 | (1) |
|  BOA | 04/2025 | 201 | 125 | 0 | (1) |
|  | 04/2025 | 92 | 104 | 0 | 0 |
|  | 04/2025 | 92 | 99 | 0 | 0 |
|  | 04/2025 | 150379 | 103 | 1 | 0 |
|  | 04/2025 | $401 | 7292 | 0 | (4) |
|  | 05/2025 | 2079 | $284 | 0 | (3) |
|  | 05/2025 | 694690 | 42 | 0 | 0 |
|  | 05/2025 | $49 | 4218 | 0 | 0 |
|  | 06/2025 | 2383 | $328 | 0 | (2) |
|  | 06/2025 | $149 | 1077 | 0 | 0 |
|  | 06/2025 | 103 | 149813 | 0 | (1) |
|  | 06/2025 | 802 | 3098 | 0 | (4) |
|  | 08/2025 | 1452 | $203 | 1 | 0 |
|  | 08/2025 | 83 | 3 | 0 | 0 |
|  BPS | 04/2025 | 791 | 498 | 4 | 0 |
|  | 04/2025 | 4441 | 771 | 0 | (8) |
|  | 04/2025 | 931 | 650 | 4 | 0 |
|  | 04/2025 | 3099 | 127 | 0 | (7) |
|  | 04/2025 | 6306 | 6613 | 0 | (206) |
|  | 04/2025 | 1054 | 1332 | 0 | (29) |
|  | 04/2025 | 3721969 | 225 | 1 | 0 |
|  | 04/2025 | 1155 | 8 | 0 | 0 |
|  | 04/2025 | 1464109 | 1000 | 6 | 0 |
|  | 04/2025 | 4966 | 128 | 0 | (1) |
|  | 04/2025 | 96227 | 2929 | 31 | 0 |
|  | 04/2025 | $213 | 337 | 0 | (3) |
|  | 04/2025 | 774 | 4441 | 4 | 0 |
|  | 04/2025 | 1096 | 18032897 | 0 | (14) |
|  | 04/2025 | 464 | 40330 | 7 | 0 |
|  | 04/2025 | 434 | 64751 | 0 | (3) |
|  | 04/2025 | 504 | 731167 | 0 | (8) |
|  | 04/2025 | 36 | 49 | 0 | 0 |
|  | 04/2025 | 1670 | 54872 | 0 | (18) |
|  | 04/2025 | 2365 | $129 | 1 | 0 |
|  | 05/2025 | 7256 | 998 | 0 | (3) |
|  | 05/2025 | 2045973 | 123 | 0 | 0 |
|  | 05/2025 | 48 | 36 | 0 | 0 |
|  | 05/2025 | $98 | 91 | 0 | 0 |
|  | 05/2025 | 198 | 3281841 | 0 | (1) |
|  | 05/2025 | 442 | 37900 | 1 | 0 |
|  | 05/2025 | 8 | 1151 | 0 | 0 |
|  | 06/2025 | 4295 | $588 | 0 | (6) |
|  | 06/2025 | 45782 | 32 | 1 | 0 |
|  | 06/2025 | 10767 | 274 | 14 | 0 |
|  | 06/2025 | $106 | 765 | 0 | 0 |
|  | 06/2025 | 673 | 2617 | 4 | (4) |
|  | 07/2025 | 15383 | $473 | 7 | 0 |
|  | 08/2025 | 8709 | 1212 | 2 | 0 |
|  | 08/2025 | 39113 | 1197 | 9 | 0 |
|  | 08/2025 | $144 | 4688 | 0 | (2) |
|  | 10/2025 | 2000 | $334 | 0 | (2) |
|  BRC | 04/2025 | 1487 | 402 | 2 | 0 |
|  | 04/2025 | 1373 | 16 | 0 | 0 |

---

---

| | | |
|:---|:---|:---|
| **102** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 04/2025 | 250 | $6 | $0 | $0 |
|  | 04/2025 | $186 | 3039740 | 0 | (3) |
|  | 04/2025 | 16 | 1371 | 0 | 0 |
|  | 04/2025 | 378 | 14463 | 0 | (5) |
|  | 04/2025 | 136 | 4451 | 0 | (2) |
|  | 04/2025 | 115 | 2103 | 0 | (1) |
|  | 05/2025 | 1375 | $16 | 0 | 0 |
|  | 05/2025 | 3076 | 79 | 1 | 0 |
|  | 05/2025 | $30 | 1160 | 0 | (1) |
|  | 06/2025 | 3936 | $94 | 0 | (1) |
|  | 06/2025 | $13 | 51 | 0 | 0 |
|  | 06/2025 | 559 | 22091 | 0 | (27) |
|  BSH | 04/2025 | 4210 | $2667 | 37 | 0 |
|  | 04/2025 | 99926 | 665 | 0 | (1) |
|  | 04/2025 | 6709 | 1761 | 0 | (65) |
|  | 05/2025 | 217 | 57 | 0 | (2) |
|  | 05/2025 | $665 | 99589 | 1 | 0 |
|  | 06/2025 | 4416 | $1197 | 0 | (3) |
|  | 06/2025 | $125 | 481 | 0 | (1) |
|  CBK | 04/2025 | 9099 | $1586 | 1 | (9) |
|  | 04/2025 | 706 | 802 | 4 | 0 |
|  | 04/2025 | 2000552 | 457 | 0 | (21) |
|  | 04/2025 | 5081997 | 306 | 1 | 0 |
|  | 04/2025 | 970 | 266 | 5 | 0 |
|  | 04/2025 | 17426 | 204 | 0 | 0 |
|  | 04/2025 | 1845 | 496 | 0 | (6) |
|  | 04/2025 | 66163 | 2019 | 27 | 0 |
|  | 04/2025 | $1586 | 9099 | 9 | 0 |
|  | 04/2025 | 5615 | 7998 | 0 | (57) |
|  | 04/2025 | 137 | 121 | 0 | (1) |
|  | 04/2025 | 480 | 2014238 | 1 | 0 |
|  | 04/2025 | 533 | 8737412 | 0 | (9) |
|  | 04/2025 | 265 | 22691 | 0 | 0 |
|  | 04/2025 | 22 | 32181 | 0 | 0 |
|  | 04/2025 | 143 | 521 | 0 | (1) |
|  | 04/2025 | 2271 | 74399 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30) |
|  | 05/2025 | 7987 | $5615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 | 0 |
|  | 05/2025 | 2504412 | 151 | 1 | 0 |
|  | 05/2025 | 192 | 51 | 0 | (2) |
|  | 05/2025 | $197 | 3273689 | 0 | (1) |
|  | 06/2025 | 480251 | $512 | 6 | 0 |
|  | 06/2025 | 1459 | 201 | 0 | (1) |
|  | 06/2025 | 2506941 | 593 | 2 | (1) |
|  | 06/2025 | 2454586 | 1709 | 37 | 0 |
|  | 06/2025 | 1028 | 281 | 1 | 0 |
|  | 06/2025 | $140 | 1013 | 0 | 0 |
|  | 07/2025 | 27197 | $836 | 12 | 0 |
|  | 07/2025 | $1429 | 8348 | 6 | (1) |
|  | 08/2025 | 1356 | $363 | 0 | (5) |
|  | 08/2025 | 28189 | 865 | 9 | 0 |
|  DUB | 04/2025 | 979 | 269 | 6 | 0 |
|  | 04/2025 | 29400 | 200 | 4 | 0 |
|  | 04/2025 | 56 | 32 | 0 | 0 |
|  | 04/2025 | 2 | 2 | 0 | 0 |
|  | 04/2025 | $228 | 213 | 3 | (1) |
|  | 04/2025 | 721 | 11952061 | 0 | (4) |
|  | 04/2025 | 82 | 7018 | 0 | 0 |
|  | 04/2025 | 32 | 56 | 0 | 0 |
|  | 04/2025 | 1617 | 5881 | 0 | (17) |
|  | 04/2025 | 29 | 39 | 0 | 0 |
|  | 05/2025 | 304958 | $18 | 0 | 0 |
|  | 05/2025 | 56 | 32 | 0 | 0 |
|  | 05/2025 | 266 | 70 | 0 | (2) |
|  | 05/2025 | 39 | 29 | 0 | 0 |
|  | 06/2025 | 1835056 | 1278 | 28 | 0 |
|  | 08/2025 | $206 | 1478 | 0 | (1) |
|  | 09/2025 | 5900 | $1617 | 17 | 0 |
|  FAR | 04/2025 | 1386 | 241 | 0 | (2) |
|  | 04/2025 | 2403 | 2695 | 0 | (20) |
|  | 04/2025 | 1205 | 332 | 8 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **103** |

---

------

Schedule of Investments PIMCO RAE PLUS Small 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 | 71491 | $475 | $0 | $(2) |
|  | 04/2025 | $204 | 324 | 0 | (2) |
|  | 04/2025 | 241 | 1386 | 2 | 0 |
|  | 04/2025 | 183 | 164 | 3 | 0 |
|  | 04/2025 | 337 | 50229 | 0 | (2) |
|  | 04/2025 | 33 | 1073 | 0 | 0 |
|  | 05/2025 | 269 | 1943 | 0 | (1) |
|  | 05/2025 | 475 | 71250 | 2 | 0 |
|  | 06/2025 | 241 | 1404 | 2 | 0 |
|  | 06/2025 | 254 | 984 | 0 | (1) |
|  | 07/2025 | 1935 | $269 | 1 | 0 |
|  GLM | 04/2025 | 26078 | 4558 | 13 | (25) |
|  | 04/2025 | 32 | 22 | 0 | 0 |
|  | 04/2025 | 2400 | 355 | 7 | 0 |
|  | 04/2025 | 5067481 | 305 | 1 | 0 |
|  | 04/2025 | 228943 | 156 | 1 | 0 |
|  | 04/2025 | 102 | 27 | 0 | (1) |
|  | 04/2025 | 122 | 3 | 0 | 0 |
|  | 04/2025 | $4523 | 26078 | 47 | 0 |
|  | 04/2025 | 453 | 7458920 | 0 | (5) |
|  | 04/2025 | 30 | 43851 | 0 | 0 |
|  | 05/2025 | 2022 | $276 | 0 | (3) |
|  | 05/2025 | 1203422 | 72 | 0 | 0 |
|  | 05/2025 | $305 | 5072058 | 0 | (1) |
|  | 06/2025 | 414 | $57 | 0 | 0 |
|  | 06/2025 | $243 | 1757 | 1 | (1) |
|  | 06/2025 | 156 | 228111 | 0 | (1) |
|  | 06/2025 | 116 | 447 | 0 | (1) |
|  | 07/2025 | 2831 | $87 | 1 | 0 |
|  | 07/2025 | $13 | 413 | 0 | 0 |
|  | 09/2025 | 610 | $166 | 1 | 0 |
|  | 10/2025 | 1300 | 214 | 0 | (4) |
|  JPM | 04/2025 | 4442 | 772 | 0 | (6) |
|  | 04/2025 | 77 | 81 | 0 | (2) |
|  | 04/2025 | 1060419 | 64 | 1 | 0 |
|  | 04/2025 | 1051 | 289 | 7 | 0 |
|  | 04/2025 | 36703 | 244 | 0 | 0 |
|  | 04/2025 | 12 | 9 | 0 | 0 |
|  | 04/2025 | 236 | 6 | 0 | 0 |
|  | 04/2025 | 8741 | 267 | 3 | 0 |
|  | 04/2025 | $775 | 4442 | 4 | 0 |
|  | 04/2025 | 224 | 323 | 0 | 0 |
|  | 04/2025 | 6836 | 6338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | 0 |
|  | 04/2025 | 80 | 1320297 | 0 | (1) |
|  | 04/2025 | 125 | 10800 | 1 | 0 |
|  | 04/2025 | 362 | 53904 | 0 | (2) |
|  | 04/2025 | 22 | 32167 | 0 | 0 |
|  | 04/2025 | 1053 | 34611 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) |
|  | 04/2025 | 1284 | $70 | 0 | 0 |
|  | 05/2025 | 2161 | 296 | 0 | (2) |
|  | 05/2025 | 6338 | 6847 | 0 | (17) |
|  | 05/2025 | 801524 | 48 | 0 | 0 |
|  | 05/2025 | $989 | 7171 | 1 | (1) |
|  | 05/2025 | 45 | 6780 | 0 | 0 |
|  | 06/2025 | 248 | $34 | 0 | 0 |
|  | 06/2025 | 40303 | 1953 | 4 | 0 |
|  | 06/2025 | 548 | 142 | 1 | 0 |
|  | 06/2025 | $107 | 633 | 2 | 0 |
|  | 06/2025 | 115 | 2362 | 0 | (1) |
|  | 06/2025 | 603 | 2335 | 1 | (2) |
|  | 06/2025 | 29 | 1167 | 0 | (1) |
|  | 07/2025 | 3666 | $508 | 0 | (1) |
|  | 07/2025 | 15871 | 488 | 7 | 0 |
|  | 07/2025 | $87 | 510 | 1 | 0 |
|  | 08/2025 | 3472 | $481 | 0 | (1) |
|  | 08/2025 | 28071 | 859 | 7 | 0 |
|  | 08/2025 | $151 | 4889 | 0 | (3) |
|  MBC | 04/2025 | 79 | $89 | 0 | 0 |
|  | 04/2025 | 76 | 83 | 1 | 0 |
|  | 04/2025 | 40277 | 270 | 2 | 0 |

---

---

| | | |
|:---|:---|:---|
| **104** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 04/2025 | 105 | $78 | $1 | $0 |
|  | 04/2025 | 14149 | 437 | 11 | 0 |
|  | 04/2025 | $3387 | 2992 | 0 | (5) |
|  | 04/2025 | 517 | 400 | 0 | (1) |
|  | 04/2025 | 347 | 29980 | 4 | 0 |
|  | 04/2025 | 398 | 59500 | 0 | (1) |
|  | 04/2025 | 406 | 13331 | 0 | (4) |
|  | 04/2025 | 7272 | $398 | 2 | 0 |
|  | 05/2025 | 2981 | 3387 | 5 | 0 |
|  | 05/2025 | 3329 | 459 | 0 | (1) |
|  | 05/2025 | 482761 | 29 | 0 | 0 |
|  | 05/2025 | $488 | 3537 | 1 | 0 |
|  | 06/2025 | 408851 | $284 | 6 | 0 |
|  | 06/2025 | $217 | 838 | 0 | (1) |
|  | 07/2025 | 1758 | $244 | 0 | 0 |
|  | 07/2025 | 6874 | 211 | 3 | 0 |
|  | 08/2025 | 2146 | 297 | 0 | (1) |
|  | 08/2025 | 6377 | 195 | 1 | 0 |
|  MYI | 04/2025 | 7361 | 5171 | 56 | 0 |
|  | 04/2025 | 2700 | 399 | 7 | 0 |
|  | 04/2025 | 44 | 33 | 0 | 0 |
|  | 04/2025 | $1117 | 7470 | 0 | (34) |
|  | 04/2025 | 110 | 3586 | 0 | (2) |
|  | 04/2025 | 579 | 10589 | 0 | (2) |
|  | 05/2025 | 439314 | $26 | 0 | 0 |
|  | 06/2025 | 919 | 127 | 0 | 0 |
|  | 06/2025 | $49 | 194 | 1 | 0 |
|  | 07/2025 | 9900 | $1686 | 0 | (15) |
|  NGF | 06/2025 | 696525 | 489 | 15 | 0 |
|  SCX | 04/2025 | 17615 | 3014 | 0 | (73) |
|  | 04/2025 | 1782 | 12 | 0 | 0 |
|  | 04/2025 | 7397 | 228 | 5 | 0 |
|  | 04/2025 | $3068 | 17615 | 19 | 0 |
|  | 04/2025 | 231 | 3787284 | 0 | (4) |
|  | 04/2025 | 22 | 32133 | 0 | 0 |
|  | 04/2025 | 117 | 3846 | 0 | (1) |
|  | 05/2025 | 2532 | $351 | 2 | 0 |
|  | 05/2025 | 188514 | 11 | 0 | 0 |
|  | 05/2025 | $12 | 1777 | 0 | 0 |
|  | 06/2025 | 365 | $50 | 0 | 0 |
|  | 06/2025 | $3014 | 17839 | 73 | 0 |
|  | 06/2025 | 168 | 1212 | 0 | 0 |
|  | 07/2025 | 1203 | $322 | 0 | (4) |
|  | 08/2025 | 3814 | 117 | 1 | 0 |
|  SSB | 04/2025 | 139 | 37 | 0 | (1) |
|  | 04/2025 | $846 | 654 | 0 | (1) |
|  | 05/2025 | 654 | $846 | 1 | 0 |
|  | 05/2025 | 544 | 143 | 0 | (5) |
|  UAG | 04/2025 | 1196 | 206 | 0 | (4) |
|  | 04/2025 | 2400 | 354 | 6 | 0 |
|  | 04/2025 | 572523 | 35 | 0 | 0 |
|  | 04/2025 | $208 | 1196 | 1 | 0 |
|  | 04/2025 | 35 | 572523 | 0 | 0 |
|  | 04/2025 | 332 | 49386 | 0 | (3) |
|  | 05/2025 | 34 | 573328 | 0 | 0 |
|  | 06/2025 | 68 | 264 | 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;784 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(945) |

---

#### PURCHASED OPTIONS:

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BRC Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.750% | 10/30/2025 | 21200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 |
| CBK Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 6.050 | 10/30/2025 | 4000 | 1 | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 5.850 | 11/24/2025 | 1600 | 1 | 0 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 105

------

Schedule of Investments PIMCO RAE PLUS Small Fund (Cont.)

#### WRITTEN OPTIONS:

#### CREDIT DEFAULT SWAPTIONS ON CREDIT INDEXES

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Buy/Sell<br>Protection | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
|  GST | Put - OTC CDX.IG-43 5-Year Index | Sell | 0.700% | 05/21/2025 | 300 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  | Put - OTC CDX.IG-43 5-Year Index | Sell | 0.700 | 06/18/2025 | 300 | (1) | 0 |
|  | Put - OTC CDX.IG-43 5-Year Index | Sell | 0.750 | 06/18/2025 | 500 | (1) | (1) |
|  | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.850 | 06/18/2025 | 400 | 0 | (1) |
|  | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.900 | 07/16/2025 | 500 | (1) | (1) |
|  JPM | Put - OTC CDX.IG-44 5-Year Index | Sell | 1.000 | 07/16/2025 | 200 | 0 | 0 |
|  RBC | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.900 | 07/16/2025 | 300 | 0 | 0 |
|  |  |  |  |  |  | $(3) | $(3) |

---

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive <br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BPS Call - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.400% | 04/07/2025 | 100 | $0 | $0 |
| Put - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.750 | 04/07/2025 | 100 | 0 | 0 |
| BRC Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 2.830 | 10/30/2025 | 21200 | (38) | (24) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.290 | 10/30/2025 | 21200 | (63) | (45) |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.510 | 04/07/2025 | 100 | 0 | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.860 | 04/07/2025 | 100 | 0 | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.550 | 04/11/2025 | 100 | 0 | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.900 | 04/11/2025 | 100 | 0 | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.450 | 04/30/2025 | 100 | 0 | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.760 | 04/30/2025 | 100 | 0 | (1) |
| CBK Call - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.350 | 04/25/2025 | 100 | 0 | 0 |
| Put - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.650 | 04/25/2025 | 100 | 0 | 0 |
| FAR Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.715 | 04/24/2025 | 200 | (1) | (2) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.065 | 04/24/2025 | 200 | (1) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.593 | 04/30/2025 | 100 | (1) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.943 | 04/30/2025 | 100 | (1) | 0 |
| GLM Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.535 | 04/10/2025 | 200 | (1) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.985 | 04/10/2025 | 200 | (1) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.723 | 04/14/2025 | 100 | (1) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.073 | 04/14/2025 | 100 | (1) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.710 | 04/21/2025 | 100 | 0 | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.060 | 04/21/2025 | 100 | 0 | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.713 | 04/28/2025 | 200 | (1) | (2) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.063 | 04/28/2025 | 200 | (1) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.600 | 04/30/2025 | 100 | (1) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.950 | 04/30/2025 | 100 | (1) | 0 |
| MYC Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.710 | 04/14/2025 | 200 | (1) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.060 | 04/14/2025 | 200 | (1) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.520 | 04/07/2025 | 100 | 0 | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.890 | 04/07/2025 | 100 | 0 | 0 |
| NGF Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.530 | 04/17/2025 | 100 | 0 | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.890 | 04/17/2025 | 100 | 0 | 0 |
|  |  |  |  |  |  | $(115) | $(79) |
|  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;(118) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(82) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(5)</sup> | Swap Agreements,<br>at Value<sup>(5)</sup> |
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| GST | Soft Bank Group, Inc. | 1.000% | Quarterly | 06/20/2026 | 1.326% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

106 PIMCO EQUITY-RELATED STRATEGY FUNDS See Accompanying Notes

------

March 31, 2025

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(5)</sup> | Swap Agreements,<br>at Value<sup>(5)</sup> |
| Counterparty | Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BOA | ABX.HE.AAA.6-2 Index « | 0.110% | Monthly | 05/25/2046 | $1639 | $(439) | $310 | $0 | $(129) |
|  | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 | EUR 984 | 191 | 3 | 194 | 0 |
| BPS | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 | 984 | 195 | 0 | 195 | 0 |
| GST | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 | 591 | 118 | (1) | 117 | 0 |
| JPM | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 | 4135 | 855 | (37) | 818 | 0 |
| SAL | CMBX.NA.AAA.16 Index | 0.500 | Monthly | 04/17/2065 | $600 | (9) | 0 | 0 | (9) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;911 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1324 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(138) |

---

#### 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 |
|  FAR | Pay | DJITR Index  | 20 | 5.110% | Monthly | 06/20/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2111 | $0 | $2 | $2 | $0 |
|  MYI | Receive | ERAUSLT Index  | 9029 | 4.870% (FEDL01 plus a specified spread) | Monthly | 04/02/2025 | 66469 | 0 | (2944) | 0 | (2944) |
|  | Receive | ERAUSST Index  | 3884 | 4.690% (FEDL01 plus a specified spread) | Monthly | 07/16/2025 | 27435 | 0 | (104) | 0 | (104) |
|  | Receive | ERAUSST Index  | 12904 | 4.730% (FEDL01 plus a specified spread) | Maturity | 09/24/2025 | 91368 | 0 | (3066) | 0 | (3066) |
|  UAG | Receive | ERAUSST Index  | 143 | 4.730% (FEDL01 plus a specified spread) | Monthly | 04/09/2025 | 1010 | 0 | (4) | 0 | (4) |
|  |  |  |  |  |  |  |  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6116) | $2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6118) |
|  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;910 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5840) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1326 | $(6256) |

---

#### 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 | $37 | $0 | $0 | $37 | $(47) | $0 | $0 | $(47) | $(10) | $0 | $(10) |
|  BOA | 2 | 0 | 194 | 196 | (15) | 0 | (129) | (144) | 52 | 0 | 52 |
|  BPS | 96 | 0 | 195 | 291 | (315) | 0 | 0 | (315) | (24) | 0 | (24) |
|  BRC | 3 | 84 | 0 | 87 | (40) | (70) | 0 | (110) | (23) | 0 | (23) |
|  BSH | 38 | 0 | 0 | 38 | (72) | 0 | 0 | (72) | (34) | 0 | (34) |
|  CBK | 179 | 0 | 0 | 179 | (145) | 0 | 0 | (145) | 34 | 0 | 34 |
|  DUB | 58 | 0 | 0 | 58 | (25) | 0 | 0 | (25) | 33 | 0 | 33 |
|  FAR | 18 | 0 | 2 | 20 | (30) | (3) | 0 | (33) | (13) | 0 | (13) |
|  GLM | 72 | 0 | 0 | 72 | (42) | (5) | 0 | (47) | 25 | 0 | 25 |
|  GST | 0 | 0 | 117 | 117 | 0 | (3) | 0 | (3) | 114 | 0 | 114 |
|  JPM | 57 | 0 | 818 | 875 | (51) | 0 | 0 | (51) | 824 | (610) | 214 |
|  MBC | 37 | 0 | 0 | 37 | (14) | 0 | 0 | (14) | 23 | 0 | 23 |
|  MYC | 0 | 0 | 0 | 0 | 0 | (1) | 0 | (1) | (1) | 0 | (1) |
|  MYI | 64 | 0 | 0 | 64 | (53) | 0 | (6114) | (6167) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6103) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1672 |
|  NGF | 15 | 0 | 0 | 15 | 0 | 0 | 0 | 0 | 15 | 0 | 15 |
|  SAL | 0 | 0 | 0 | 0 | 0 | 0 | (9) | (9) | (9) | 0 | (9) |
|  SCX | 100 | 0 | 0 | 100 | (82) | 0 | 0 | (82) | 18 | 0 | 18 |
|  SSB | 1 | 0 | 0 | 1 | (7) | 0 | 0 | (7) | (6) | 0 | (6) |
|  UAG | 7 | 0 | 0 | 7 | (7) | 0 | (4) | (11) | (4) | 0 | (4) |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;784 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1326 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2194 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(945) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(82) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6256) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7283) |  |  |  |

---

(i) Securities with an aggregate market value of $7,775 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. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **107** |

---

------

Schedule of Investments PIMCO RAE PLUS Small Fund (Cont.)

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

<sup>(4)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

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

<sup>(6)</sup> Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference. 

<sup>(7)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets |  |  |  |  |  |  |
|  Exchange-traded or centrally cleared |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $8 | $8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 101 | 101 |
|  | $0 | $0 | $0 | $0 | $109 | $109 |
|  Over the counter |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $784 | $0 | $784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 84 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1324 | 2 | 0 | 0 | 1326 |
|  | $0 | $1324 | $2 | $784 | $84 | $2194 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1324 | $2 | $784 | $193 | $2303 |
|  Financial Derivative Instruments - Liabilities |  |  |  |  |  |  |
|  Exchange-traded or centrally cleared |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $5 | $5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 32 | 0 | 22 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 141 | 141 |
|  | $0 | $0 | $32 | $0 | $168 | $200 |
|  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 | $945 | $0 | $945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 3 | 0 | 0 | 79 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 138 | 6118 | 0 | 0 | 6256 |
|  | $0 | $141 | $6118 | $945 | $79 | $7283 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $141 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6150 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;945 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7483 |

---

108 PIMCO EQUITY-RELATED STRATEGY FUNDS See Accompanying Notes

------

March 31, 2025

The effect of Financial Derivative Instruments on the Statements of Operations for the year ended March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $0 | $0 | $26 | $26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | (974) | 0 | (36) | (1010) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 220 | 0 | 0 | 22 | 242 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220 | $(974) | $0 | $12 | $(742) |
|  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;1006 | $0 | $1006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | (14) | (14) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 137 | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 115 | 12164 | 0 | 0 | 12279 |
|  | $0 | $115 | $12164 | $1006 | $123 | $13408 |
|  | $0 | $335 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11190 | $1006 | $135 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12666 |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $(1) | $(1) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | (11) | 0 | 302 | 291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (53) | 0 | 0 | (140) | (193) |
|  | $0 | $(53) | $(11) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161 | $97 |
|  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 | $(456) | $0 | $(456) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | (30) | (30) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 29 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (97) | (17271) | 0 | 0 | (17368) |
|  | $0 | $(97) | $(17271) | $(456) | $(1) | $(17825) |
|  | $0 | $(150) | $(17282) | $(456) | $160 | $(17728) |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | $0 | $4755 | $0 | $4755 |
| &nbsp;&nbsp; Industrials | 0 | 995 | 0 | 995 |
| &nbsp;&nbsp; Utilities | 0 | 2662 | 0 | 2662 |
|  U.S. Government Agencies | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100069 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100069 |
|  U.S. Treasury Obligations | 0 | 10905 | 0 | 10905 |
|  Non-Agency Mortgage-Backed Securities | 0 | 19292 | 0 | 19292 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile ABS Other | 0 | 2719 | 0 | 2719 |
| &nbsp;&nbsp; Automobile Sequential | 0 | 14084 | 0 | 14084 |
| &nbsp;&nbsp; CMBS Other | 0 | 1044 | 0 | 1044 |
| &nbsp;&nbsp; Credit Card Bullet | 0 | 4440 | 0 | 4440 |
| &nbsp;&nbsp; Credit Card Other | 0 | 601 | 0 | 601 |
| &nbsp;&nbsp; Home Equity Other | 0 | 12044 | 0 | 12044 |
| &nbsp;&nbsp; Home Equity Sequential | 0 | 49 | 0 | 49 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 723 | 0 | 723 |
| &nbsp;&nbsp; Other ABS | 0 | 21914 | 0 | 21914 |
|  Sovereign Issues | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 14801 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Communication Services | 44 | 0 | 0 | 44 |
| &nbsp;&nbsp; Consumer Discretionary | 288 | 0 | 0 | 288 |
| &nbsp;&nbsp; Consumer Staples | 102 | 0 | 0 | 102 |
| &nbsp;&nbsp; Energy | 52 | 0 | 0 | 52 |
| &nbsp;&nbsp; Financials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518 | 0 | 0 | 518 |
| &nbsp;&nbsp; Health Care | 337 | 0 | 0 | 337 |
| &nbsp;&nbsp; Industrials | 265 | 0 | 0 | 265 |
| &nbsp;&nbsp; Information Technology | 397 | 0 | 0 | 397 |
| &nbsp;&nbsp; Materials | 108 | 0 | 0 | 108 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Commercial Paper | 0 | 9394 | 0 | 9394 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>03/31/2025** |
| &nbsp;&nbsp; Repurchase Agreements | $0 | $17000 | $0 | $17000 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 11723 | 0 | 11723 |
|  | $2111 | $249214 | $0 | $251325 |
|  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 | $16761 | $0 | $0 | $16761 |
|  Total Investments | $18872 | $249214 | $0 | $268086 |
|  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 | $(6670) | $0 | $(6670) |
|  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 | 2 | 107 | 0 | 109 |
|  Over the counter | 0 | 2194 | 0 | 2194 |
|  | $2 | $2301 | $0 | $2303 |
|  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 | (34) | (166) | 0 | (200) |
|  Over the counter | 0 | (7154) | (129) | (7283) |
|  | $(34) | $(7320) | $(129) | $(7483) |
|  Total Financial Derivative Instruments | $(32) | $(5019) | $(129) | $(5180) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18840 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237525 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(129) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256236 |

---

There were no significant transfers into or out of Level 3 during the period ended March 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **109** |

---

------

Schedule of Investments PIMCO RAE Worldwide Long/Short PLUS Fund

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

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 148.2% | INVESTMENTS IN SECURITIES 148.2% | INVESTMENTS IN SECURITIES 148.2% |
| CORPORATE BONDS & NOTES 9.4% | CORPORATE BONDS & NOTES 9.4% | CORPORATE BONDS & NOTES 9.4% |
| BANKING & FINANCE 5.9% | BANKING & FINANCE 5.9% | BANKING & FINANCE 5.9% |
|  American Express Co. | American Express Co. | American Express Co. |
|  5.284% due 07/26/2035 •  | 1100 | 1100 |
|  American Tower Corp. | American Tower Corp. | American Tower Corp. |
|  3.800% due 08/15/2029 | 1686 | 1620 |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  2.528% due 11/18/2027 | 567 | 531 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  3.974% due 02/07/2030 •  | 1446 | 1407 |
|  Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia |
|  5.450% due 08/01/2029 | 1600 | 1644 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  4.837% due 09/10/2028 •  | 100 | 100 |
|  4.972% due 05/16/2029 •  | 800 | 803 |
|  5.690% due 03/12/2030 •  | 200 | 205 |
|  7.437% due 11/02/2033 •  | 600 | 670 |
|  Cape Lookout Re Ltd. | Cape Lookout Re Ltd. | Cape Lookout Re Ltd. |
|  11.192% due 03/13/2032 •  | 250 | 250 |
|  Citibank NA | Citibank NA | Citibank NA |
|  4.838% due 08/06/2029 | 1100 | 1112 |
|  Credit Suisse AG AT1 Claim | 2612 | 314 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  4.900% due 09/01/2029 | 100 | 100 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  1.375% due 09/03/2026 ~ | 400 | 430 |
|  3.547% due 09/18/2031 •  | 2000 | 1840 |
|  Discover Bank | Discover Bank | Discover Bank |
|  4.650% due 09/13/2028 | 1544 | 1531 |
|  Equinix, Inc. | Equinix, Inc. | Equinix, Inc. |
|  1.550% due 03/15/2028 | 700 | 642 |
|  Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP |
|  5.400% due 06/15/2035 | 300 | 298 |
|  Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. |
|  2.750% due 03/29/2028 | 604 | 643 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  3.815% due 11/02/2027 | 400 | 382 |
|  4.542% due 08/01/2026 | 200 | 198 |
|  5.800% due 03/05/2027 | 600 | 603 |
|  5.800% due 03/08/2029 | 400 | 396 |
|  GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust |
|  5.500% due 04/01/2032 (b) | 300 | 302 |
|  GLP Capital LP | GLP Capital LP | GLP Capital LP |
|  5.625% due 09/15/2034 | 100 | 98 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  4.223% due 05/01/2029 •  | 1446 | 1426 |
|  6.208% due 03/15/2028 •  | 400 | 408 |
|  Hestia Re Ltd. | Hestia Re Ltd. | Hestia Re Ltd. |
|  12.542% due 03/13/2032 ~ | 250 | 250 |
|  HPS Corporate Lending Fund | HPS Corporate Lending Fund | HPS Corporate Lending Fund |
|  5.950% due 04/14/2032 | 300 | 296 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  2.848% due 06/04/2031 •  | 600 | 539 |
|  Integrity RE Ltd. | Integrity RE Ltd. | Integrity RE Ltd. |
|  29.782% due 06/06/2027 ~ | 250 | 249 |
|  Jackson National Life Global Funding | Jackson National Life Global Funding | Jackson National Life Global Funding |
|  5.324% due 01/14/2028 •  | 100 | 101 |
|  5.600% due 04/10/2026 | 1200 | 1211 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  3.782% due 02/01/2028 •  | 200 | 197 |
|  5.040% due 01/23/2028 •  | 400 | 404 |
|  MMIFS Re Ltd. | MMIFS Re Ltd. | MMIFS Re Ltd. |
|  5.783% due 01/10/2033 ~ | 250 | 173 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  1.512% due 07/20/2027 •  | 1200 | 1154 |
|  4.654% due 10/18/2030 •  | 100 | 99 |
|  5.656% due 04/18/2030 •  | 100 | 103 |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
|  5.783% due 07/03/2034 | 200 | 205 |
|  Prologis LP | Prologis LP | Prologis LP |
|  4.200% due 02/15/2033 | 200 | 140 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.000% due 01/31/2035 | $| 300 | 298 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  3.040% due 07/16/2029 |  | 1678 | 1570 |
|  UBS Group AG | UBS Group AG | UBS Group AG | UBS Group AG |
|  4.751% due 05/12/2028 •  |  | 1000 | 1001 |
|  VICI Properties LP | VICI Properties LP | VICI Properties LP | VICI Properties LP |
|  5.125% due 11/15/2031 |  | 100 | 99 |
|  5.625% due 04/01/2035 (b) |  | 200 | 199 |
|  5.750% due 04/01/2034 |  | 100 | 101 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  0.625% due 08/14/2030 | EUR | 1200 | 1122 |
|  5.707% due 04/22/2028 •  | $| 100 | 102 |
|  |  |  | 28666 |
| INDUSTRIALS 1.7% | INDUSTRIALS 1.7% | INDUSTRIALS 1.7% | INDUSTRIALS 1.7% |
|  Bacardi Ltd. | Bacardi Ltd. | Bacardi Ltd. | Bacardi Ltd. |
|  2.750% due 07/15/2026 |  | 100 | 98 |
|  Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC |
|  4.375% due 12/15/2028 |  | 200 | 195 |
|  6.500% due 11/21/2033 |  | 200 | 210 |
|  Boeing Co. | Boeing Co. | Boeing Co. | Boeing Co. |
|  2.196% due 02/04/2026 |  | 100 | 98 |
|  Cheniere Corpus Christi Holdings LLC | Cheniere Corpus Christi Holdings LLC | Cheniere Corpus Christi Holdings LLC | Cheniere Corpus Christi Holdings LLC |
|  3.700% due 11/15/2029 |  | 700 | 669 |
|  DAE Funding LLC | DAE Funding LLC | DAE Funding LLC | DAE Funding LLC |
|  3.375% due 03/20/2028 |  | 500 | 477 |
|  IHO Verwaltungs GmbH (6.375% Cash or 7.125% PIK) | IHO Verwaltungs GmbH (6.375% Cash or 7.125% PIK) | IHO Verwaltungs GmbH (6.375% Cash or 7.125% PIK) | IHO Verwaltungs GmbH (6.375% Cash or 7.125% PIK) |
|  6.375% due 05/15/2029 (c) |  | 1100 | 1064 |
|  Imperial Brands Finance PLC | Imperial Brands Finance PLC | Imperial Brands Finance PLC | Imperial Brands Finance PLC |
|  3.500% due 07/26/2026 |  | 200 | 197 |
|  MPLX LP | MPLX LP | MPLX LP | MPLX LP |
|  2.650% due 08/15/2030 |  | 800 | 713 |
|  Nakilat, Inc. | Nakilat, Inc. | Nakilat, Inc. | Nakilat, Inc. |
|  6.067% due 12/31/2033 |  | 696 | 723 |
|  Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. |
|  3.522% due 09/17/2025 |  | 420 | 416 |
|  Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. |
|  5.550% due 10/01/2034 |  | 1400 | 1369 |
|  Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. |
|  4.900% due 06/15/2030 |  | 800 | 765 |
|  T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
|  2.700% due 03/15/2032 |  | 300 | 259 |
|  3.375% due 04/15/2029 |  | 500 | 475 |
|  United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust |
|  5.450% due 08/15/2038 |  | 198 | 200 |
|  |  |  | 7928 |
| UTILITIES 1.8% | UTILITIES 1.8% | UTILITIES 1.8% | UTILITIES 1.8% |
|  Edison International | Edison International | Edison International | Edison International |
|  5.750% due 06/15/2027 |  | 542 | 548 |
|  Eversource Energy | Eversource Energy | Eversource Energy | Eversource Energy |
|  5.850% due 04/15/2031 |  | 1400 | 1456 |
|  ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |
|  5.050% due 11/01/2034 |  | 1900 | 1835 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  3.000% due 06/15/2028 |  | 500 | 470 |
|  4.550% due 07/01/2030 |  | 800 | 775 |
|  5.282% due 09/04/2025 •  |  | 900 | 900 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  4.650% due 10/01/2043 |  | 300 | 251 |
|  4.700% due 06/01/2027 |  | 100 | 100 |
|  4.875% due 02/01/2027 |  | 600 | 602 |
|  5.150% due 06/01/2029 |  | 200 | 201 |
|  5.350% due 03/01/2026 |  | 100 | 101 |
|  Southern Co. Gas Capital Corp. | Southern Co. Gas Capital Corp. | Southern Co. Gas Capital Corp. | Southern Co. Gas Capital Corp. |
|  1.750% due 01/15/2031 |  | 1900 | 1603 |
|  |  |  | 8842 |
|  Total Corporate Bonds & Notes (Cost $46,867) | Total Corporate Bonds & Notes (Cost $46,867) | Total Corporate Bonds & Notes (Cost $46,867) | 45436 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| U.S. GOVERNMENT AGENCIES 57.2% | U.S. GOVERNMENT AGENCIES 57.2% | U.S. GOVERNMENT AGENCIES 57.2% |
|  Fannie Mae | Fannie Mae | Fannie Mae |
|  1.396% due 03/25/2041 •(a) | 1118 | 103 |
|  2.246% due 03/25/2036 •(a) | 315 | 23 |
|  4.202% due 10/01/2029 ~ | 2500 | 2485 |
|  4.300% due 12/01/2029 | 1704 | 1699 |
|  4.540% due 07/01/2030 | 600 | 604 |
|  4.705% due 09/01/2031 •  | 4900 | 4953 |
|  4.720% due 10/01/2028 | 1400 | 1422 |
|  4.770% due 10/01/2028 | 900 | 915 |
|  4.860% due 08/01/2030 | 800 | 819 |
|  4.930% due 06/01/2029 | 1100 | 1126 |
|  5.290% due 11/25/2054 •  | 1957 | 1955 |
|  5.300% due 11/01/2030 | 2200 | 2284 |
|  8.743% due 12/25/2036 •  | 16 | 18 |
|  Freddie Mac | Freddie Mac | Freddie Mac |
|  2.007% due 07/15/2036 •(a) | 611 | 60 |
|  2.237% due 04/15/2036 •(a) | 61 | 5 |
|  3.000% due 09/01/2032 | 1280 | 1239 |
|  4.000% due 01/01/2048 - 03/01/2049 | 983 | 928 |
|  5.280% due 11/25/2054 •  | 1885 | 1887 |
|  Ginnie Mae | Ginnie Mae | Ginnie Mae |
|  4.750% due 11/20/2044 •  | 219 | 224 |
|  6.473% due 04/20/2068 •  | 717 | 724 |
|  Ginnie Mae, TBA | Ginnie Mae, TBA | Ginnie Mae, TBA |
|  4.500% due 05/01/2055 | 4210 | 4038 |
|  5.000% due 05/01/2055 | 7180 | 7059 |
|  Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security |
|  3.000% due 01/01/2027 | 206 | 203 |
|  3.500% due 06/01/2045 - 04/01/2048 | 6644 | 6070 |
|  4.500% due 12/01/2054 | 3082 | 2963 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  3.000% due 05/01/2055 | 10900 | 9446 |
|  4.000% due 05/01/2055 | 37970 | 35328 |
|  4.500% due 05/01/2055 - 06/01/2055 | 15600 | 14914 |
|  5.000% due 04/01/2055 - 05/01/2055 | 24800 | 24298 |
|  5.500% due 05/01/2055 | 23500 | 23450 |
|  6.000% due 06/01/2055 | 50500 | 51195 |
|  6.500% due 06/01/2055 | 72150 | 74277 |
|  Total U.S. Government Agencies (Cost $276,955) | Total U.S. Government Agencies (Cost $276,955) | 276714 |
| U.S. TREASURY OBLIGATIONS 7.8% | U.S. TREASURY OBLIGATIONS 7.8% | U.S. TREASURY OBLIGATIONS 7.8% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  4.625% due 05/15/2044 | 6100 | 6122 |
|  U.S. Treasury Inflation Protected Securities (g) | U.S. Treasury Inflation Protected Securities (g) | U.S. Treasury Inflation Protected Securities (g) |
|  0.625% due 07/15/2032 (j)(l) | 8745 | 8167 |
|  1.875% due 07/15/2034 | 19333 | 19519 |
|  2.125% due 04/15/2029 | 3789 | 3902 |
|  Total U.S. Treasury Obligations (Cost $37,866) | Total U.S. Treasury Obligations (Cost $37,866) | 37710 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 12.4% | NON-AGENCY MORTGAGE-BACKED SECURITIES 12.4% | NON-AGENCY MORTGAGE-BACKED SECURITIES 12.4% |
|  Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust |
|  5.581% due 01/25/2036 ~ | 854 | 646 |
|  5.837% due 09/25/2035 ~ | 7 | 6 |
|  AG Trust | AG Trust | AG Trust |
|  6.335% due 07/15/2041 •  | 1283 | 1286 |
|  American Home Mortgage Investment Trust | American Home Mortgage Investment Trust | American Home Mortgage Investment Trust |
|  6.500% due 03/25/2047 þ | 235 | 155 |
|  Avon Finance PLC | Avon Finance PLC | Avon Finance PLC |
|  5.357% due 12/28/2049 •  | 1851 | 2396 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  4.854% due 04/20/2047 •  | 27 | 22 |
|  7.621% due 09/20/2034 •  | 3 | 3 |
|  BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust |
|  5.250% due 04/26/2037 | 46 | 26 |
|  BDS Ltd. | BDS Ltd. | BDS Ltd. |
|  5.871% due 10/21/2042 •  | 2200 | 2197 |

---

---

| | | |
|:---|:---|:---|
| **110** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust |
|  5.172% due 01/25/2035 •  | 2 | 2 |
|  5.239% due 07/25/2034 •  | 43 | 41 |
|  5.852% due 02/25/2034 •  | 2 | 2 |
|  6.337% due 01/25/2033 ~ | 237 | 236 |
|  6.548% due 04/25/2033 ~ | 8 | 8 |
|  7.480% due 08/25/2033 •  | 19 | 18 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  4.935% due 01/25/2036 •  | 39 | 37 |
|  5.564% due 05/25/2035 ~ | 12 | 11 |
|  BX Trust | BX Trust | BX Trust |
|  5.068% due 04/15/2039 •  | 867 | 860 |
|  Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust |
|  3.250% due 03/25/2063 •  | 1527 | 1377 |
|  3.500% due 06/25/2062 ~ | 2773 | 2572 |
|  CIM Trust | CIM Trust | CIM Trust |
|  5.000% due 05/25/2062 ~ | 1624 | 1620 |
|  6.639% due 12/25/2067 þ | 522 | 527 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  6.170% due 09/25/2062 þ | 2438 | 2440 |
|  Colony Mortgage Capital Ltd. | Colony Mortgage Capital Ltd. | Colony Mortgage Capital Ltd. |
|  6.157% due 11/15/2038 ~ | 3200 | 3096 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.795% due 05/25/2047 ~ | 97 | 89 |
|  4.835% due 08/25/2037 •  | 91 | 57 |
|  5.074% due 12/20/2035 ~ | 353 | 331 |
|  5.075% due 11/25/2035 •  | 1779 | 1565 |
|  5.500% due 11/25/2035 | 39 | 23 |
|  5.635% due 12/25/2035 •  | 48 | 43 |
|  5.635% due 12/25/2035 ~ | 2 | 2 |
|  6.250% due 08/25/2036 | 1102 | 593 |
|  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 •  | 1 | 1 |
|  5.095% due 02/25/2035 •  | 11 | 10 |
|  Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. |
|  5.083% due 03/25/2032 •  | 4 | 3 |
|  Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust |
|  2.000% due 01/25/2060 ~ | 1961 | 1727 |
|  Cross Mortgage Trust | Cross Mortgage Trust | Cross Mortgage Trust |
|  6.615% due 03/25/2068 þ | 1299 | 1314 |
|  Deutsche ALT-A Securities, Inc. Mortgage Loan Trust | Deutsche ALT-A Securities, Inc. Mortgage Loan Trust | Deutsche ALT-A Securities, Inc. Mortgage Loan Trust |
|  5.935% due 10/25/2047 ~ | 1571 | 1246 |
|  Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust |
|  5.900% due 09/25/2067 þ | 2535 | 2549 |
|  Eurohome U.K. Mortgages PLC | Eurohome U.K. Mortgages PLC | Eurohome U.K. Mortgages PLC |
|  4.728% due 06/15/2044 •  | 42 | 54 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  4.632% due 11/25/2035 •  | 1 | 1 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.651% due 07/19/2047 •  | 1556 | 1481 |
|  4.841% due 12/19/2036 •  | 452 | 356 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  4.915% due 07/25/2035 ~ | 1 | 1 |
|  5.075% due 07/25/2045 •  | 29 | 23 |
|  JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
|  5.417% due 02/15/2035 ~ | 658 | 653 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  5.753% due 04/25/2037 ~ | 32 | 24 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.795% due 12/25/2036 ~ | 608 | 588 |
|  4.935% due 08/25/2037 •  | 393 | 383 |
|  Luminent Mortgage Trust | Luminent Mortgage Trust | Luminent Mortgage Trust |
|  4.491% due 04/25/2036 ~ | 2531 | 1698 |
|  MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust |
|  4.645% due 04/25/2046 •  | 2 | 2 |
|  5.165% due 10/25/2033 ~ | 319 | 276 |
|  Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust |
|  4.835% due 03/25/2037 •  | 3813 | 903 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.935% due 11/25/2035 •  | 63 | 60 |
|  6.058% due 05/25/2033 ~ | 20 | 19 |
|  Merrill Lynch Mortgage-Backed Securities Trust | Merrill Lynch Mortgage-Backed Securities Trust | Merrill Lynch Mortgage-Backed Securities Trust |
|  4.369% due 04/25/2037 •  | 7 | 6 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  MFA Trust | MFA Trust | MFA Trust | MFA Trust |
|  4.400% due 03/25/2068 þ | $| 1065 | 1050 |
|  6.775% due 10/25/2058 þ |  | 950 | 962 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  3.500% due 10/25/2059 ~ |  | 300 | 282 |
|  6.864% due 10/25/2063 þ |  | 2015 | 2039 |
|  OBX Trust | OBX Trust | OBX Trust | OBX Trust |
|  5.949% due 02/25/2063 þ |  | 1047 | 1050 |
|  6.113% due 03/25/2063 þ |  | 730 | 734 |
|  6.567% due 06/25/2063 þ |  | 754 | 763 |
|  7.045% due 09/25/2063 þ |  | 2005 | 2034 |
|  PHH Alternative Mortgage Trust | PHH Alternative Mortgage Trust | PHH Alternative Mortgage Trust | PHH Alternative Mortgage Trust |
|  4.755% due 02/25/2037 •  |  | 1185 | 875 |
|  PRPM LLC | PRPM LLC | PRPM LLC | PRPM LLC |
|  4.000% due 06/25/2053 þ |  | 1539 | 1511 |
|  Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust |
|  4.775% due 01/25/2037 ~ |  | 1157 | 1010 |
|  Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust |
|  4.801% due 01/20/2047 ~ |  | 3 | 2 |
|  5.224% due 03/20/2035 ~ |  | 2 | 2 |
|  Stratton Mortgage Funding PLC | Stratton Mortgage Funding PLC | Stratton Mortgage Funding PLC | Stratton Mortgage Funding PLC |
|  5.608% due 06/20/2060 •  | GBP | 472 | 611 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  4.088% due 11/25/2035 ~ | $| 302 | 285 |
|  Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust |
|  5.131% due 02/19/2035 •  |  | 16 | 15 |
|  Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust |
|  5.989% due 06/25/2047 ~ |  | 5 | 4 |
|  Towd Point Mortgage Funding | Towd Point Mortgage Funding | Towd Point Mortgage Funding | Towd Point Mortgage Funding |
|  5.483% due 07/20/2053 •  | GBP | 1155 | 1496 |
|  Trinity Square PLC | Trinity Square PLC | Trinity Square PLC | Trinity Square PLC |
|  5.470% due 07/15/2059 ~ |  | 511 | 661 |
|  Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust |
|  4.260% due 02/25/2067 þ | $| 1064 | 1015 |
|  6.193% due 03/25/2068 þ |  | 1009 | 1013 |
|  6.476% due 06/25/2068 þ |  | 796 | 803 |
|  7.070% due 10/25/2068 þ |  | 1341 | 1368 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  3.727% due 04/25/2037 •  |  | 6 | 5 |
|  3.846% due 01/25/2037 •  |  | 2 | 2 |
|  4.092% due 12/25/2046 •  |  | 116 | 104 |
|  4.356% due 12/25/2036 •  |  | 2 | 2 |
|  5.445% due 07/25/2047 •  |  | 263 | 220 |
|  5.515% due 10/25/2046 •  |  | 3053 | 2619 |
|  Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust |
|  5.385% due 02/25/2047 •  |  | 1249 | 1150 |
|  5.605% due 05/25/2046 •  |  | 3 | 2 |
|  Wells Fargo Alternative Loan Trust | Wells Fargo Alternative Loan Trust | Wells Fargo Alternative Loan Trust | Wells Fargo Alternative Loan Trust |
|  6.250% due 07/25/2037 |  | 728 | 630 |
|  7.125% due 07/25/2037 ~ |  | 24 | 22 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $61,773) | Total Non-Agency Mortgage-Backed Securities (Cost $61,773) | Total Non-Agency Mortgage-Backed Securities (Cost $61,773) | 60006 |
| ASSET-BACKED SECURITIES 26.2% | ASSET-BACKED SECURITIES 26.2% | ASSET-BACKED SECURITIES 26.2% | ASSET-BACKED SECURITIES 26.2% |
| AUTOMOBILE ABS OTHER 1.3% | AUTOMOBILE ABS OTHER 1.3% | AUTOMOBILE ABS OTHER 1.3% | AUTOMOBILE ABS OTHER 1.3% |
|  Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust |
|  4.480% due 04/16/2029 |  | 2000 | 1996 |
|  4.640% due 01/15/2030 |  | 1600 | 1599 |
|  GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust |
|  5.080% due 01/16/2029 |  | 2444 | 2459 |
|  |  |  | 6054 |
| AUTOMOBILE SEQUENTIAL 4.6% | AUTOMOBILE SEQUENTIAL 4.6% | AUTOMOBILE SEQUENTIAL 4.6% | AUTOMOBILE SEQUENTIAL 4.6% |
|  AmeriCredit Automobile Receivables Trust | AmeriCredit Automobile Receivables Trust | AmeriCredit Automobile Receivables Trust | AmeriCredit Automobile Receivables Trust |
|  6.190% due 04/19/2027 |  | 770 | 772 |
|  Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC |
|  5.900% due 08/21/2028 |  | 1300 | 1335 |
|  6.120% due 04/20/2027 |  | 3300 | 3340 |
|  Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
|  5.380% due 03/12/2029 |  | 600 | 609 |
|  5.420% due 04/10/2028 |  | 795 | 799 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.410% due 09/10/2027 | 281 | 282 |
|  Citizens Auto Receivables Trust | Citizens Auto Receivables Trust | Citizens Auto Receivables Trust |
|  5.110% due 04/17/2028 | 300 | 302 |
|  5.430% due 10/15/2026 | 182 | 183 |
|  CPS Auto Receivables Trust | CPS Auto Receivables Trust | CPS Auto Receivables Trust |
|  4.910% due 06/15/2028 | 1389 | 1389 |
|  5.710% due 09/15/2027 | 156 | 156 |
|  Drive Auto Receivables Trust | Drive Auto Receivables Trust | Drive Auto Receivables Trust |
|  5.830% due 12/15/2026 | 90 | 90 |
|  DT Auto Owner Trust | DT Auto Owner Trust | DT Auto Owner Trust |
|  6.290% due 08/16/2027 | 427 | 428 |
|  Fifth Third Auto Trust | Fifth Third Auto Trust | Fifth Third Auto Trust |
|  5.800% due 11/16/2026 | 102 | 102 |
|  Ford Credit Auto Owner Trust | Ford Credit Auto Owner Trust | Ford Credit Auto Owner Trust |
|  4.650% due 02/15/2028 | 512 | 513 |
|  Foursight Capital Automobile Receivables Trust | Foursight Capital Automobile Receivables Trust | Foursight Capital Automobile Receivables Trust |
|  5.990% due 05/15/2028 | 616 | 620 |
|  GECU Auto Receivables Trust | GECU Auto Receivables Trust | GECU Auto Receivables Trust |
|  5.950% due 03/15/2027 | 385 | 385 |
|  GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust |
|  5.570% due 02/16/2027 | 397 | 398 |
|  6.040% due 03/15/2027 | 150 | 150 |
|  GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust |
|  5.960% due 10/16/2028 | 1000 | 1014 |
|  6.270% due 08/16/2027 | 654 | 656 |
|  GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust |
|  4.850% due 12/18/2028 | 900 | 906 |
|  Hertz Vehicle Financing LLC | Hertz Vehicle Financing LLC | Hertz Vehicle Financing LLC |
|  1.990% due 06/25/2026 | 300 | 299 |
|  5.440% due 01/25/2029 | 2300 | 2333 |
|  5.490% due 06/25/2027 | 300 | 302 |
|  Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust |
|  4.990% due 02/15/2029 | 1400 | 1413 |
|  5.290% due 04/15/2027 | 810 | 812 |
|  Octane Receivables Trust | Octane Receivables Trust | Octane Receivables Trust |
|  5.870% due 05/21/2029 | 619 | 621 |
|  Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust |
|  5.320% due 09/25/2030 | 269 | 269 |
|  5.380% due 11/25/2030 | 332 | 333 |
|  7.130% due 01/26/2032 | 281 | 283 |
|  SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust |
|  5.350% due 06/21/2027 | 188 | 188 |
|  Tricolor Auto Securitization Trust | Tricolor Auto Securitization Trust | Tricolor Auto Securitization Trust |
|  6.610% due 10/15/2027 | 338 | 340 |
|  Veros Auto Receivables Trust | Veros Auto Receivables Trust | Veros Auto Receivables Trust |
|  7.120% due 11/15/2028 | 356 | 357 |
|  Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust |
|  5.960% due 10/15/2026 | 161 | 161 |
|  |  | 22140 |
| CMBS OTHER 2.3% | CMBS OTHER 2.3% | CMBS OTHER 2.3% |
|  Fortress Credit Investments Ltd. | Fortress Credit Investments Ltd. | Fortress Credit Investments Ltd. |
|  6.192% due 02/23/2039 •  | 644 | 632 |
|  MF1 Ltd. | MF1 Ltd. | MF1 Ltd. |
|  6.067% due 02/19/2037 •  | 2900 | 2912 |
|  PFP Ltd. | PFP Ltd. | PFP Ltd. |
|  6.595% due 08/19/2035 •  | 1718 | 1720 |
|  Ready Capital Mortgage Financing LLC | Ready Capital Mortgage Financing LLC | Ready Capital Mortgage Financing LLC |
|  6.872% due 10/25/2039 •  | 1623 | 1634 |
|  Starwood Commercial Mortgage Trust | Starwood Commercial Mortgage Trust | Starwood Commercial Mortgage Trust |
|  6.149% due 11/15/2038 •  | 4500 | 4476 |
|  |  | 11374 |
| CREDIT CARD BULLET 1.2% | CREDIT CARD BULLET 1.2% | CREDIT CARD BULLET 1.2% |
|  American Express Credit Account Master Trust | American Express Credit Account Master Trust | American Express Credit Account Master Trust |
|  4.870% due 05/15/2028 | 1600 | 1610 |
|  Bank of America Credit Card Trust | Bank of America Credit Card Trust | Bank of America Credit Card Trust |
|  4.790% due 05/15/2028 | 1700 | 1708 |
|  Synchrony Card Funding LLC | Synchrony Card Funding LLC | Synchrony Card Funding LLC |
|  4.930% due 07/15/2030 | 2500 | 2534 |
|  |  | 5852 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 111

------

Schedule of Investments PIMCO RAE Worldwide Long/Short PLUS Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| HOME EQUITY OTHER 6.6% | HOME EQUITY OTHER 6.6% | HOME EQUITY OTHER 6.6% |
|  ABFC Trust | ABFC Trust | ABFC Trust |
|  5.170% due 03/25/2035 •  | 1140 | 1085 |
|  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 |
|  5.380% due 07/25/2035 •  | 3538 | 3481 |
|  Argent Securities Trust | Argent Securities Trust | Argent Securities Trust |
|  4.545% due 09/25/2036 •  | 670 | 216 |
|  4.915% due 06/25/2036 •  | 2011 | 547 |
|  Carrington Mortgage Loan Trust | Carrington Mortgage Loan Trust | Carrington Mortgage Loan Trust |
|  4.695% due 02/25/2037 •  | 2620 | 2496 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  4.735% due 12/25/2036 ~ | 2907 | 1056 |
|  4.755% due 09/25/2036 •  | 3069 | 2334 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.835% due 02/25/2037 •  | 363 | 339 |
|  4.935% due 01/25/2046 •  | 3951 | 3760 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  5.095% due 01/25/2036 ~ | 306 | 294 |
|  GSAA Home Equity Trust | GSAA Home Equity Trust | GSAA Home Equity Trust |
|  4.675% due 06/25/2036 •  | 568 | 108 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  4.695% due 12/25/2046 •  | 1588 | 798 |
|  HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust |
|  4.655% due 12/25/2036 •  | 7837 | 1987 |
|  IndyMac Residential Asset Backed Trust | IndyMac Residential Asset Backed Trust | IndyMac Residential Asset Backed Trust |
|  4.645% due 04/25/2037 ~ | 209 | 147 |
|  JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. |
|  4.735% due 07/25/2036 ~ | 545 | 234 |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  5.410% due 04/25/2035 ~ | 310 | 308 |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  4.755% due 10/25/2036 •  | 2474 | 1208 |
|  4.915% due 03/25/2036 ~ | 355 | 213 |
|  Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust |
|  4.565% due 01/25/2037 ~ | 2048 | 933 |
|  4.565% due 02/25/2037 •  | 1903 | 1674 |
|  4.715% due 08/25/2036 •  | 3466 | 1729 |
|  Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust |
|  4.605% due 04/25/2037 •  | 2046 | 1059 |
|  Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust |
|  5.095% due 10/25/2036 ~ | 1382 | 306 |
|  NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust |
|  4.755% due 10/25/2036 •  | 1886 | 838 |
|  Ownit Mortgage Loan Trust | Ownit Mortgage Loan Trust | Ownit Mortgage Loan Trust |
|  5.335% due 10/25/2036 •  | 226 | 217 |
|  Park Place Securities, Inc. Asset-Backed Pass-Through Certificates | Park Place Securities, Inc. Asset-Backed Pass-Through Certificates | Park Place Securities, Inc. Asset-Backed Pass-Through Certificates |
|  6.310% due 10/25/2034 •  | 1131 | 1004 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  5.110% due 11/25/2035 •  | 910 | 898 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  5.155% due 10/25/2035 •  | 2650 | 2286 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  4.515% due 06/25/2037 ~ | 465 | 305 |
|  4.955% due 02/25/2037 •  | 1193 | 321 |
|  |  | 32181 |
| HOME EQUITY SEQUENTIAL 0.0% | HOME EQUITY SEQUENTIAL 0.0% | HOME EQUITY SEQUENTIAL 0.0% |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  5.155% due 04/25/2037 •  | 307 | 82 |
| WHOLE LOAN COLLATERAL 0.6% | WHOLE LOAN COLLATERAL 0.6% | WHOLE LOAN COLLATERAL 0.6% |
|  PRET LLC | PRET LLC | PRET LLC |
|  4.744% due 07/25/2051 þ | 513 | 511 |
|  4.843% due 09/25/2051 þ | 1673 | 1666 |
|  4.868% due 07/25/2051 þ | 575 | 575 |
|  |  | 2752 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| OTHER ABS 9.6% | OTHER ABS 9.6% | OTHER ABS 9.6% |
|  ACHV ABS Trust | ACHV ABS Trust | ACHV ABS Trust |
|  5.430% due 10/27/2031 | 920 | 925 |
|  Anchorage Credit Funding Ltd. | Anchorage Credit Funding Ltd. | Anchorage Credit Funding Ltd. |
|  2.875% due 07/27/2039 | 300 | 278 |
|  3.177% due 10/25/2038 | 300 | 289 |
|  3.900% due 07/28/2037 | 289 | 286 |
|  3.928% due 04/25/2038 | 300 | 291 |
|  4.300% due 07/25/2036 | 212 | 209 |
|  Ares European CLO DAC | Ares European CLO DAC | Ares European CLO DAC |
|  4.544% due 10/21/2034 •  | 900 | 975 |
|  Birch Grove CLO Ltd. | Birch Grove CLO Ltd. | Birch Grove CLO Ltd. |
|  5.893% due 07/17/2037 ~ | 2800 | 2802 |
|  Black Diamond CLO DAC | Black Diamond CLO DAC | Black Diamond CLO DAC |
|  3.536% due 05/15/2032 •  | 1292 | 1398 |
|  Cairn CLO DAC | Cairn CLO DAC | Cairn CLO DAC |
|  3.565% due 10/15/2031 •  | 718 | 776 |
|  Carlyle Euro CLO DAC | Carlyle Euro CLO DAC | Carlyle Euro CLO DAC |
|  3.446% due 08/15/2032 •  | 2215 | 2395 |
|  Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. |
|  5.383% due 07/20/2034 ~ | 2500 | 2491 |
|  Carlyle Global Market Strategies Euro CLO DAC | Carlyle Global Market Strategies Euro CLO DAC | Carlyle Global Market Strategies Euro CLO DAC |
|  3.485% due 01/15/2031 •  | 1027 | 1105 |
|  College Avenue Student Loans LLC | College Avenue Student Loans LLC | College Avenue Student Loans LLC |
|  6.240% due 05/25/2055 •  | 2610 | 2670 |
|  CRB Securitization Trust | CRB Securitization Trust | CRB Securitization Trust |
|  6.960% due 10/20/2033 | 400 | 402 |
|  Galaxy CLO Ltd. | Galaxy CLO Ltd. | Galaxy CLO Ltd. |
|  5.534% due 10/15/2030 •  | 173 | 173 |
|  Harvest CLO DAC | Harvest CLO DAC | Harvest CLO DAC |
|  3.425% due 10/15/2031 •  | 667 | 721 |
|  KKR CLO Ltd. | KKR CLO Ltd. | KKR CLO Ltd. |
|  5.514% due 07/15/2030 ~ | 137 | 137 |
|  LendingPoint Pass-Through Trust | LendingPoint Pass-Through Trust | LendingPoint Pass-Through Trust |
|  3.250% due 04/15/2028 | 288 | 282 |
|  Man GLG Euro CLO DAC | Man GLG Euro CLO DAC | Man GLG Euro CLO DAC |
|  1.970% due 10/15/2032 | 1000 | 1045 |
|  4.485% due 10/15/2032 •  | 2300 | 2490 |
|  Marlette Funding Trust | Marlette Funding Trust | Marlette Funding Trust |
|  5.950% due 11/15/2032 | 146 | 146 |
|  Nelnet Student Loan Trust | Nelnet Student Loan Trust | Nelnet Student Loan Trust |
|  5.174% due 04/20/2062 •  | 996 | 992 |
|  6.544% due 02/20/2041 •  | 180 | 184 |
|  6.640% due 02/20/2041 | 180 | 186 |
|  Northwoods Capital Ltd. | Northwoods Capital Ltd. | Northwoods Capital Ltd. |
|  5.489% due 06/15/2031 ~ | 697 | 698 |
|  Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust |
|  5.331% due 01/15/2032 | 2199 | 2210 |
|  7.600% due 12/16/2030 | 66 | 66 |
|  Rockford Tower Europe CLO DAC | Rockford Tower Europe CLO DAC | Rockford Tower Europe CLO DAC |
|  3.631% due 01/24/2035 •  | 2200 | 2374 |
|  Segovia European CLO DAC | Segovia European CLO DAC | Segovia European CLO DAC |
|  3.624% due 07/20/2032 •  | 1952 | 2112 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  1.070% due 01/15/2053 | 1314 | 1176 |
|  1.340% due 03/17/2053 | 649 | 606 |
|  2.850% due 11/16/2054 | 735 | 687 |
|  5.164% due 01/15/2053 ~ | 1397 | 1372 |
|  5.897% due 11/15/2052 •  | 373 | 377 |
|  SoFi Professional Loan Program Trust | SoFi Professional Loan Program Trust | SoFi Professional Loan Program Trust |
|  2.540% due 05/15/2046 | 895 | 859 |
|  Theorem Funding Trust | Theorem Funding Trust | Theorem Funding Trust |
|  7.600% due 04/15/2029 | 263 | 265 |
|  Toro European CLO DAC | Toro European CLO DAC | Toro European CLO DAC |
|  3.709% due 01/12/2032 •  | 8998 | 9692 |
|  Upstart Structured Pass-Through Trust | Upstart Structured Pass-Through Trust | Upstart Structured Pass-Through Trust |
|  4.250% due 06/17/2030 | 127 | 125 |
|  |  | 46267 |
|  Total Asset-Backed Securities (Cost $136,139) | Total Asset-Backed Securities (Cost $136,139) | 126702 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SOVEREIGN ISSUES 7.7% | SOVEREIGN ISSUES 7.7% | SOVEREIGN ISSUES 7.7% | SOVEREIGN ISSUES 7.7% |
|  Bonos de la Tesoreria de la Republica en pesos | Bonos de la Tesoreria de la Republica en pesos | Bonos de la Tesoreria de la Republica en pesos | Bonos de la Tesoreria de la Republica en pesos |
|  4.700% due 09/01/2030 | CLP | 1280000 | 1282 |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 07/01/2025 (f) | BRL | 18800 | 3190 |
|  0.000% due 10/01/2025 (f) |  | 15000 | 2453 |
|  Colombian TES | Colombian TES | Colombian TES | Colombian TES |
|  6.000% due 04/28/2028 | COP | 6220500 | 1323 |
|  CPPIB Capital, Inc. | CPPIB Capital, Inc. | CPPIB Capital, Inc. | CPPIB Capital, Inc. |
|  4.300% due 06/02/2034 | CAD | 800 | 589 |
|  Czech Republic Government International Bond | Czech Republic Government International Bond | Czech Republic Government International Bond | Czech Republic Government International Bond |
|  4.200% due 12/04/2036 | CZK | 8300 | 355 |
|  Israel Government International Bond | Israel Government International Bond | Israel Government International Bond | Israel Government International Bond |
|  1.750% due 08/31/2025 | ILS | 200 | 53 |
|  Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond |
|  2.750% due 11/27/2031 (g) | MXN | 10612 | 453 |
|  3.000% due 12/03/2026 (g) |  | 20213 | 951 |
|  4.000% due 11/30/2028 (g) |  | 5348 | 253 |
|  4.000% due 08/24/2034 (g) |  | 48426 | 2206 |
|  8.000% due 11/07/2047 |  | 15900 | 642 |
|  8.500% due 03/01/2029 |  | 9700 | 469 |
|  Peru Government International Bond | Peru Government International Bond | Peru Government International Bond | Peru Government International Bond |
|  5.400% due 08/12/2034 | PEN | 9100 | 2260 |
|  6.150% due 08/12/2032 |  | 28100 | 7685 |
|  6.900% due 08/12/2037 |  | 2800 | 753 |
|  6.950% due 08/12/2031 |  | 1400 | 407 |
|  7.300% due 08/12/2033 |  | 3300 | 949 |
|  7.600% due 08/12/2039 |  | 500 | 141 |
|  Province of Quebec | Province of Quebec | Province of Quebec | Province of Quebec |
|  4.450% due 09/01/2034 | CAD | 5800 | 4304 |
|  Republic of Poland Government International Bond | Republic of Poland Government International Bond | Republic of Poland Government International Bond | Republic of Poland Government International Bond |
|  4.750% due 07/25/2029 | PLN | 5700 | 1442 |
|  Republic of South Africa Government International Bond | Republic of South Africa Government International Bond | Republic of South Africa Government International Bond | Republic of South Africa Government International Bond |
|  7.000% due 02/28/2031 | ZAR | 14200 | 688 |
|  8.000% due 01/31/2030 |  | 15400 | 805 |
|  8.250% due 03/31/2032 |  | 7300 | 366 |
|  8.500% due 01/31/2037 |  | 9600 | 435 |
|  9.000% due 01/31/2040 |  | 41500 | 1872 |
|  Turkey Government International Bond | Turkey Government International Bond | Turkey Government International Bond | Turkey Government International Bond |
|  44.165% due 09/06/2028 ~ | TRY | 21700 | 538 |
|  45.031% due 05/20/2026 ~ |  | 300 | 8 |
|  45.031% due 08/19/2026 ~ |  | 100 | 3 |
|  45.031% due 05/17/2028 ~ |  | 24000 | 598 |
|  Total Sovereign Issues (Cost $37,239) | Total Sovereign Issues (Cost $37,239) | Total Sovereign Issues (Cost $37,239) | 37473 |
|  |  | SHARES |  |
| COMMON STOCKS 1.3% | COMMON STOCKS 1.3% | COMMON STOCKS 1.3% | COMMON STOCKS 1.3% |
| COMMUNICATION SERVICES 0.0% | COMMUNICATION SERVICES 0.0% | COMMUNICATION SERVICES 0.0% | COMMUNICATION SERVICES 0.0% |
|  Verizon Communications, Inc. | Verizon Communications, Inc. | 958 | 43 |
|  Walt Disney Co. |  | 958 | 95 |
|  |  |  | 138 |
| CONSUMER DISCRETIONARY 0.2% | CONSUMER DISCRETIONARY 0.2% | CONSUMER DISCRETIONARY 0.2% | CONSUMER DISCRETIONARY 0.2% |
|  Amazon.com, Inc. (d) |  | 958 | 182 |
|  Home Depot, Inc. |  | 958 | 351 |
|  McDonald's Corp. |  | 958 | 299 |
|  NIKE, Inc. 'B' |  | 958 | 61 |
|  |  |  | 893 |
| CONSUMER STAPLES 0.1% | CONSUMER STAPLES 0.1% | CONSUMER STAPLES 0.1% | CONSUMER STAPLES 0.1% |
|  Coca-Cola Co. |  | 958 | 69 |
|  Procter & Gamble Co. |  | 958 | 163 |
|  Walmart, Inc. |  | 958 | 84 |
|  |  |  | 316 |
| ENERGY 0.0% | ENERGY 0.0% | ENERGY 0.0% | ENERGY 0.0% |
|  Chevron Corp. |  | 958 | 160 |

---

112 PIMCO EQUITY-RELATED STRATEGY FUNDS See Accompanying Notes

------

March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| FINANCIALS 0.3% | FINANCIALS 0.3% | FINANCIALS 0.3% | FINANCIALS 0.3% |
|  American Express Co. | 958 | $— | 258 |
|  Goldman Sachs Group, Inc. | 958 |  | 523 |
|  JPMorgan Chase & Co. | 958 |  | 235 |
|  Travelers Cos., Inc. | 958 |  | 253 |
|  Visa, Inc. 'A' | 958 |  | 336 |
|  |  |  | 1605 |
| HEALTH CARE 0.2% | HEALTH CARE 0.2% | HEALTH CARE 0.2% | HEALTH CARE 0.2% |
|  Amgen, Inc. | 958 |  | 298 |
|  Johnson & Johnson | 958 |  | 159 |
|  Merck & Co., Inc. | 958 |  | 86 |
|  UnitedHealth Group, Inc. | 958 |  | 502 |
|  |  |  | 1045 |
| INDUSTRIALS 0.2% | INDUSTRIALS 0.2% | INDUSTRIALS 0.2% | INDUSTRIALS 0.2% |
|  3M Co. | 958 |  | 141 |
|  Boeing Co. (d) | 958 |  | 163 |
|  Caterpillar, Inc. | 958 |  | 316 |
|  Honeywell International, Inc. | 958 |  | 203 |
|  |  |  | 823 |
| INFORMATION TECHNOLOGY 0.2% | INFORMATION TECHNOLOGY 0.2% | INFORMATION TECHNOLOGY 0.2% | INFORMATION TECHNOLOGY 0.2% |
|  Apple, Inc. | 958 |  | 213 |
|  Cisco Systems, Inc. | 958 |  | 59 |
|  International Business Machines Corp. | 958 |  | 238 |
|  Microsoft Corp. | 958 |  | 360 |
|  NVIDIA Corp. | 958 |  | 104 |
|  Salesforce, Inc. | 958 |  | 257 |
|  |  |  | 1231 |
| MATERIALS 0.1% | MATERIALS 0.1% | MATERIALS 0.1% | MATERIALS 0.1% |
|  Sherwin-Williams Co. | 958 |  | 335 |
|  Total Common Stocks (Cost $5,820) | Total Common Stocks (Cost $5,820) |  | 6546 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SHORT-TERM INSTRUMENTS 26.2% | SHORT-TERM INSTRUMENTS 26.2% | SHORT-TERM INSTRUMENTS 26.2% |
| COMMERCIAL PAPER 6.0% | COMMERCIAL PAPER 6.0% | COMMERCIAL PAPER 6.0% |
|  AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. |
|  4.640% due 04/15/2025 | 420 | 419 |
|  4.640% due 04/17/2025 | 710 | 708 |
|  AES Corp. | AES Corp. | AES Corp. |
|  4.900% due 04/10/2025 | 2400 | 2397 |
|  Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. |
|  4.570% due 04/10/2025 | 2390 | 2387 |
|  Aon Corp. | Aon Corp. | Aon Corp. |
|  4.550% due 04/10/2025 | 2450 | 2447 |
|  Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. |
|  4.850% due 04/28/2025 (b) | 2410 | 2402 |
|  Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. |
|  4.700% due 04/04/2025 | 890 | 889 |
|  4.800% due 04/21/2025 | 410 | 409 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  4.910% due 04/29/2025 | 2390 | 2381 |
|  Enbridge U.S., Inc. | Enbridge U.S., Inc. | Enbridge U.S., Inc. |
|  4.640% due 04/25/2025 | 400 | 399 |
|  Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |
|  5.000% due 04/22/2025 | 2390 | 2383 |
|  Harley-Davidson Financial Services, Inc. | Harley-Davidson Financial Services, Inc. | Harley-Davidson Financial Services, Inc. |
|  4.920% due 04/22/2025 | 2200 | 2194 |
|  Intel Corp. | Intel Corp. | Intel Corp. |
|  4.600% due 04/02/2025 | 2390 | 2389 |
|  Jones Lang LaSalle Finance BV | Jones Lang LaSalle Finance BV | Jones Lang LaSalle Finance BV |
|  4.700% due 04/15/2025 | 2390 | 2385 |
|  Marsh & McLennan Cos, Inc. | Marsh & McLennan Cos, Inc. | Marsh & McLennan Cos, Inc. |
|  4.600% due 04/17/2025 | 2340 | 2335 |
|  Targa Resources Corp. | Targa Resources Corp. | Targa Resources Corp. |
|  4.700% due 04/21/2025 | 2400 | 2393 |
|  |  | 28917 |
| REPURCHASE AGREEMENTS (h) 18.9% | REPURCHASE AGREEMENTS (h) 18.9% | REPURCHASE AGREEMENTS (h) 18.9% |
|  |  | 91400 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| U.S. TREASURY BILLS 1.3% | U.S. TREASURY BILLS 1.3% | U.S. TREASURY BILLS 1.3% | U.S. TREASURY BILLS 1.3% |
|  4.293% due 04/03/2025 - 06/05/2025 (e)(f)(l) | 6314 | $— | 6287 |
| Total Short-Term Instruments<br>(Cost $126,608) | Total Short-Term Instruments<br>(Cost $126,608) |  | 126604 |
| Total Investments in Securities<br>(Cost $729,267) | Total Investments in Securities<br>(Cost $729,267) |  | 717191 |
|  | SHARES |  |  |
| INVESTMENTS IN AFFILIATES 0.0% | INVESTMENTS IN AFFILIATES 0.0% | INVESTMENTS IN AFFILIATES 0.0% | INVESTMENTS IN AFFILIATES 0.0% |
| SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.0% |
|  PIMCO Short-Term<br>Floating NAV Portfolio III | 7859 |  | 76 |
| Total Short-Term Instruments<br>(Cost $76) | Total Short-Term Instruments<br>(Cost $76) |  | 76 |
| Total Investments in Affiliates<br>(Cost $76) | Total Investments in Affiliates<br>(Cost $76) |  | 76 |
| Total Investments 148.2% (Cost $729,343) | Total Investments 148.2% (Cost $729,343) | $— | 717267 |
|  Financial Derivative<br>Instruments (i)(k) (0.4)%<br> (Cost or Premiums, net $9,210) | Financial Derivative<br>Instruments (i)(k) (0.4)%<br> (Cost or Premiums, net $9,210) |  | (1749) |
| Other Assets and Liabilities, net (47.8)% | Other Assets and Liabilities, net (47.8)% |  | (231643) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 483875 |

---

#### 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) Payment in-kind security.

(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) Principal amount of security is adjusted for inflation.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **113** |

---

------

Schedule of Investments PIMCO RAE Worldwide Long/Short PLUS Fund (Cont.)

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Lending<br>Rate | Settlement<br>Date | Maturity<br>Date | Principal<br>Amount | Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| BOS | 4.440% | 03/31/2025 | 04/01/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91400 | U.S. Treasury Notes 0.375% due 07/31/2027 | $(93209) | $91400 | $91411 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(93209) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91400 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91411 |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (6.1)% | U.S. Government Agencies (6.1)% | U.S. Government Agencies (6.1)% | U.S. Government Agencies (6.1)% | U.S. Government Agencies (6.1)% | U.S. Government Agencies (6.1)% |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.500% | 05/01/2055 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21800 | $(19565) | $(19650) |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 5.000 | 04/01/2055 | 10210 | (10030) | (10008) |
|  Total Short Sales (6.1)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29595) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29658) |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(2)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BOS | $91411 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91411 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(93209) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1798) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91411 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |  |  |  |

---

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

&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 | 4 | $4 | $(1) | $0 |
|  Put - CBOE U.S. Treasury 10-Year Note May Futures | 109.500 | 04/25/2025 | 3 | 3 | (1) | (1) |
|  Put - CBOE U.S. Treasury 10-Year Note May Futures | 110.000 | 04/25/2025 | 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | (3) | (3) |
|  Call - CBOE U.S. Treasury 10-Year Note May Futures | 112.000 | 04/25/2025 | 4 | 4 | (1) | (2) |
|  Call - CBOE U.S. Treasury 10-Year Note May Futures | 112.250 | 04/25/2025 | 3 | 3 | (1) | (1) |
|  Call - CBOE U.S. Treasury 10-Year Note May Futures | 112.500 | 04/25/2025 | 11 | 11 | (3) | (4) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) |

---

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  E-Mini S&P 500 Index June Futures  | 06/2025 | 40 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11307 | $(207) | $60 | $0 |
|  Euro STOXX 50 June Futures  | 06/2025 | 48 | 2693 | (110) | 0 | (66) |
|  FTSE 100 Index June Futures  | 06/2025 | 7 | 777 | (11) | 0 | (7) |
|  Nikkei 225 Index June Futures  | 06/2025 | 13 | 1562 | (60) | 0 | (59) |
|  U.S. Treasury 5-Year Note June Futures  | 06/2025 | 272 | 29419 | 26 | 0 | (9) |
|  U.S. Treasury 10-Year Note June Futures  | 06/2025 | 40 | 4449 | 61 | 1 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(301) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(141) |

---

114 PIMCO EQUITY-RELATED STRATEGY FUNDS See Accompanying Notes

------

March 31, 2025

#### SHORT FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  U.S. Treasury 10-Year Ultra Long-Term Bond June Futures  | 06/2025 | 28 | $(3196) | $(38) | $0 | $(2) |
|  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 | 52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6357) | (29) | 0 | (23) |
|  |  |  |  | $(81) | $0 | $(26) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(382) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(167) |

---

#### SWAP AGREEMENTS:

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Variation Margin | Variation Margin |
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Asset | Liability |
|  AT&T, Inc. | 1.000% | Quarterly | 06/20/2026 | 0.346% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | $(6) | $6 | $0 | $0 |
|  AT&T, Inc. | 1.000 | Quarterly | 06/20/2028 | 0.514 | 200 | (1) | 4 | 3 | 0 | 0 |
|  Bank of America Corp. | 1.000 | Quarterly | 12/20/2025 | 0.269 | 100 | 1 | 0 | 1 | 0 | 0 |
|  Barclays Bank PLC | 1.000 | Quarterly | 12/20/2025 | 0.328 | 300 | 2 | 0 | 2 | 0 | 0 |
|  BNP Paribas SNR | 1.000 | Quarterly | 12/20/2025 | 0.204 | 200 | 1 | 0 | 1 | 0 | 0 |
|  British Telecommunications PLC | 1.000 | Quarterly | 06/20/2028 | 0.359 | 300 | 0 | 6 | 6 | 0 | 0 |
|  |  |  |  |  |  | $15 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;270 | $(6) | $1 | $(5) | $0 | $0 |
|  CDX.IG-44 5-Year Index | (1.000) | Quarterly | 06/20/2030 | 200 | (4) | 0 | (4) | 0 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(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.HY-43 5-Year Index | 5.000% | Quarterly | 12/20/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4900 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(88) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  CDX.HY-44 5-Year Index | 5.000 | Quarterly | 06/20/2030 | 1400 | 73 | 1 | 74 | 1 | 0 |
|  CDX.IG-41 5-Year Index | 1.000 | Quarterly | 12/20/2028 | 300 | 6 | 0 | 6 | 0 | 0 |
|  |  |  |  |  | $437 | $(87) | $350 | $2 | $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 | 1-Day GBP-SONIO Compounded-OIS | 3.500% | Annual | 03/19/2030 | 28700 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(789) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61) | $(850) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 4.320 | Annual | 10/20/2033 | 200 | (1) | 4 | 3 | 2 | 0 |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 3.700 | Annual | 03/28/2034 | 100 | 0 | 4 | 4 | 0 | (1) |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 3.930 | Annual | 01/06/2035 | 200 | (1) | (4) | (5) | 2 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/21/2025 | $40200 | 594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(176) | 418 | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 06/20/2026 | 31010 | (62) | 243 | 181 | 0 | (1) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.982 | Annual | 09/30/2026 | 28300 | 0 | 25 | 25 | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2028 | 36000 | 200 | 17 | 217 | 0 | (9) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/21/2028 | 21800 | 278 | 268 | 546 | 0 | (5) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/20/2028 | 3500 | (3) | (3) | (6) | 0 | (1) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 02/28/2029 | 33100 | 0 | 224 | 224 | 20 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2029 | 5150 | 48 | (22) | 26 | 0 | (3) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 03/04/2030 | 700 | (1) | (5) | (6) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/21/2030 | 16300 | 409 | 342 | 751 | 0 | (17) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2030 | 18750 | 184 | 29 | 213 | 0 | (25) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2031 | 6600 | 19 | (31) | (12) | 0 | (12) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/21/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3224 | 198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3422 | 0 | (18) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2034 | 200 | 2 | 0 | 2 | 0 | (1) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.450 | Annual | 10/11/2034 | 500 | (2) | (13) | (15) | 1 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **115** |

---

------

Schedule of Investments PIMCO RAE Worldwide Long/Short PLUS Fund (Cont.)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 1-Day USD-SOFR Compounded-OIS | 3.375% | Annual | 10/15/2034 | $400 | $(1) | $(13) | $(14) | $1 | $0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.385 | Annual | 10/17/2034 | 400 | (1) | (13) | (14) | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.395 | Annual | 10/17/2034 | 100 | 0 | (3) | (3) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.400 | Annual | 10/17/2034 | 200 | (1) | (6) | (7) | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.446 | Annual | 10/23/2034 | 300 | (1) | (8) | (9) | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.463 | Annual | 10/23/2034 | 400 | (1) | (10) | (11) | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.481 | Annual | 10/29/2034 | 400 | (1) | (10) | (11) | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.465 | Annual | 10/30/2034 | 600 | (2) | (15) | (17) | 2 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.485 | Annual | 10/30/2034 | 500 | (2) | (11) | (13) | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.495 | Annual | 10/30/2034 | 500 | (2) | (11) | (13) | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.455 | Annual | 11/01/2034 | 500 | (2) | (12) | (14) | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.470 | Annual | 11/01/2034 | 500 | (2) | (12) | (14) | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.435 | Annual | 11/05/2034 | 500 | (2) | (13) | (15) | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.515 | Annual | 11/06/2034 | 300 | (1) | (6) | (7) | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.535 | Annual | 11/06/2034 | 1000 | (3) | (18) | (21) | 3 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.860 | Annual | 11/14/2034 | 500 | (2) | 5 | 3 | 2 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.866 | Annual | 11/14/2034 | 200 | (1) | 2 | 1 | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.793 | Annual | 11/19/2034 | 500 | (2) | 2 | 0 | 2 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.855 | Annual | 11/19/2034 | 200 | (1) | 2 | 1 | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.865 | Annual | 11/20/2034 | 100 | 0 | 1 | 1 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 | 23500 | (147) | 278 | 131 | 0 | (15) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.015 | Annual | 12/30/2034 | 100 | 0 | 2 | 2 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.933 | Annual | 01/06/2035 | 300 | (1) | 5 | 4 | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.840 | Annual | 01/08/2035 | 300 | (1) | 3 | 2 | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.850 | Annual | 01/08/2035 | 100 | 0 | 1 | 1 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.890 | Annual | 01/08/2035 | 300 | (1) | 4 | 3 | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.896 | Annual | 01/08/2035 | 400 | (1) | 5 | 4 | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.900 | Annual | 01/08/2035 | 200 | (1) | 3 | 2 | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.880 | Annual | 01/13/2035 | 500 | (1) | 5 | 4 | 2 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.013 | Annual | 01/15/2035 | 500 | (1) | 11 | 10 | 2 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.071 | Annual | 01/15/2035 | 200 | (1) | 6 | 5 | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 01/21/2035 | 200 | (1) | 6 | 5 | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.090 | Annual | 01/22/2035 | 300 | (1) | 9 | 8 | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 02/26/2035 | 100 | 0 | (2) | (2) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.890 | Annual | 03/03/2035 | 150 | (1) | 0 | (1) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.908 | Annual | 03/04/2035 | 300 | (1) | (2) | (3) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.870 | Annual | 03/05/2035 | 100 | 0 | (1) | (1) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.874 | Annual | 03/05/2035 | 400 | (1) | (3) | (4) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.899 | Annual | 03/11/2035 | 200 | (1) | (1) | (2) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 03/12/2035 | 400 | (1) | (4) | (5) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.975 | Annual | 03/21/2035 | 500 | (1) | (8) | (9) | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 03/24/2035 | 500 | (1) | (6) | (7) | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.884 | Annual | 03/25/2035 | 400 | (1) | (3) | (4) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 02/20/2049 | 5100 | 78 | 65 | 143 | 0 | (34) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.250 | Semi-Annual | 06/16/2051 | 13200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2052 | 900 | 209 | 129 | 338 | 0 | (5) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.750 | Annual | 06/21/2053 | 3060 | 167 | 448 | 615 | 0 | (19) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/18/2054 | 8130 | 84 | 370 | 454 | 0 | (60) |
| Receive | 3-Month COP-IBR Compounded-OIS | 7.498 | Quarterly | 04/28/2028 | 5502700 | 0 | 37 | 37 | 0 | (1) |
| Receive | 3-Month EUR-EURIBOR | 2.680 | Annual | 08/07/2034 | 100 | 0 | (2) | (2) | 0 | 0 |
| Receive | 3-Month EUR-EURIBOR | 2.580 | Annual | 08/29/2034 | 300 | (1) | (2) | (3) | 0 | (1) |
| Receive | 3-Month EUR-EURIBOR | 2.390 | Annual | 10/01/2034 | 300 | (1) | 9 | 8 | 0 | (1) |
| Pay | 3-Month EUR-EURIBOR | 2.380 | Annual | 12/31/2034 | 200 | (1) | (4) | (5) | 1 | 0 |
| Receive | 3-Month PLN-WIBOR | 4.930 | Annual | 07/25/2029 | 5700 | 0 | (31) | (31) | 0 | (4) |
| Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/20/2033 | 15400 | (66) | 271 | 205 | 67 | 0 |
| Receive | 6-Month CLP-CHILIBOR | 5.020 | Semi-Annual | 09/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1280000 | 0 | 5 | 5 | 0 | (2) |
| Receive | 6-Month CZK-PRIBOR | 3.760 | Annual | 11/01/2034 | 9200 | 0 | 0 | 0 | 0 | (3) |
| Receive | 6-Month EUR-EURIBOR | 2.280 | Annual | 03/04/2030 | 400 | (1) | 3 | 2 | 0 | (1) |
| Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2030 | 240 | 1 | (3) | (2) | 1 | 0 |
| Receive | 6-Month EUR-EURIBOR | 3.250 | Annual | 11/06/2033 | 80 | 0 | (4) | (4) | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 3.148 | Annual | 11/20/2033 | 200 | (1) | (9) | (10) | 0 | (1) |
| Receive | 6-Month EUR-EURIBOR | 3.280 | Annual | 11/22/2033 | 200 | (1) | (11) | (12) | 0 | (1) |
| Receive | 6-Month EUR-EURIBOR | 3.305 | Annual | 11/27/2033 | 100 | 0 | (6) | (6) | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 3.128 | Annual | 12/04/2033 | 200 | (1) | (8) | (9) | 0 | (1) |
| Receive | 6-Month EUR-EURIBOR | 3.063 | Annual | 12/06/2033 | 200 | (1) | (7) | (8) | 0 | (1) |
| Receive | 6-Month EUR-EURIBOR | 2.910 | Annual | 12/29/2033 | 300 | (1) | (7) | (8) | 0 | (1) |
| Receive | 6-Month EUR-EURIBOR | 2.670 | Annual | 04/03/2034 | 200 | (1) | (2) | (3) | 0 | (1) |
| Pay | 6-Month EUR-EURIBOR | 2.220 | Annual | 01/08/2035 | 200 | 0 | (8) | (8) | 1 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.400 | Annual | 02/12/2035 | 200 | (1) | 6 | 5 | 0 | (1) |
| Pay | 6-Month EUR-EURIBOR | 2.420 | Annual | 03/07/2035 | 100 | 0 | (2) | (2) | 0 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.460 | Annual | 03/13/2035 | 200 | (1) | (2) | (3) | 1 | 0 |

---

---

| | | |
|:---|:---|:---|
| **116** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| Pay | 6-Month EUR-EURIBOR | 2.610% | Annual | 03/24/2035 |  | 200 | $(1) | $0 | $(1) | $1 | $0 |
| Pay | 6-Month EUR-EURIBOR | 2.520 | Annual | 03/27/2035 |  | 200 | (1) | (1) | (2) | 1 | 0 |
| Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.460 | Annual | 04/01/2035 |  | 200 | (1) | (3) | (4) | 0 | (4) |
| Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2035 |  | 13080 | (557) | 33 | (524) | 55 | 0 |
| Receive<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2055 |  | 5400 | 437 | 3 | 440 | 0 | (43) |
| Receive | 28-Day MXN-TIIE | 9.390 | Lunar | 12/12/2025 |  | 6400 | 0 | (2) | (2) | 0 | 0 |
| Receive | 28-Day MXN-TIIE | 9.430 | Lunar | 12/25/2025 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10700 | 0 | (3) | (3) | 0 | 0 |
| Receive | 28-Day MXN-TIIE | 9.000 | Lunar | 03/01/2029 |  | 9100 | 0 | (16) | (16) | 0 | 0 |
| Receive<sup>(6)</sup> | 28-Day MXN-TIIE | 9.430 | Lunar | 10/19/2034 |  | 10700 | 0 | (26) | (26) | 0 | 0 |
| Receive<sup>(6)</sup> | 28-Day MXN-TIIE | 9.390 | Lunar | 11/03/2034 |  | 6400 | 0 | (15) | (15) | 0 | 0 |
| Receive | CAONREPO | 2.740 | Semi-Annual | 06/01/2034 |  | 400 | 0 | (1) | (1) | 0 | (1) |
| Receive | CAONREPO | 2.900 | Semi-Annual | 06/01/2034 |  | 3200 | 0 | (41) | (41) | 0 | (7) |
| Receive | CAONREPO | 3.000 | Semi-Annual | 06/01/2034 |  | 2980 | 3 | (58) | (55) | 0 | (7) |
| Receive | CPURNSA | 0.000 | Maturity | 03/27/2030 |  | $6300 | 0 | 26 | 26 | 6 | 0 |
|  |  |  |  |  |  |  | $6825 | $5965 | $12790 | $321 | $(376) |
|  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;7267 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13150 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(376) |

---

#### 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;61 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(167) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(376) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(554) |

---

(j) Securities with an aggregate market value of $1,586 and cash of $12,238 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.

&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 | 188585 | $1262 | $5 | $0 |
|  | 04/2025 | $19747 | 31216 | 0 | (242) |
|  | 04/2025 | 2099 | 316710 | 12 | 0 |
|  | 04/2025 | 2367 | 3165 | 0 | (12) |
|  | 05/2025 | 31216 | $19752 | 242 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **117** |

---

------

Schedule of Investments PIMCO RAE Worldwide Long/Short PLUS Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 05/2025 | 11376 | $1553 | $0 | $(17) |
|  | 05/2025 | 315647 | 2099 | 0 | (12) |
|  | 05/2025 | 3160 | 2367 | 11 | 0 |
|  | 05/2025 | $5973 | 43250 | 2 | (6) |
|  | 06/2025 | 27465 | $3758 | 0 | (42) |
|  | 06/2025 | $676 | 4875 | 0 | (1) |
|  | 07/2025 | 21523 | $2987 | 5 | (1) |
|  | 08/2025 | 21527 | 2985 | 0 | (5) |
|  BOA | 04/2025 | 342 | 14 | 0 | (1) |
|  | 04/2025 | 107500 | 716 | 0 | 0 |
|  | 04/2025 | 150379 | 103 | 0 | 0 |
|  | 04/2025 | $713 | 655 | 0 | (5) |
|  | 04/2025 | 1004 | 18232 | 0 | (10) |
|  | 05/2025 | 11123 | $1520 | 0 | (15) |
|  | 05/2025 | 136426 | 17560 | 6 | 0 |
|  | 05/2025 | 2084070 | 125 | 0 | 0 |
|  | 05/2025 | $131 | 11247 | 0 | 0 |
|  | 06/2025 | 7924 | $1089 | 0 | (7) |
|  | 06/2025 | $331 | 2392 | 0 | 0 |
|  | 06/2025 | 152 | 221464 | 0 | (1) |
|  | 06/2025 | 121 | 444 | 0 | 0 |
|  | 06/2025 | 2005 | 7746 | 0 | (10) |
|  | 08/2025 | 187 | $6 | 0 | 0 |
|  BPS | 04/2025 | 2223 | 1401 | 12 | 0 |
|  | 04/2025 | 12544 | 2182 | 0 | (16) |
|  | 04/2025 | 3489 | 2435 | 10 | 0 |
|  | 04/2025 | 4747 | 195 | 0 | (11) |
|  | 04/2025 | 57302 | 60086 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1875) |
|  | 04/2025 | 287 | 369 | 0 | (1) |
|  | 04/2025 | 13493582 | 814 | 4 | 0 |
|  | 04/2025 | 320 | 87 | 1 | 0 |
|  | 04/2025 | 1854998 | 12442 | 75 | 0 |
|  | 04/2025 | 3513863 | 2400 | 13 | 0 |
|  | 04/2025 | 170 | 16 | 0 | 0 |
|  | 04/2025 | 382220 | 11642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131 | 0 |
|  | 04/2025 | $571 | 902 | 0 | (7) |
|  | 04/2025 | 2187 | 12544 | 11 | 0 |
|  | 04/2025 | 2650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43585636 | 0 | (35) |
|  | 04/2025 | 1140 | 98923 | 16 | 0 |
|  | 04/2025 | 752 | 113031 | 2 | 0 |
|  | 04/2025 | 912 | 1325363 | 0 | (12) |
|  | 04/2025 | 956 | 1280 | 0 | (3) |
|  | 04/2025 | 9443 | 309702 | 0 | (116) |
|  | 04/2025 | 14440 | $788 | 2 | (1) |
|  | 05/2025 | 40431 | 5564 | 1 | (17) |
|  | 05/2025 | 6137735 | 369 | 1 | 0 |
|  | 05/2025 | 112652 | 752 | 0 | (2) |
|  | 05/2025 | 1278 | 956 | 3 | 0 |
|  | 05/2025 | 6770 | 200 | 0 | 0 |
|  | 05/2025 | $1052 | 8166 | 0 | (1) |
|  | 05/2025 | 534 | 8857238 | 0 | (3) |
|  | 05/2025 | 1737 | 148962 | 1 | 0 |
|  | 05/2025 | 16 | 170 | 0 | 0 |
|  | 06/2025 | 32033 | $4395 | 0 | (37) |
|  | 06/2025 | 139966 | 98 | 3 | 0 |
|  | 06/2025 | 31874 | 811 | 42 | 0 |
|  | 06/2025 | $1830 | 7117 | 13 | (10) |
|  | 07/2025 | 89912 | $2767 | 43 | 0 |
|  | 08/2025 | 20320 | 2828 | 6 | 0 |
|  | 08/2025 | 144386 | 4423 | 37 | 0 |
|  | 08/2025 | $266 | 1918 | 0 | 0 |
|  | 08/2025 | 152 | 4974 | 0 | (1) |
|  | 10/2025 | 5600 | $935 | 0 | (5) |
|  BRC | 04/2025 | 4459 | 1204 | 4 | 0 |
|  | 04/2025 | 3114 | 36 | 0 | (1) |
|  | 04/2025 | 41884 | 9489 | 32 | 0 |
|  | 04/2025 | 1460 | 146 | 0 | 0 |
|  | 04/2025 | 11487 | 298 | 1 | (1) |
|  | 04/2025 | $505 | 8262240 | 0 | (9) |
|  | 04/2025 | 36 | 3110 | 0 | 0 |

---

---

| | | |
|:---|:---|:---|
| **118** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 04/2025 | $28 | 315 | $2 | $0 |
|  | 04/2025 | 558 | 746 | 0 | (3) |
|  | 04/2025 | 100 | 3806 | 0 | 0 |
|  | 04/2025 | 198 | 6464 | 0 | (3) |
|  | 05/2025 | 3119 | $36 | 0 | 0 |
|  | 05/2025 | 1503 | 38 | 0 | 0 |
|  | 05/2025 | $14 | 146 | 0 | 0 |
|  | 05/2025 | 88 | 3453 | 0 | (2) |
|  | 06/2025 | 1095 | $282 | 0 | 0 |
|  | 06/2025 | 14672 | 352 | 0 | (2) |
|  | 06/2025 | $12 | 46 | 0 | 0 |
|  | 06/2025 | 2381 | 94340 | 0 | (105) |
|  BSH | 04/2025 | 29593 | $18749 | 258 | 0 |
|  | 04/2025 | 2520 | 663 | 0 | (22) |
|  | 04/2025 | $20111 | 3020314 | 25 | 0 |
|  | 05/2025 | 3010142 | $20111 | 0 | (25) |
|  | 05/2025 | 414 | 109 | 0 | (3) |
|  | 06/2025 | 8300 | 2269 | 14 | 0 |
|  | 06/2025 | $292 | 1125 | 0 | (3) |
|  | 07/2025 | 2592 | $691 | 0 | (13) |
|  CBK | 04/2025 | 20076 | 3505 | 2 | (15) |
|  | 04/2025 | 1940 | 2205 | 12 | 0 |
|  | 04/2025 | 34461 | 4800 | 1 | 0 |
|  | 04/2025 | 5886068 | 1344 | 0 | (63) |
|  | 04/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14071682 | 848 | 3 | 0 |
|  | 04/2025 | 2251 | 618 | 12 | 0 |
|  | 04/2025 | 21793 | 254 | 0 | (1) |
|  | 04/2025 | 7140 | 1901 | 0 | (42) |
|  | 04/2025 | 25760 | 2569 | 6 | 0 |
|  | 04/2025 | 403122 | 12304 | 164 | 0 |
|  | 04/2025 | $3496 | 20076 | 22 | 0 |
|  | 04/2025 | 23969 | 34149 | 0 | (238) |
|  | 04/2025 | 1162 | 1026 | 0 | (3) |
|  | 04/2025 | 4805 | 34456 | 0 | (7) |
|  | 04/2025 | 1413 | 5926336 | 4 | 0 |
|  | 04/2025 | 1098 | 7800 | 33 | 0 |
|  | 04/2025 | 679 | 628 | 1 | 0 |
|  | 04/2025 | 990 | 764 | 0 | (3) |
|  | 04/2025 | 1683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27639175 | 0 | (24) |
|  | 04/2025 | 3814 | 332542 | 69 | 0 |
|  | 04/2025 | 66 | 96546 | 0 | 0 |
|  | 04/2025 | 10038 | 329151 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(126) |
|  | 05/2025 | 34099 | $23969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238 | 0 |
|  | 05/2025 | 2154 | 277 | 0 | 0 |
|  | 05/2025 | 7513302 | 452 | 2 | 0 |
|  | 05/2025 | 367 | 97 | 0 | (3) |
|  | 05/2025 | 148 | 4 | 0 | 0 |
|  | 05/2025 | $4800 | 34458 | 0 | 0 |
|  | 05/2025 | 532 | 8835242 | 0 | (2) |
|  | 05/2025 | 288 | 24700 | 0 | 0 |
|  | 05/2025 | 2569 | 25713 | 0 | (6) |
|  | 06/2025 | 2012364 | $2145 | 27 | 0 |
|  | 06/2025 | 3466 | 478 | 0 | (1) |
|  | 06/2025 | 5994461 | 1413 | 0 | (4) |
|  | 06/2025 | 3620899 | 2527 | 62 | 0 |
|  | 06/2025 | 1200 | 326 | 0 | 0 |
|  | 06/2025 | $301 | 2172 | 0 | 0 |
|  | 06/2025 | 414 | 598253 | 0 | (7) |
|  | 07/2025 | 143655 | $4416 | 64 | 0 |
|  | 07/2025 | $3249 | 18987 | 15 | (1) |
|  | 08/2025 | 4015 | $1075 | 0 | (14) |
|  | 08/2025 | 154440 | 4734 | 43 | 0 |
|  | 09/2025 | 199 | 53 | 0 | (1) |
|  | 12/2025 | 2769 | 748 | 0 | (1) |
|  DUB | 04/2025 | 775 | 489 | 4 | 0 |
|  | 04/2025 | 31 | 21 | 0 | 0 |
|  | 04/2025 | 17 | 19 | 0 | 0 |
|  | 04/2025 | 8371 | 1208 | 0 | (5) |
|  | 04/2025 | 2272 | 625 | 14 | 0 |
|  | 04/2025 | 58800 | 400 | 8 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **119** |

---

------

Schedule of Investments PIMCO RAE Worldwide Long/Short PLUS Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 04/2025 | 403 | $232 | $3 | $0 |
|  | 04/2025 | 575 | 429 | 1 | 0 |
|  | 04/2025 | $1696 | 28110024 | 0 | (10) |
|  | 04/2025 | 212 | 18245 | 1 | 0 |
|  | 04/2025 | 230 | 403 | 0 | (1) |
|  | 04/2025 | 1209 | 1620 | 0 | (4) |
|  | 05/2025 | 914873 | $55 | 0 | 0 |
|  | 05/2025 | 704 | 185 | 0 | (6) |
|  | 05/2025 | 1617 | 1209 | 4 | 0 |
|  | 05/2025 | $489 | 775 | 0 | (4) |
|  | 05/2025 | 1208 | 8355 | 5 | 0 |
|  | 05/2025 | 232 | 403 | 0 | (3) |
|  | 06/2025 | 3000570 | $2093 | 49 | 0 |
|  FAR | 04/2025 | 4428 | 771 | 0 | (5) |
|  | 04/2025 | 32606 | 36579 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(276) |
|  | 04/2025 | 2365 | 651 | 15 | 0 |
|  | 04/2025 | 1438950 | 9644 | 50 | 0 |
|  | 04/2025 | $771 | 4428 | 5 | 0 |
|  | 04/2025 | 1746 | 12390 | 49 | 0 |
|  | 04/2025 | 183 | 67646 | 0 | (2) |
|  | 04/2025 | 14353 | 2160857 | 54 | 0 |
|  | 04/2025 | 461 | 2047 | 1 | 0 |
|  | 04/2025 | 65 | 2145 | 0 | (1) |
|  | 05/2025 | 2153578 | $14353 | 0 | (53) |
|  | 05/2025 | $1524 | 10991 | 0 | (7) |
|  | 06/2025 | 771 | 4484 | 5 | 0 |
|  | 06/2025 | 618 | 2393 | 0 | (2) |
|  | 07/2025 | 10949 | $1524 | 6 | 0 |
|  GLM | 04/2025 | 27003 | 4782 | 60 | (10) |
|  | 04/2025 | 111 | 77 | 0 | 0 |
|  | 04/2025 | 10400 | 1537 | 30 | 0 |
|  | 04/2025 | 11984891 | 722 | 3 | 0 |
|  | 04/2025 | 228943 | 156 | 1 | 0 |
|  | 04/2025 | 102 | 27 | 0 | (1) |
|  | 04/2025 | 297 | 7 | 0 | 0 |
|  | 04/2025 | $4615 | 27003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117 | 0 |
|  | 04/2025 | 1125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18531323 | 0 | (14) |
|  | 04/2025 | 90 | 131542 | 0 | (1) |
|  | 04/2025 | 132 | 585 | 0 | 0 |
|  | 05/2025 | 10816 | $1477 | 0 | (16) |
|  | 05/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3610182 | 216 | 0 | 0 |
|  | 05/2025 | $722 | 11995718 | 0 | (3) |
|  | 06/2025 | 1602 | 11637 | 9 | (2) |
|  | 06/2025 | 156 | 228111 | 0 | (1) |
|  | 06/2025 | 105 | 405 | 0 | (1) |
|  | 07/2025 | 6369 | $196 | 3 | 0 |
|  | 07/2025 | $16 | 525 | 0 | 0 |
|  | 09/2025 | 1616 | $441 | 3 | 0 |
|  | 10/2025 | 9400 | 1531 | 0 | (46) |
|  IND | 04/2025 | 16169 | 2338 | 0 | (6) |
|  | 04/2025 | $33 | 29 | 0 | 0 |
|  | 05/2025 | 29 | $33 | 0 | 0 |
|  | 05/2025 | $2338 | 16139 | 6 | 0 |
|  JPM | 04/2025 | 11105 | $1935 | 1 | (12) |
|  | 04/2025 | 1467832 | 89 | 1 | 0 |
|  | 04/2025 | 2063 | 568 | 13 | 0 |
|  | 04/2025 | 1544232 | 10360 | 64 | 0 |
|  | 04/2025 | 477 | 357 | 2 | 0 |
|  | 04/2025 | 572 | 14 | 0 | 0 |
|  | 04/2025 | 52199 | 1592 | 20 | 0 |
|  | 04/2025 | $491 | 775 | 0 | (6) |
|  | 04/2025 | 1936 | 11105 | 10 | 0 |
|  | 04/2025 | 62597 | 58034 | 155 | 0 |
|  | 04/2025 | 218 | 3584105 | 0 | (3) |
|  | 04/2025 | 104 | 381 | 0 | (1) |
|  | 04/2025 | 3689 | 321551 | 66 | 0 |
|  | 04/2025 | 4412 | 665854 | 27 | 0 |
|  | 04/2025 | 66 | 96503 | 0 | 0 |
|  | 04/2025 | 384 | 22401 | 7 | 0 |
|  | 04/2025 | 5070 | 166416 | 0 | (58) |

---

---

| | | |
|:---|:---|:---|
| **120** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 04/2025 | 3846 | $211 | $1 | $0 |
|  | 05/2025 | 11560 | 1583 | 0 | (13) |
|  | 05/2025 | 57001 | 61582 | 0 | (154) |
|  | 05/2025 | 2404573 | 145 | 1 | 0 |
|  | 05/2025 | 663621 | 4412 | 0 | (27) |
|  | 05/2025 | $5597 | 40572 | 7 | (5) |
|  | 06/2025 | 6236 | $854 | 0 | (8) |
|  | 06/2025 | 91053 | 4412 | 8 | 0 |
|  | 06/2025 | $340 | 6992 | 0 | (2) |
|  | 06/2025 | 1910 | 7400 | 4 | (8) |
|  | 06/2025 | 88 | 3473 | 0 | (3) |
|  | 07/2025 | 20744 | $2874 | 2 | (3) |
|  | 07/2025 | 90980 | 2798 | 42 | 0 |
|  | 07/2025 | $396 | 2318 | 2 | 0 |
|  | 08/2025 | 19642 | $2723 | 1 | (7) |
|  | 08/2025 | 130529 | 3985 | 21 | 0 |
|  MBC | 04/2025 | 302 | 188 | 0 | (1) |
|  | 04/2025 | 829 | 579 | 3 | 0 |
|  | 04/2025 | 2043 | 2283 | 0 | (26) |
|  | 04/2025 | 446 | 65 | 0 | 0 |
|  | 04/2025 | 1387 | 1459 | 2 | (42) |
|  | 04/2025 | 4057 | 3037 | 17 | 0 |
|  | 04/2025 | 92239 | 2851 | 74 | 0 |
|  | 04/2025 | $40244 | 35551 | 0 | (60) |
|  | 04/2025 | 1571 | 1230 | 18 | 0 |
|  | 04/2025 | 1008 | 87144 | 10 | 0 |
|  | 04/2025 | 996 | 148900 | 0 | (3) |
|  | 04/2025 | 2575 | 27311 | 142 | 0 |
|  | 04/2025 | 2793 | 91755 | 0 | (30) |
|  | 04/2025 | 7210 | $394 | 2 | 0 |
|  | 05/2025 | 35424 | 40244 | 60 | 0 |
|  | 05/2025 | 19438 | 2680 | 1 | (4) |
|  | 05/2025 | 1448401 | 87 | 0 | 0 |
|  | 05/2025 | 37358 | 251 | 1 | 0 |
|  | 05/2025 | 383620 | 11421 | 75 | 0 |
|  | 05/2025 | $579 | 827 | 0 | (3) |
|  | 05/2025 | 2760 | 20010 | 4 | (2) |
|  | 05/2025 | 65 | 445 | 0 | 0 |
|  | 06/2025 | 295011 | $205 | 4 | 0 |
|  | 06/2025 | $661 | 2551 | 0 | (4) |
|  | 07/2025 | 9945 | $1380 | 2 | 0 |
|  | 07/2025 | 46843 | 1437 | 18 | 0 |
|  | 08/2025 | 15514 | 2150 | 1 | (7) |
|  | 08/2025 | 110477 | 3382 | 26 | 0 |
|  MYI | 04/2025 | 30528 | 21446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231 | 0 |
|  | 04/2025 | 11400 | 1683 | 31 | 0 |
|  | 04/2025 | 628 | 677 | 0 | (2) |
|  | 04/2025 | 15424 | 19543 | 0 | (380) |
|  | 04/2025 | 1701 | 1271 | 5 | 0 |
|  | 04/2025 | $5411 | 36517 | 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(144) |
|  | 04/2025 | 239 | 7824 | 0 | (4) |
|  | 04/2025 | 2144 | 39187 | 0 | (9) |
|  | 05/2025 | 1317993 | $79 | 0 | 0 |
|  | 05/2025 | $678 | 628 | 2 | 0 |
|  | 06/2025 | 2003 | $276 | 0 | (1) |
|  | 06/2025 | $151 | 598 | 3 | 0 |
|  | 07/2025 | 18800 | $3203 | 0 | (28) |
|  NGF | 06/2025 | 2129454 | 1495 | 45 | 0 |
|  RYL | 04/2025 | 871 | 152 | 0 | (1) |
|  | 04/2025 | $153 | 871 | 0 | 0 |
|  SCX | 04/2025 | 11584 | $2017 | 0 | (13) |
|  | 04/2025 | 29700 | 201 | 3 | 0 |
|  | 04/2025 | 2438 | 641 | 0 | (22) |
|  | 04/2025 | 48854 | 1505 | 34 | 0 |
|  | 04/2025 | $1982 | 11584 | 48 | 0 |
|  | 04/2025 | 588 | 838 | 0 | (6) |
|  | 04/2025 | 629 | 10294159 | 0 | (12) |
|  | 04/2025 | 1158 | 174470 | 6 | 0 |
|  | 04/2025 | 66 | 96400 | 0 | 0 |
|  | 04/2025 | 813 | 26754 | 0 | (7) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **121** |

---

------

Schedule of Investments PIMCO RAE Worldwide Long/Short PLUS Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 05/2025 | 16932 | $2349 | $12 | $0 |
|  | 05/2025 | 565558 | 34 | 0 | 0 |
|  | 05/2025 | 173885 | 1158 | 0 | (6) |
|  | 06/2025 | 11731 | 1982 | 0 | (48) |
|  | 06/2025 | 731 | 101 | 0 | (1) |
|  | 06/2025 | $132 | 955 | 0 | 0 |
|  | 06/2025 | 108 | 2218 | 0 | (1) |
|  | 07/2025 | 3910 | $1047 | 0 | (14) |
|  | 08/2025 | 2904 | 405 | 2 | 0 |
|  | 08/2025 | 26532 | 813 | 7 | 0 |
|  SOG | 04/2025 | 1720 | 300 | 0 | (2) |
|  | 04/2025 | $295 | 1720 | 6 | 0 |
|  | 04/2025 | 817 | 26835 | 0 | (9) |
|  SSB | 04/2025 | 6927 | $1823 | 0 | (61) |
|  | 04/2025 | $17738 | 13717 | 0 | (20) |
|  | 05/2025 | 13717 | $17737 | 20 | 0 |
|  | 05/2025 | 1414 | 373 | 0 | (12) |
|  UAG | 04/2025 | 2850 | 491 | 0 | (8) |
|  | 04/2025 | 10200 | 1505 | 26 | 0 |
|  | 04/2025 | 1545135 | 93 | 0 | 0 |
|  | 04/2025 | 1414804 | 9509 | 76 | 0 |
|  | 04/2025 | $496 | 2850 | 3 | 0 |
|  | 04/2025 | 93 | 1545135 | 0 | 0 |
|  | 05/2025 | 93 | 1547308 | 0 | 0 |
|  | 06/2025 | 211 | 812 | 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;3833 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5078) |

---

#### PURCHASED OPTIONS:

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BRC Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.750% | 10/30/2025 | 54400 | $262 | $215 |
| CBK Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 6.050 | 10/30/2025 | 10000 | 2 | 0 |
|  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;264 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215 |

---

#### WRITTEN OPTIONS:

#### CREDIT DEFAULT SWAPTIONS ON CREDIT INDEXES

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Buy/Sell<br>Protection | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
|  GST | Put - OTC CDX.IG-43 5-Year Index | Sell | 0.700% | 05/21/2025 | 700 | $(1) | $(1) |
|  | Put - OTC CDX.IG-43 5-Year Index | Sell | 0.700 | 06/18/2025 | 700 | (1) | (1) |
|  | Put - OTC CDX.IG-43 5-Year Index | Sell | 0.750 | 06/18/2025 | 1400 | (2) | (1) |
|  | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.850 | 06/18/2025 | 1100 | (1) | (1) |
|  | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.900 | 07/16/2025 | 1200 | (1) | (1) |
|  JPM | Put - OTC CDX.IG-44 5-Year Index | Sell | 1.000 | 07/16/2025 | 700 | (1) | (1) |
|  RBC | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.900 | 07/16/2025 | 1000 | (1) | (1) |
|  |  |  |  |  |  | $(8) | $(7) |

---

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BPS Call - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.400% | 04/07/2025 | 300 | $(1) | $(1) |
| Put - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.750 | 04/07/2025 | 300 | (1) | 0 |
| BRC Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 2.830 | 10/30/2025 | 54400 | (97) | (62) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.290 | 10/30/2025 | 54400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(162) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(115) |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.510 | 04/07/2025 | 200 | (1) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.860 | 04/07/2025 | 200 | (1) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.550 | 04/11/2025 | 200 | (1) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.900 | 04/11/2025 | 200 | (1) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.550 | 04/14/2025 | 200 | (1) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.920 | 04/14/2025 | 200 | (1) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.450 | 04/30/2025 | 200 | (1) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.760 | 04/30/2025 | 200 | (1) | (1) |

---

---

| | | |
|:---|:---|:---|
| **122** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Floating Rate Index** | **Pay/Receive<br>Floating Rate** | **Exercise<br>Rate** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Premiums<br>(Received)** | **Market<br>Value** |
| CBK Call - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.350% | 04/25/2025 | 200 | $0 | $(1) |
| Put - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.650 | 04/25/2025 | 200 | 0 | 0 |
| FAR Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.715 | 04/24/2025 | 300 | (1) | (2) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.065 | 04/24/2025 | 300 | (1) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.593 | 04/30/2025 | 400 | (1) | (2) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.943 | 04/30/2025 | 400 | (2) | (2) |
| GLM Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.535 | 04/10/2025 | 600 | (2) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.985 | 04/10/2025 | 600 | (2) | (1) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.723 | 04/14/2025 | 400 | (2) | (2) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.073 | 04/14/2025 | 400 | (2) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.695 | 04/17/2025 | 300 | (1) | (2) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.045 | 04/17/2025 | 300 | (1) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.710 | 04/21/2025 | 400 | (1) | (3) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.060 | 04/21/2025 | 400 | (1) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.713 | 04/28/2025 | 300 | (1) | (2) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.063 | 04/28/2025 | 300 | (1) | (1) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.600 | 04/30/2025 | 400 | (2) | (2) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.950 | 04/30/2025 | 400 | (2) | (1) |
| MYC Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.710 | 04/14/2025 | 300 | (1) | (2) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.060 | 04/14/2025 | 300 | (1) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.520 | 04/07/2025 | 200 | (1) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.890 | 04/07/2025 | 200 | (1) | 0 |
| NGF Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.530 | 04/17/2025 | 200 | (1) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.890 | 04/17/2025 | 200 | (1) | 0 |
|  |  |  |  |  |  | $(298) | $(205) |
|  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;(306) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(212) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(5)</sup> | Swap Agreements,<br>at Value<sup>(5)</sup> |
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| GST | Soft Bank Group, Inc. | 1.000% | Quarterly | 06/20/2026 | 1.326% | $100 | $(1) | $1 | $0 | $0 |
| MYC | Saudi Arabia Government International Bond | 1.000 | Quarterly | 06/20/2025 | 0.253 | 100 | 0 | 0 | 0 | 0 |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(5)</sup> | Swap Agreements,<br>at Value<sup>(5)</sup> |
| Counterparty | Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BOA | ABX.HE.AAA.6-2 Index « | 0.110% | Monthly | 05/25/2046 | $— | 2049 | $(551) | $390 | $0 | $(161) |
|  | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 | EUR | 1870 | 363 | 7 | 370 | 0 |
| BPS | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 |  | 2264 | 447 | 1 | 448 | 0 |
| BRC | ABX.HE.AAA.6-2 Index « | 0.110 | Monthly | 05/25/2046 | $— | 3601 | (992) | 710 | 0 | (282) |
| GST | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 | EUR | 1280 | 256 | (3) | 253 | 0 |
| JPM | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12010 | 2473 | (97) | 2376 | 0 |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1996 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1008 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3447 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(443) |

---

#### TOTAL RETURN SWAPS ON INDEXES

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Pay/Receive<sup>(6)</sup> | Underlying Reference | # of Units | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| Counterparty | Pay/Receive<sup>(6)</sup> | Underlying Reference | # of Units | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  BOA | Pay | S&P 500 Total Return Index  | 2742 | 5.030% (FEDL01 plus a specified spread) | Monthly | 08/06/2025 | $33892 | $0 | $141 | $141 | $0 |
|  | Pay | S&P 500 Total Return Index  | 297 | 5.070% | Monthly | 03/11/2026 | 3671 | 0 | 10 | 10 | 0 |
|  BPS | Pay | NDUEEGF Index  | 6351 | 4.850% (FEDL01 plus a specified spread) | Monthly | 05/21/2025 | 3751 | 0 | 14 | 14 | 0 |
|  BRC | Receive | RALVEIET Index  | 788691 | 5.630% (FEDL01 plus a specified spread) | Monthly | 10/15/2025 | 129519 | 0 | (559) | 0 | (559) |
|  CBK | Pay | NDDUWXUS Index  | 3685 | 4.470% (FEDL01 plus a specified spread) | Monthly | 04/16/2025 | 32245 | 0 | 113 | 113 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **123** |

---

------

Schedule of Investments PIMCO RAE Worldwide Long/Short PLUS Fund (Cont.)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/Receive<sup>(6)</sup>** | **Underlying Reference** | **# of Units** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Swap Agreements,<br>at Value** | **Swap Agreements,<br>at Value** |
| **Counterparty** | **Pay/Receive<sup>(6)</sup>** | **Underlying Reference** | **# of Units** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  | Receive | RALVEIIT Index  | 334202 | 4.950% (FEDL01 plus a specified spread) | Monthly | 05/07/2025 | $100942 | $0 | $(407) | $0 | $(407) |
|  | Pay | NDDUWXUS Index  | 300 | 4.680% (FEDL01 plus a specified spread) | Monthly | 05/21/2025 | 2625 | 0 | 10 | 10 | 0 |
|  | Receive | RALVEIIT Index  | 2946 | 5.110% (FEDL01 plus a specified spread) | Monthly | 07/09/2025 | 890 | 0 | (4) | 0 | (4) |
|  | Pay | NDDUWXUS Index  | 11211 | 4.750% | Monthly | 03/04/2026 | 98100 | 0 | 330 | 330 | 0 |
|  FAR | Pay | DJITR Index  | 62 | 5.110% | Monthly | 06/20/2025 | 6544 | 0 | 5 | 5 | 0 |
|  | Pay | S&P 500 Total Return Index  | 907 | 5.030% (FEDL01 plus a specified spread) | Monthly | 07/16/2025 | 11211 | 0 | 0 | 0 | 0 |
|  JPM | Pay | NDDUWXUS Index  | 865 | 4.730% (FEDL01 plus a specified spread) | Monthly | 04/16/2025 | 7569 | 0 | 19 | 19 | 0 |
|  | Receive | RALVEIET Index  | 77898 | 5.530% (FEDL01 plus a specified spread) | Monthly | 04/16/2025 | 12792 | 0 | (53) | 0 | (53) |
|  | Receive | RALVEIIT Index  | 1729 | 5.950% (FEDL01 plus a specified spread) | Monthly | 05/21/2025 | 354 | 0 | (2) | 0 | (2) |
|  | Pay | S&P 500 Total Return Index  | 4103 | 5.110% (FEDL01 plus a specified spread) | Monthly | 08/06/2025 | 50714 | 0 | 211 | 211 | 0 |
|  | Pay | S&P 500 Total Return Index  | 1627 | 5.110% (FEDL01 plus a specified spread) | Monthly | 02/04/2026 | 20110 | 0 | 88 | 88 | 0 |
|  MBC | Receive | RALVEIIT Index  | 423684 | 5.280% (FEDL01 plus a specified spread) | Monthly | 10/15/2025 | 86842 | 0 | (351) | 0 | (351) |
|  | Receive | RALVEIIT Index  | 13023 | 5.370% (FEDL01 plus a specified spread) | Monthly | 02/18/2026 | 2669 | 0 | (11) | 0 | (11) |
|  MYI | Receive | RALVEIIT Index  | 603075 | 4.790% (FEDL01 plus a specified spread) | Monthly | 04/02/2025 | 183896 | 0 | (2386) | 0 | (2386) |
|  | Receive | RALVEIUT Index  | 24751 | 4.940% (FEDL01 plus a specified spread) | Monthly | 07/09/2025 | 7476 | 0 | (29) | 0 | (29) |
|  | Receive | RALVEIUT Index  | 3658 | 4.980% (FEDL01 plus a specified spread) | Monthly | 07/09/2025 | 1105 | 0 | (4) | 0 | (4) |
|  | Receive | RALVEIIT Index  | 13717 | 5.270% (FEDL01 plus a specified spread) | Monthly | 01/07/2026 | 2812 | 0 | (7) | 0 | (7) |
|  | Receive | RALVEIIT Index  | 937659 | 5.440% (FEDL01 plus a specified spread) | Monthly | 02/04/2026 | 192192 | 0 | (805) | 0 | (805) |
|  SOG | Pay | S&P 500 Total Return Index  | 2062 | 5.035% (FEDL01 plus a specified spread) | Monthly | 07/09/2025 | 25487 | 0 | 106 | 106 | 0 |
|  UAG | Pay | NDUEEGF Index  | 112416 | 4.520% (FEDL01 plus a specified spread) | Monthly | 01/07/2026 | 66403 | 0 | 230 | 230 | 0 |
|  |  |  |  |  |  |  |  | $0 | $(3341) | $1277 | $(4618) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $1995 | $(2332) | $4724 | $(5061) |

---

#### 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 | $277 | $0 | $0 | $277 | $(338) | $0 | $0 | $(338) | $(61) | $0 | $(61) |
|  BOA | 6 | 0 | 521 | 527 | (49) | 0 | (161) | (210) | 317 | (2530) | (2213) |
|  BPS | 427 | 0 | 462 | 889 | (2153) | (1) | 0 | (2154) | (1265) | 1729 | 464 |
|  BRC | 39 | 215 | 0 | 254 | (126) | (179) | (841) | (1146) | (892) | (1620) | (2512) |
|  BSH | 297 | 0 | 0 | 297 | (66) | 0 | 0 | (66) | 231 | 0 | 231 |
|  CBK | 780 | 0 | 453 | 1233 | (562) | (1) | (411) | (974) | 259 | 1727 | 1986 |
|  DUB | 89 | 0 | 0 | 89 | (33) | 0 | 0 | (33) | 56 | 0 | 56 |
|  FAR | 185 | 0 | 5 | 190 | (346) | (6) | 0 | (352) | (162) | 403 | 241 |
|  GLM | 226 | 0 | 0 | 226 | (95) | (15) | 0 | (110) | 116 | 0 | 116 |
|  GST | 0 | 0 | 253 | 253 | 0 | (5) | 0 | (5) | 248 | (280) | (32) |
|  IND | 6 | 0 | 0 | 6 | (6) | 0 | 0 | (6) | 0 | 0 | 0 |
|  JPM | 455 | 0 | 2694 | 3149 | (310) | (1) | (55) | (366) | 2783 | (7344) | (4561) |
|  MBC | 460 | 0 | 0 | 460 | (182) | 0 | (362) | (544) | (84) | (2552) | (2636) |
|  MYC | 0 | 0 | 0 | 0 | 0 | (2) | 0 | (2) | (2) | 0 | (2) |
|  MYI | 298 | 0 | 0 | 298 | (568) | 0 | (3231) | (3799) | (3501) | 0 | (3501) |
|  NGF | 45 | 0 | 0 | 45 | 0 | (1) | 0 | (1) | 44 | 0 | 44 |
|  RBC | 0 | 0 | 0 | 0 | 0 | (1) | 0 | (1) | (1) | 0 | (1) |

---

---

| | | |
|:---|:---|:---|
| **124** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | | | |
| **Counterparty** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Purchased<br>Options** | **Swap<br>Agreements** | **Total<br>Over the<br>Counter** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Written<br>Options** | **Swap<br>Agreements** | **Total<br>Over the<br>Counter** | **Net Market<br>Value of OTC<br>Derivatives** | **Collateral<br>Pledged/<br>(Received)** | **Net<br>Exposure<sup>(7)</sup>** |
|  RYL | $0 | $0 | $0 | $0 | $(1) | $0 | $0 | $(1) | $(1) | $0 | $(1) |
|  SCX | 112 | 0 | 0 | 112 | (130) | 0 | 0 | (130) | (18) | 0 | (18) |
|  SOG | 6 | 0 | 106 | 112 | (11) | 0 | 0 | (11) | 101 | (1250) | (1149) |
|  SSB | 20 | 0 | 0 | 20 | (93) | 0 | 0 | (93) | (73) | 21 | (52) |
|  UAG | 105 | 0 | 230 | 335 | (9) | 0 | 0 | (9) | 326 | 1301 | 1627 |
|  Total Over the Counter | $3833 | $215 | $4724 | $8772 | $(5078) | $(212) | $(5061) | $(10351) |  |  |  |

---

(l) Securities with an aggregate market value of $5,181 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of March 31, 2025.

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

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

<sup>(4)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

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

<sup>(6)</sup> Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference. 

<sup>(7)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $60 | $0 | $1 | $61 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 2 | 0 | 0 | 321 | 323 |
|  | $0 | $2 | $60 | $0 | $322 | $384 |
|  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 | $3833 | $0 | $3833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 215 | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 3447 | 1277 | 0 | 0 | 4724 |
|  | $0 | $3447 | $1277 | $3833 | $215 | $8772 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3449 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1337 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3833 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9156 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 125

------

Schedule of Investments PIMCO RAE Worldwide Long/Short PLUS Fund (Cont.)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
|  | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $11 | $11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 132 | 0 | 35 | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 376 | 376 |
|  | $0 | $0 | $132 | $0 | $422 | $554 |
|  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 | $5078 | $0 | $5078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 7 | 0 | 0 | 205 | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 443 | 4618 | 0 | 0 | 5061 |
|  | $0 | $450 | $4618 | $5078 | $205 | $10351 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4750 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5078 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10905 |

---

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 | $73 | $73 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | (5724) | 0 | 157 | (5567) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 651 | 0 | 0 | 2707 | 3358 |
|  | $0 | $651 | $(5724) | $0 | $2937 | $(2136) |
|  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 | $15492 | $0 | $15492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | (61) | (61) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 401 | 401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 341 | 42016 | 0 | 0 | 42357 |
|  | $0 | $341 | $42016 | $15492 | $340 | $58189 |
|  | $0 | $992 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36292 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15492 | $3277 | $56053 |
|  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 | $(5) | $(5) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | (1801) | 0 | (48) | (1849) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (227) | 0 | 0 | (3176) | (3403) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(227) | $(1801) | $0 | $(3229) | $(5257) |
|  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 | $(7508) | $0 | $(7508) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | (91) | (91) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 1 | 0 | 0 | 64 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (311) | (1170) | 0 | 0 | (1481) |
|  | $0 | $(310) | $(1170) | $(7508) | $(27) | $(9015) |
|  | $0 | $(537) | $(2971) | $(7508) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3256) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14272) |

---

126 PIMCO EQUITY-RELATED STRATEGY FUNDS See Accompanying Notes

------

March 31, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | $0 | $28666 | $0 | $28666 |
| &nbsp;&nbsp; Industrials | 0 | 7928 | 0 | 7928 |
| &nbsp;&nbsp; Utilities | 0 | 8842 | 0 | 8842 |
|  U.S. Government Agencies | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276714 |
|  U.S. Treasury Obligations | 0 | 37710 | 0 | 37710 |
|  Non-Agency Mortgage-Backed Securities | 0 | 60006 | 0 | 60006 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile ABS Other | 0 | 6054 | 0 | 6054 |
| &nbsp;&nbsp; Automobile Sequential | 0 | 22140 | 0 | 22140 |
| &nbsp;&nbsp; CMBS Other | 0 | 11374 | 0 | 11374 |
| &nbsp;&nbsp; Credit Card Bullet | 0 | 5852 | 0 | 5852 |
| &nbsp;&nbsp; Home Equity Other | 0 | 32181 | 0 | 32181 |
| &nbsp;&nbsp; Home Equity Sequential | 0 | 82 | 0 | 82 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 2752 | 0 | 2752 |
| &nbsp;&nbsp; Other ABS | 0 | 46267 | 0 | 46267 |
|  Sovereign Issues | 0 | 37473 | 0 | 37473 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Communication Services | 138 | 0 | 0 | 138 |
| &nbsp;&nbsp; Consumer Discretionary | 893 | 0 | 0 | 893 |
| &nbsp;&nbsp; Consumer Staples | 316 | 0 | 0 | 316 |
| &nbsp;&nbsp; Energy | 160 | 0 | 0 | 160 |
| &nbsp;&nbsp; Financials | 1605 | 0 | 0 | 1605 |
| &nbsp;&nbsp; Health Care | 1045 | 0 | 0 | 1045 |
| &nbsp;&nbsp; Industrials | 823 | 0 | 0 | 823 |
| &nbsp;&nbsp; Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1231 | 0 | 0 | 1231 |
| &nbsp;&nbsp; Materials | 335 | 0 | 0 | 335 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Commercial Paper | 0 | 28917 | 0 | 28917 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>03/31/2025** |
| &nbsp;&nbsp; Repurchase Agreements | $0 | $91400 | $0 | $91400 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 6287 | 0 | 6287 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6546 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710645 | $0 | $717191 |
|  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 | $76 | $0 | $0 | $76 |
|  Total Investments | $6622 | $710645 | $0 | $717267 |
|  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 | $(29658) | $0 | $(29658) |
|  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 | 60 | 324 | 0 | 384 |
|  Over the counter | 0 | 8772 | 0 | 8772 |
|  | $60 | $9096 | $0 | $9156 |
|  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 | (132) | (422) | 0 | (554) |
|  Over the counter | 0 | (9908) | (443) | (10351) |
|  | $(132) | $(10330) | $(443) | $(10905) |
|  Total Financial Derivative Instruments | $(72) | $(1234) | $(443) | $(1749) |
|  Totals | $6550 | $679753 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(443) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685860 |

---

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 | **127** |

---

------

Schedule of Investments PIMCO StocksPLUS<sup>®</sup><sup></sup>Absolute Return Fund

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

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 146.2% | INVESTMENTS IN SECURITIES 146.2% | INVESTMENTS IN SECURITIES 146.2% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% |
|  Republic of Panama | Republic of Panama | Republic of Panama |
|  TBD% due 04/01/2027 « | 1400 | 1514 |
|  Total Loan Participations and Assignments (Cost $1,514) | Total Loan Participations and Assignments (Cost $1,514) | 1514 |
| CORPORATE BONDS & NOTES 9.0% | CORPORATE BONDS & NOTES 9.0% | CORPORATE BONDS & NOTES 9.0% |
| BANKING & FINANCE 6.1% | BANKING & FINANCE 6.1% | BANKING & FINANCE 6.1% |
|  AerCap Ireland Capital DAC | AerCap Ireland Capital DAC | AerCap Ireland Capital DAC |
|  3.000% due 10/29/2028 | 1300 | 1222 |
|  3.300% due 01/30/2032 | 1300 | 1152 |
|  American Express Co. | American Express Co. | American Express Co. |
|  5.284% due 07/26/2035 •  | 2400 | 2400 |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  2.528% due 11/18/2027 | 864 | 809 |
|  Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia |
|  5.450% due 08/01/2029 | 6600 | 6783 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  4.972% due 05/16/2029 •  | 1400 | 1405 |
|  5.690% due 03/12/2030 •  | 1400 | 1436 |
|  7.437% due 11/02/2033 •  | 2300 | 2568 |
|  BPCE SA | BPCE SA | BPCE SA |
|  5.203% due 01/18/2027 | 250 | 253 |
|  Credit Suisse AG AT1 Claim | 9300 | 1116 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  1.375% due 09/03/2026 ~ | 1300 | 1396 |
|  3.547% due 09/18/2031 •  | 500 | 460 |
|  Equitable Holdings, Inc. | Equitable Holdings, Inc. | Equitable Holdings, Inc. |
|  4.350% due 04/20/2028 | 1200 | 1190 |
|  Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP |
|  5.400% due 06/15/2035 | 1100 | 1094 |
|  F&G Global Funding | F&G Global Funding | F&G Global Funding |
|  5.875% due 01/16/2030 | 400 | 407 |
|  Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. |
|  2.750% due 03/29/2028 | 1100 | 1171 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  2.700% due 08/10/2026 | 200 | 193 |
|  2.900% due 02/16/2028 | 200 | 185 |
|  3.375% due 11/13/2025 | 700 | 692 |
|  4.125% due 08/17/2027 | 500 | 483 |
|  5.125% due 06/16/2025 | 400 | 400 |
|  5.800% due 03/05/2027 | 600 | 603 |
|  5.800% due 03/08/2029 | 700 | 694 |
|  6.950% due 03/06/2026 | 200 | 202 |
|  6.950% due 06/10/2026 | 200 | 203 |
|  7.350% due 11/04/2027 | 200 | 207 |
|  GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust |
|  5.500% due 04/01/2032 (a) | 400 | 403 |
|  GLP Capital LP | GLP Capital LP | GLP Capital LP |
|  5.625% due 09/15/2034 | 400 | 394 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  5.016% due 10/23/2035 •  | 1500 | 1459 |
|  6.208% due 03/15/2028 •  | 3800 | 3881 |
|  HPS Corporate Lending Fund | HPS Corporate Lending Fund | HPS Corporate Lending Fund |
|  5.950% due 04/14/2032 | 1200 | 1184 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  2.848% due 06/04/2031 •  | 300 | 270 |
|  5.887% due 08/14/2027 •  | 400 | 406 |
|  Jackson National Life Global Funding | Jackson National Life Global Funding | Jackson National Life Global Funding |
|  5.324% due 01/14/2028 •  | 100 | 101 |
|  5.600% due 04/10/2026 | 4200 | 4240 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  5.040% due 01/23/2028 •  | 100 | 101 |
|  Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC |
|  4.550% due 08/16/2028 | 2500 | 2491 |
|  Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. |
|  5.594% due 07/10/2035 •  | 2000 | 2048 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  1.512% due 07/20/2027 •  | 3200 | 3077 |
|  4.654% due 10/18/2030 •  | 3200 | 3175 |
|  5.656% due 04/18/2030 •  | 200 | 206 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA |
|  4.952% due 01/14/2028 •  | 6300 | 6341 |
|  5.504% due 05/26/2028 •  | 600 | 611 |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
|  4.892% due 05/18/2029 •  | 3500 | 3508 |
|  Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC |
|  0.000% due 04/05/2032 (e) | 3000 | 2116 |
|  Park Intermediate Holdings LLC | Park Intermediate Holdings LLC | Park Intermediate Holdings LLC |
|  4.875% due 05/15/2029 | 1100 | 1028 |
|  Prologis LP | Prologis LP | Prologis LP |
|  4.200% due 02/15/2033 | 600 | 419 |
|  5.000% due 01/31/2035 | 1300 | 1291 |
|  RLJ Lodging Trust LP | RLJ Lodging Trust LP | RLJ Lodging Trust LP |
|  3.750% due 07/01/2026 | 1200 | 1174 |
|  Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
|  4.969% due 08/02/2030 •  | 700 | 705 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  5.558% due 07/09/2034 | 400 | 411 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  3.091% due 05/14/2032 •  | 1500 | 1336 |
|  4.751% due 05/12/2028 •  | 7900 | 7906 |
|  VICI Properties LP | VICI Properties LP | VICI Properties LP |
|  4.750% due 02/15/2028 | 2700 | 2702 |
|  Vitality Re Ltd. | Vitality Re Ltd. | Vitality Re Ltd. |
|  6.042% due 01/08/2030 ~ | 250 | 250 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  2.393% due 06/02/2028 •  | 2700 | 2577 |
|  5.574% due 07/25/2029 •  | 11500 | 11815 |
|  |  | 96350 |
| INDUSTRIALS 2.0% | INDUSTRIALS 2.0% | INDUSTRIALS 2.0% |
|  AngloGold Ashanti Holdings PLC | AngloGold Ashanti Holdings PLC | AngloGold Ashanti Holdings PLC |
|  3.375% due 11/01/2028 | 2600 | 2454 |
|  Bacardi-Martini BV | Bacardi-Martini BV | Bacardi-Martini BV |
|  5.550% due 02/01/2030 | 2800 | 2847 |
|  Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC |
|  6.125% due 11/21/2026 | 200 | 204 |
|  6.375% due 11/21/2030 | 600 | 629 |
|  6.875% due 11/21/2053 | 200 | 207 |
|  Centene Corp. | Centene Corp. | Centene Corp. |
|  4.625% due 12/15/2029 | 3000 | 2876 |
|  Cheniere Corpus Christi Holdings LLC | Cheniere Corpus Christi Holdings LLC | Cheniere Corpus Christi Holdings LLC |
|  3.700% due 11/15/2029 | 1300 | 1242 |
|  DAE Funding LLC | DAE Funding LLC | DAE Funding LLC |
|  3.375% due 03/20/2028 | 900 | 859 |
|  Expedia Group, Inc. | Expedia Group, Inc. | Expedia Group, Inc. |
|  4.625% due 08/01/2027 | 300 | 300 |
|  Hyundai Capital America | Hyundai Capital America | Hyundai Capital America |
|  5.450% due 06/24/2026 | 200 | 202 |
|  IHO Verwaltungs GmbH (6.375% Cash or 7.125% PIK) | IHO Verwaltungs GmbH (6.375% Cash or 7.125% PIK) | IHO Verwaltungs GmbH (6.375% Cash or 7.125% PIK) |
|  6.375% due 05/15/2029 (b) | 3800 | 3675 |
|  Imperial Brands Finance PLC | Imperial Brands Finance PLC | Imperial Brands Finance PLC |
|  3.500% due 07/26/2026 | 400 | 394 |
|  InterContinental Hotels Group PLC | InterContinental Hotels Group PLC | InterContinental Hotels Group PLC |
|  2.125% due 08/24/2026 | 400 | 497 |
|  MPLX LP | MPLX LP | MPLX LP |
|  2.650% due 08/15/2030 | 1600 | 1425 |
|  Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. |
|  5.550% due 10/01/2034 | 3400 | 3324 |
|  Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. |
|  4.900% due 06/15/2030 | 1600 | 1530 |
|  Sands China Ltd. | Sands China Ltd. | Sands China Ltd. |
|  5.125% due 08/08/2025 | 4000 | 3999 |
|  5.400% due 08/08/2028 | 2900 | 2906 |
|  T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
|  2.700% due 03/15/2032 | 800 | 692 |
|  3.375% due 04/15/2029 | 1500 | 1426 |
|  United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust |
|  5.450% due 08/15/2038 | 595 | 601 |
|  |  | 32289 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| UTILITIES 0.9% | UTILITIES 0.9% | UTILITIES 0.9% |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  3.000% due 06/15/2028 | 1100 | 1035 |
|  3.300% due 12/01/2027 | 200 | 192 |
|  4.500% due 07/01/2040 | 1300 | 1105 |
|  4.550% due 07/01/2030 | 1500 | 1452 |
|  5.700% due 03/01/2035 | 300 | 300 |
|  6.100% due 01/15/2029 | 100 | 103 |
|  6.150% due 03/01/2055 | 900 | 882 |
|  6.700% due 04/01/2053 | 1900 | 1979 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  4.650% due 10/01/2043 | 1200 | 1006 |
|  4.875% due 02/01/2027 | 1800 | 1807 |
|  5.150% due 06/01/2029 | 2800 | 2819 |
|  5.350% due 03/01/2026 | 700 | 703 |
|  |  | 13383 |
|  Total Corporate Bonds & Notes (Cost $142,331) | Total Corporate Bonds & Notes (Cost $142,331) | 142022 |
| MUNICIPAL BONDS & NOTES 0.1% | MUNICIPAL BONDS & NOTES 0.1% | MUNICIPAL BONDS & NOTES 0.1% |
| CALIFORNIA 0.1% | CALIFORNIA 0.1% | CALIFORNIA 0.1% |
|  California State University Revenue Bonds, (BABs), Series 2010 | California State University Revenue Bonds, (BABs), Series 2010 | California State University Revenue Bonds, (BABs), Series 2010 |
|  6.434% due 11/01/2030 | 100 | 105 |
|  Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 |
|  3.000% due 06/01/2046 | 780 | 695 |
|  |  | 800 |
| ILLINOIS 0.0% | ILLINOIS 0.0% | ILLINOIS 0.0% |
|  Illinois Municipal Electric Agency Revenue Bonds, (BABs), Series 2009 | Illinois Municipal Electric Agency Revenue Bonds, (BABs), Series 2009 | Illinois Municipal Electric Agency Revenue Bonds, (BABs), Series 2009 |
|  6.832% due 02/01/2035 | 170 | 181 |
| NEVADA 0.0% | NEVADA 0.0% | NEVADA 0.0% |
|  Clark County, Nevada Department of Aviation Revenue Bonds, (BABs), Series 2010 | Clark County, Nevada Department of Aviation Revenue Bonds, (BABs), Series 2010 | Clark County, Nevada Department of Aviation Revenue Bonds, (BABs), Series 2010 |
|  6.820% due 07/01/2045 | 100 | 113 |
|  Total Municipal Bonds & Notes (Cost $1,150) | Total Municipal Bonds & Notes (Cost $1,150) | 1094 |
| U.S. GOVERNMENT AGENCIES 59.0% | U.S. GOVERNMENT AGENCIES 59.0% | U.S. GOVERNMENT AGENCIES 59.0% |
|  Fannie Mae | Fannie Mae | Fannie Mae |
|  4.202% due 10/01/2029 ~ | 8800 | 8748 |
|  4.300% due 12/01/2029 | 6114 | 6097 |
|  4.526% due 12/25/2036 •  | 5 | 5 |
|  4.540% due 07/01/2030 | 2000 | 2013 |
|  4.705% due 09/01/2031 •  | 16300 | 16475 |
|  4.720% due 10/01/2028 - 08/01/2030 | 5979 | 6070 |
|  4.770% due 10/01/2028 | 2400 | 2441 |
|  4.804% due 07/25/2037 - 03/25/2044 •  | 22 | 21 |
|  4.834% due 07/25/2037 •  | 12 | 12 |
|  4.850% due 05/01/2029 | 1500 | 1530 |
|  4.854% due 09/25/2035 •  | 21 | 21 |
|  4.864% due 09/25/2035 •  | 46 | 46 |
|  4.930% due 06/01/2029 | 3900 | 3991 |
|  5.000% due 04/25/2033 | 1 | 1 |
|  5.174% due 06/25/2037 •  | 76 | 76 |
|  5.204% due 01/25/2040 •  | 192 | 192 |
|  5.290% due 11/25/2054 •  | 6890 | 6883 |
|  5.300% due 11/01/2030 | 7900 | 8203 |
|  5.886% due 07/01/2044 •  | 3 | 3 |
|  6.803% due 05/25/2035 ~ | 2 | 2 |
|  7.084% due 01/01/2036 •  | 6 | 6 |
|  7.260% due 08/01/2033 •  | 2 | 2 |
|  7.833% due 06/01/2033 •  | 68 | 70 |
|  Freddie Mac | Freddie Mac | Freddie Mac |
|  4.000% due 11/01/2047 - 01/01/2048 | 1561 | 1475 |
|  4.500% due 03/01/2029 | 6 | 6 |
|  5.033% due 06/15/2041 •  | 28 | 28 |
|  5.163% due 08/15/2037 •  | 51 | 51 |

---

---

| | | |
|:---|:---|:---|
| **128** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.173% due 10/15/2037 •  | $— | 8 | 8 |
|  5.183% due 05/15/2037 - 09/15/2037 •  |  | 58 | 58 |
|  5.280% due 11/25/2054 •  |  | 6944 | 6953 |
|  5.490% due 12/25/2054 •  |  | 12508 | 12573 |
|  5.500% due 07/01/2038 |  | 9 | 10 |
|  5.835% due 02/25/2045 •  |  | 5 | 5 |
|  6.480% due 03/01/2034 •  |  | 15 | 15 |
|  Ginnie Mae | Ginnie Mae | Ginnie Mae | Ginnie Mae |
|  4.750% due 11/20/2044 •  |  | 390 | 398 |
|  5.000% due 04/15/2036 - 09/15/2039 |  | 449 | 455 |
|  Ginnie Mae, TBA | Ginnie Mae, TBA | Ginnie Mae, TBA | Ginnie Mae, TBA |
|  4.500% due 04/01/2055 - 05/01/2055 |  | 17030 | 16336 |
|  5.000% due 05/01/2055 |  | 34680 | 34094 |
|  Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security |
|  3.500% due 12/01/2047 - 08/01/2048 |  | 11910 | 10882 |
|  4.500% due 08/01/2052 |  | 3743 | 3601 |
|  5.500% due 03/01/2034 - 09/01/2054 |  | 36295 | 36272 |
|  6.000% due 08/01/2036 - 02/01/2038 |  | 36 | 37 |
|  6.500% due 10/01/2036 |  | 3 | 3 |
|  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 |  | 39975 | 34641 |
|  4.000% due 05/01/2055 |  | 120900 | 112488 |
|  4.500% due 05/01/2055 - 06/01/2055 |  | 60500 | 57827 |
|  5.000% due 04/01/2055 - 05/01/2055 |  | 47010 | 46039 |
|  5.500% due 05/01/2055 |  | 25100 | 25047 |
|  6.000% due 06/01/2055 |  | 177050 | 179487 |
|  6.500% due 06/01/2055 |  | 284450 | 292835 |
|  Total U.S. Government Agencies (Cost $932,732) | Total U.S. Government Agencies (Cost $932,732) | Total U.S. Government Agencies (Cost $932,732) | 934532 |
| U.S. TREASURY OBLIGATIONS 4.6% | U.S. TREASURY OBLIGATIONS 4.6% | U.S. TREASURY OBLIGATIONS 4.6% | U.S. TREASURY OBLIGATIONS 4.6% |
|  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) |
|  1.750% due 01/15/2034 (i)(k) |  | 4960 | 4953 |
|  1.875% due 07/15/2034 |  | 36643 | 36996 |
|  2.125% due 04/15/2029 (i)(k) |  | 21358 | 21996 |
|  2.125% due 02/15/2054 (i)(k) |  | 8734 | 8388 |
|  Total U.S. Treasury Obligations (Cost $71,955) | Total U.S. Treasury Obligations (Cost $71,955) | Total U.S. Treasury Obligations (Cost $71,955) | 72333 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 8.2% | NON-AGENCY MORTGAGE-BACKED SECURITIES 8.2% | NON-AGENCY MORTGAGE-BACKED SECURITIES 8.2% | NON-AGENCY MORTGAGE-BACKED SECURITIES 8.2% |
|  Avon Finance PLC | Avon Finance PLC | Avon Finance PLC | Avon Finance PLC |
|  5.357% due 12/28/2049 •  |  | 5256 | 6805 |
|  BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust |
|  5.884% due 09/15/2038 •  | $— | 1300 | 1218 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  5.109% due 01/20/2047 ~ |  | 24 | 20 |
|  5.697% due 05/25/2035 ~ |  | 9 | 9 |
|  Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust |
|  6.948% due 01/25/2034 •  |  | 9 | 9 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  4.775% due 08/25/2036 •  |  | 711 | 629 |
|  4.775% due 04/25/2037 •  |  | 2753 | 2436 |
|  5.043% due 09/25/2035 •  |  | 22 | 13 |
|  5.564% due 05/25/2035 ~ |  | 53 | 50 |
|  Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust |
|  5.590% due 05/25/2055 ~ |  | 3691 | 3702 |
|  ChaseFlex Trust | ChaseFlex Trust | ChaseFlex Trust | ChaseFlex Trust |
|  5.035% due 07/25/2037 •  |  | 252 | 219 |
|  CIM Trust | CIM Trust | CIM Trust | CIM Trust |
|  5.500% due 08/25/2064 ~ |  | 8096 | 8128 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  4.821% due 09/25/2037 •  |  | 908 | 839 |
|  6.170% due 09/25/2062 þ |  | 8021 | 8029 |
|  7.230% due 10/25/2035 ~ |  | 3 | 3 |
|  Colony Mortgage Capital Ltd. | Colony Mortgage Capital Ltd. | Colony Mortgage Capital Ltd. | Colony Mortgage Capital Ltd. |
|  5.808% due 11/15/2038 ~ |  | 6578 | 6503 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.675% due 06/25/2036 •  | 890 | 831 |
|  4.795% due 05/25/2047 ~ | 110 | 101 |
|  4.854% due 03/20/2046 ~ | 2046 | 1767 |
|  4.894% due 05/20/2046 •  | 51 | 45 |
|  6.000% due 10/25/2033 | 6 | 6 |
|  6.000% due 12/25/2034 | 1916 | 1720 |
|  6.000% due 12/25/2035 | 1539 | 1115 |
|  6.195% due 08/25/2035 •  | 3297 | 3053 |
|  Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust |
|  5.415% due 02/20/2035 •  | 6 | 6 |
|  6.662% due 02/20/2036 •  | 6 | 5 |
|  Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust |
|  3.475% due 03/25/2059 ~ | 1530 | 1530 |
|  3.689% due 02/25/2061 ~ | 2836 | 2827 |
|  4.193% due 07/27/2061 •  | 3663 | 3652 |
|  Deutsche ALT-A Securities, Inc. Mortgage Loan Trust | Deutsche ALT-A Securities, Inc. Mortgage Loan Trust | Deutsche ALT-A Securities, Inc. Mortgage Loan Trust |
|  4.935% due 02/25/2035 •  | 88 | 87 |
|  First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust |
|  6.739% due 08/25/2035 •  | 15 | 11 |
|  Grifonas Finance PLC | Grifonas Finance PLC | Grifonas Finance PLC |
|  2.669% due 08/28/2039 •  | 60 | 64 |
|  GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust |
|  4.785% due 01/25/2036 ~ | 1184 | 956 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  4.632% due 11/25/2035 •  | 8 | 7 |
|  4.752% due 11/25/2035 •  | 36 | 30 |
|  5.058% due 06/25/2034 ~ | 13 | 13 |
|  6.000% due 03/25/2037 | 13 | 7 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.841% due 12/19/2036 •  | 898 | 706 |
|  4.871% due 05/19/2035 •  | 478 | 459 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  4.815% due 09/25/2046 •  | 154 | 138 |
|  JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
|  5.817% due 12/15/2031 ~ | 657 | 643 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  5.203% due 11/25/2035 •  | 30 | 23 |
|  5.750% due 01/25/2036 | 21 | 9 |
|  6.382% due 07/25/2035 ~ | 111 | 113 |
|  7.288% due 08/25/2034 •  | 98 | 99 |
|  Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust |
|  4.650% due 11/25/2060 þ | 2910 | 2907 |
|  4.750% due 04/25/2061 þ | 1907 | 1907 |
|  4.750% due 07/25/2061 þ | 3294 | 3288 |
|  5.250% due 07/25/2067 þ | 1617 | 1614 |
|  MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust |
|  5.435% due 12/25/2046 •  | 6410 | 4945 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.855% due 02/25/2036 •  | 15 | 15 |
|  4.935% due 11/25/2035 •  | 6 | 5 |
|  5.543% due 02/25/2035 •  | 197 | 187 |
|  Merrion Square Residential | Merrion Square Residential | Merrion Square Residential |
|  3.473% due 03/24/2081 •  | 6513 | 6988 |
|  Natixis Commercial Mortgage Securities Trust | Natixis Commercial Mortgage Securities Trust | Natixis Commercial Mortgage Securities Trust |
|  5.984% due 08/15/2038 •  | 6300 | 5953 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  2.750% due 07/25/2059 •  | 1776 | 1703 |
|  Prime Mortgage Trust | Prime Mortgage Trust | Prime Mortgage Trust |
|  4.835% due 02/25/2034 •  | 1 | 1 |
|  Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust |
|  4.775% due 01/25/2037 ~ | 872 | 761 |
|  4.805% due 08/25/2036 •  | 279 | 254 |
|  5.544% due 10/25/2037 •  | 1081 | 871 |
|  SREIT Trust | SREIT Trust | SREIT Trust |
|  5.530% due 10/15/2038 •  | 9000 | 8916 |
|  Stratton Mortgage Funding PLC | Stratton Mortgage Funding PLC | Stratton Mortgage Funding PLC |
|  5.608% due 06/20/2060 •  | 1415 | 1833 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  4.811% due 08/25/2035 ~ | 17 | 15 |
|  Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust |
|  4.931% due 07/19/2035 •  | 68 | 67 |
|  Taurus U.K. DAC | Taurus U.K. DAC | Taurus U.K. DAC |
|  5.316% due 05/17/2031 •  | 695 | 895 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust |
|  5.989% due 06/25/2047 •  | 81 | 72 |
|  Towd Point Mortgage Funding | Towd Point Mortgage Funding | Towd Point Mortgage Funding |
|  5.483% due 07/20/2053 •  | 3959 | 5128 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  2.250% due 12/25/2061 •  | 2813 | 2717 |
|  3.361% due 10/25/2057 ~ | 4900 | 4083 |
|  5.435% due 05/25/2058 ~ | 792 | 812 |
|  Trinity Square PLC | Trinity Square PLC | Trinity Square PLC |
|  5.470% due 07/15/2059 ~ | 1872 | 2424 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  4.194% due 02/27/2034 ~ | 6 | 6 |
|  4.485% due 07/25/2037 ~ | 3982 | 3643 |
|  4.805% due 05/25/2034 ~ | 953 | 884 |
|  5.015% due 10/25/2045 •  | 7 | 7 |
|  5.335% due 03/25/2047 ~ | 1215 | 1051 |
|  5.385% due 06/25/2047 •  | 2111 | 1752 |
|  5.635% due 02/25/2046 ~ | 43 | 39 |
|  5.705% due 01/25/2046 •  | 2766 | 2466 |
|  5.835% due 11/25/2042 •  | 4 | 4 |
|  6.035% due 08/25/2042 •  | 3 | 3 |
|  Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust |
|  5.465% due 11/25/2046 ~ | 4173 | 3511 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $133,074) | Total Non-Agency Mortgage-Backed Securities (Cost $133,074) | 130362 |
| ASSET-BACKED SECURITIES 31.7% | ASSET-BACKED SECURITIES 31.7% | ASSET-BACKED SECURITIES 31.7% |
| AUTOMOBILE ABS OTHER 0.1% | AUTOMOBILE ABS OTHER 0.1% | AUTOMOBILE ABS OTHER 0.1% |
|  Carmax Select Receivables Trust | Carmax Select Receivables Trust | Carmax Select Receivables Trust |
|  5.079% due 09/15/2027 •  | 668 | 668 |
| AUTOMOBILE SEQUENTIAL 5.9% | AUTOMOBILE SEQUENTIAL 5.9% | AUTOMOBILE SEQUENTIAL 5.9% |
|  Ally Auto Receivables Trust | Ally Auto Receivables Trust | Ally Auto Receivables Trust |
|  5.460% due 05/15/2028 | 2600 | 2621 |
|  Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC |
|  5.900% due 08/21/2028 | 3900 | 4004 |
|  6.120% due 04/20/2027 | 8700 | 8806 |
|  Bayview Opportunity Master Fund Trust | Bayview Opportunity Master Fund Trust | Bayview Opportunity Master Fund Trust |
|  5.660% due 03/15/2028 | 900 | 907 |
|  5.670% due 04/15/2027 | 583 | 584 |
|  BMW Canada Auto Trust | BMW Canada Auto Trust | BMW Canada Auto Trust |
|  4.844% due 07/20/2027 | 2100 | 1479 |
|  BMW Vehicle Owner Trust | BMW Vehicle Owner Trust | BMW Vehicle Owner Trust |
|  5.470% due 02/25/2028 | 2360 | 2376 |
|  Carmax Select Receivables Trust | Carmax Select Receivables Trust | Carmax Select Receivables Trust |
|  5.400% due 11/15/2028 | 400 | 404 |
|  5.780% due 09/15/2027 | 297 | 298 |
|  Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
|  0.800% due 01/10/2027 | 1062 | 1049 |
|  4.680% due 02/10/2028 | 4650 | 4658 |
|  5.500% due 08/10/2027 | 1055 | 1057 |
|  5.620% due 01/10/2029 | 500 | 506 |
|  5.710% due 07/10/2028 | 1500 | 1517 |
|  5.760% due 04/12/2027 | 254 | 254 |
|  5.900% due 08/10/2027 | 388 | 389 |
|  6.410% due 09/10/2027 | 802 | 805 |
|  Chase Auto Owner Trust | Chase Auto Owner Trust | Chase Auto Owner Trust |
|  5.480% due 04/26/2027 | 2079 | 2084 |
|  Citizens Auto Receivables Trust | Citizens Auto Receivables Trust | Citizens Auto Receivables Trust |
|  5.110% due 04/17/2028 | 1000 | 1007 |
|  5.430% due 10/15/2026 | 547 | 548 |
|  Drive Auto Receivables Trust | Drive Auto Receivables Trust | Drive Auto Receivables Trust |
|  5.830% due 12/15/2026 | 279 | 279 |
|  FCCU Auto Receivables Trust | FCCU Auto Receivables Trust | FCCU Auto Receivables Trust |
|  5.460% due 04/15/2030 | 500 | 510 |
|  5.540% due 04/16/2029 | 700 | 711 |
|  First Help Financial LLC | First Help Financial LLC | First Help Financial LLC |
|  5.690% due 02/15/2030 | 2468 | 2494 |
|  5.890% due 06/15/2030 | 851 | 862 |
|  Flagship Credit Auto Trust | Flagship Credit Auto Trust | Flagship Credit Auto Trust |
|  5.640% due 03/15/2028 | 1267 | 1271 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **129** |

---

------

Schedule of Investments PIMCO StocksPLUS<sup>®</sup><sup></sup>Absolute Return Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Foursight Capital Automobile Receivables Trust | Foursight Capital Automobile Receivables Trust | Foursight Capital Automobile Receivables Trust |
|  5.490% due 01/16/2029 | 983 | 988 |
|  5.990% due 05/15/2028 | 1693 | 1704 |
|  GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust |
|  5.240% due 03/15/2030 | 322 | 324 |
|  5.590% due 10/15/2029 | 1754 | 1777 |
|  GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust |
|  5.450% due 06/16/2028 | 2600 | 2621 |
|  Hertz Vehicle Financing LLC | Hertz Vehicle Financing LLC | Hertz Vehicle Financing LLC |
|  1.990% due 06/25/2026 | 800 | 797 |
|  5.440% due 01/25/2029 | 8500 | 8622 |
|  5.490% due 06/25/2027 | 1000 | 1007 |
|  Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust |
|  4.990% due 02/15/2029 | 3700 | 3736 |
|  5.480% due 04/17/2028 | 2500 | 2521 |
|  M&T Bank Auto Receivables Trust | M&T Bank Auto Receivables Trust | M&T Bank Auto Receivables Trust |
|  5.590% due 02/17/2032 | 584 | 586 |
|  Prestige Auto Receivables Trust | Prestige Auto Receivables Trust | Prestige Auto Receivables Trust |
|  5.690% due 05/17/2027 | 1228 | 1230 |
|  Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust |
|  2.650% due 03/25/2030 | 737 | 721 |
|  5.320% due 09/25/2030 | 707 | 707 |
|  5.380% due 11/25/2030 | 1108 | 1108 |
|  7.090% due 06/25/2032 | 1378 | 1393 |
|  Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust |
|  5.630% due 01/16/2029 | 3700 | 3737 |
|  5.930% due 07/17/2028 | 2200 | 2216 |
|  SCCU Auto Receivables Trust | SCCU Auto Receivables Trust | SCCU Auto Receivables Trust |
|  5.110% due 06/15/2029 | 3200 | 3229 |
|  5.450% due 12/15/2027 | 3136 | 3147 |
|  SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust |
|  4.950% due 05/21/2029 | 500 | 503 |
|  5.350% due 06/21/2027 | 563 | 564 |
|  Tricolor Auto Securitization Trust | Tricolor Auto Securitization Trust | Tricolor Auto Securitization Trust |
|  6.610% due 10/15/2027 | 706 | 710 |
|  Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust |
|  5.440% due 05/17/2027 | 700 | 702 |
|  5.620% due 03/15/2027 | 650 | 651 |
|  5.750% due 08/16/2027 | 3413 | 3428 |
|  6.230% due 01/15/2027 | 2914 | 2924 |
|  |  | 93133 |
| CMBS OTHER 1.8% | CMBS OTHER 1.8% | CMBS OTHER 1.8% |
|  AREIT Trust | AREIT Trust | AREIT Trust |
|  6.254% due 11/17/2038 •  | 2100 | 2092 |
|  M360 Ltd. | M360 Ltd. | M360 Ltd. |
|  6.684% due 11/22/2038 •  | 3800 | 3739 |
|  MF1 LLC | MF1 LLC | MF1 LLC |
|  6.054% due 03/19/2039 •  | 800 | 802 |
|  MF1 Ltd. | MF1 Ltd. | MF1 Ltd. |
|  6.067% due 02/19/2037 •  | 8700 | 8735 |
|  Starwood Commercial Mortgage Trust | Starwood Commercial Mortgage Trust | Starwood Commercial Mortgage Trust |
|  6.149% due 11/15/2038 •  | 13200 | 13130 |
|  |  | 28498 |
| CREDIT CARD BULLET 1.7% | CREDIT CARD BULLET 1.7% | CREDIT CARD BULLET 1.7% |
|  American Express Credit Account Master Trust | American Express Credit Account Master Trust | American Express Credit Account Master Trust |
|  4.870% due 05/15/2028 | 4500 | 4527 |
|  Bank of America Credit Card Trust | Bank of America Credit Card Trust | Bank of America Credit Card Trust |
|  4.790% due 05/15/2028 | 4700 | 4723 |
|  Chase Issuance Trust | Chase Issuance Trust | Chase Issuance Trust |
|  4.630% due 01/15/2031 | 8700 | 8794 |
|  Synchrony Card Funding LLC | Synchrony Card Funding LLC | Synchrony Card Funding LLC |
|  4.930% due 07/15/2030 | 8800 | 8919 |
|  |  | 26963 |
| HOME EQUITY OTHER 10.7% | HOME EQUITY OTHER 10.7% | HOME EQUITY OTHER 10.7% |
|  ABFC Trust | ABFC Trust | ABFC Trust |
|  4.695% due 01/25/2037 ~ | 1837 | 1313 |
|  5.485% due 03/25/2034 ~ | 370 | 360 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  4.695% due 12/25/2036 •  | 4024 | 2110 |
|  4.875% due 11/25/2036 •  | 2348 | 966 |
|  5.335% due 09/25/2033 •  | 1279 | 1272 |
|  Aegis Asset-Backed Securities Trust | Aegis Asset-Backed Securities Trust | Aegis Asset-Backed Securities Trust |
|  4.915% due 01/25/2037 •  | 290 | 217 |
|  Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates |
|  3.824% due 04/25/2034 •  | 794 | 754 |
|  5.410% due 07/25/2035 •  | 800 | 757 |
|  Argent Securities Trust | Argent Securities Trust | Argent Securities Trust |
|  4.915% due 06/25/2036 •  | 5707 | 1553 |
|  4.975% due 05/25/2036 •  | 5394 | 1302 |
|  Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates |
|  4.381% due 06/26/2034 •  | 499 | 497 |
|  5.195% due 02/25/2036 ~ | 5061 | 4055 |
|  Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust |
|  5.245% due 06/25/2034 •  | 2680 | 2702 |
|  Bayview Financial Asset Trust | Bayview Financial Asset Trust | Bayview Financial Asset Trust |
|  4.885% due 03/25/2037 •  | 314 | 313 |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  4.785% due 05/25/2037 •  | 11500 | 9570 |
|  5.385% due 10/25/2037 ~ | 1102 | 1064 |
|  CIT Mortgage Loan Trust | CIT Mortgage Loan Trust | CIT Mortgage Loan Trust |
|  6.685% due 10/25/2037 •  | 3112 | 3155 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  4.695% due 03/25/2037 ~ | 668 | 598 |
|  4.755% due 09/25/2036 •  | 3533 | 2686 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.575% due 07/25/2037 ~ | 140 | 139 |
|  4.639% due 05/25/2036 •  | 1262 | 1243 |
|  4.685% due 02/25/2036 •  | 498 | 480 |
|  4.685% due 06/25/2047 •  | 817 | 788 |
|  4.695% due 12/25/2036 •  | 1135 | 1042 |
|  4.715% due 05/25/2037 •  | 1674 | 1586 |
|  4.715% due 06/25/2047 •  | 824 | 755 |
|  4.725% due 10/25/2047 •  | 4100 | 3538 |
|  4.835% due 02/25/2037 •  | 638 | 595 |
|  4.955% due 12/25/2036 •  | 2599 | 2473 |
|  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 •  | 2 | 2 |
|  Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC |
|  4.955% due 03/25/2036 •  | 3472 | 3146 |
|  Credit-Based Asset Servicing & Securitization Trust | Credit-Based Asset Servicing & Securitization Trust | Credit-Based Asset Servicing & Securitization Trust |
|  3.485% due 07/25/2036 •  | 1294 | 1224 |
|  Ellington Loan Acquisition Trust | Ellington Loan Acquisition Trust | Ellington Loan Acquisition Trust |
|  5.535% due 05/25/2037 •  | 687 | 670 |
|  First NLC Trust | First NLC Trust | First NLC Trust |
|  5.170% due 02/25/2036 •  | 14622 | 13002 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  4.495% due 01/25/2037 •  | 6 | 3 |
|  GE-WMC Asset-Backed Pass-Through Certificates | GE-WMC Asset-Backed Pass-Through Certificates | GE-WMC Asset-Backed Pass-Through Certificates |
|  5.075% due 12/25/2035 •  | 4970 | 4804 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  4.735% due 09/25/2036 •  | 2010 | 694 |
|  4.835% due 01/25/2047 •  | 739 | 381 |
|  5.335% due 11/25/2035 •  | 262 | 255 |
|  HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust |
|  4.585% due 12/25/2036 •  | 4921 | 4331 |
|  4.900% due 03/25/2036 •  | 13607 | 12112 |
|  IndyMac Residential Asset Backed Trust | IndyMac Residential Asset Backed Trust | IndyMac Residential Asset Backed Trust |
|  4.605% due 04/25/2037 •  | 8385 | 5912 |
|  JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. |
|  4.705% due 07/25/2036 ~ | 814 | 735 |
|  4.705% due 08/25/2036 •  | 1100 | 1035 |
|  4.735% due 03/25/2037 ~ | 4503 | 4363 |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  4.995% due 10/25/2034 ~ | 11 | 11 |
|  5.350% due 08/25/2035 •  | 2200 | 2022 |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  4.635% due 11/25/2036 •  | 6872 | 4060 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.975% due 01/25/2037 •  | 5965 | 5838 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust |
|  4.565% due 02/25/2037 •  | 1468 | 1291 |
|  4.575% due 05/25/2037 ~ | 357 | 320 |
|  4.615% due 02/25/2037 •  | 1396 | 446 |
|  4.650% due 03/25/2037 •  | 8356 | 3300 |
|  4.735% due 06/25/2036 •  | 1338 | 674 |
|  4.795% due 02/25/2037 ~ | 8819 | 2815 |
|  4.895% due 09/25/2036 ~ | 704 | 309 |
|  5.365% due 07/25/2035 •  | 1885 | 1835 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  4.615% due 12/25/2036 •  | 2060 | 712 |
|  Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust |
|  4.535% due 07/25/2036 •  | 2282 | 994 |
|  4.565% due 07/25/2037 •  | 2718 | 1735 |
|  Popular ABS Mortgage Pass-Through Trust | Popular ABS Mortgage Pass-Through Trust | Popular ABS Mortgage Pass-Through Trust |
|  4.930% due 07/25/2036 •  | 1081 | 1028 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  5.500% due 05/25/2035 •  | 3017 | 2931 |
|  Residential Asset Securities Corp. Trust | Residential Asset Securities Corp. Trust | Residential Asset Securities Corp. Trust |
|  5.095% due 12/25/2035 •  | 9520 | 9329 |
|  5.140% due 11/25/2035 •  | 11223 | 10909 |
|  Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust |
|  5.110% due 11/25/2037 •  | 1957 | 1886 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.615% due 05/25/2037 •  | 8823 | 5362 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  4.900% due 02/25/2036 •  | 2381 | 2227 |
|  5.275% due 08/25/2035 •  | 2341 | 2145 |
|  5.515% due 07/25/2035 •  | 1031 | 1027 |
|  Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust |
|  4.585% due 09/25/2036 ~ | 71 | 70 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  5.085% due 04/25/2031 •  | 4830 | 4841 |
|  WaMu Asset-Backed Certificates WaMu Trust | WaMu Asset-Backed Certificates WaMu Trust | WaMu Asset-Backed Certificates WaMu Trust |
|  4.605% due 07/25/2047 •  | 1218 | 906 |
|  |  | 169575 |
| HOME EQUITY SEQUENTIAL 0.0% | HOME EQUITY SEQUENTIAL 0.0% | HOME EQUITY SEQUENTIAL 0.0% |
|  BNC Mortgage Loan Trust | BNC Mortgage Loan Trust | BNC Mortgage Loan Trust |
|  4.025% due 10/25/2036 •  | 105 | 104 |
| WHOLE LOAN COLLATERAL 1.7% | WHOLE LOAN COLLATERAL 1.7% | WHOLE LOAN COLLATERAL 1.7% |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  5.358% due 10/25/2036 ~ | 167 | 74 |
|  First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust |
|  4.655% due 12/25/2037 •  | 610 | 586 |
|  4.735% due 08/25/2036 •  | 1672 | 1612 |
|  4.915% due 05/25/2036 •  | 1900 | 1627 |
|  PRET LLC | PRET LLC | PRET LLC |
|  4.744% due 07/25/2051 þ | 1421 | 1416 |
|  4.843% due 09/25/2051 þ | 4326 | 4310 |
|  4.868% due 07/25/2051 þ | 1552 | 1551 |
|  5.487% due 10/25/2051 þ | 2931 | 2932 |
|  5.487% due 10/25/2051 ~ | 610 | 610 |
|  6.721% due 07/25/2051 þ | 4466 | 4470 |
|  PRPM LLC | PRPM LLC | PRPM LLC |
|  6.720% due 02/25/2027 þ | 3125 | 3129 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.935% due 05/25/2036 •  | 2328 | 1200 |
|  VCAT LLC | VCAT LLC | VCAT LLC |
|  5.977% due 01/25/2055 þ | 3523 | 3532 |
|  |  | 27049 |
| OTHER ABS 9.8% | OTHER ABS 9.8% | OTHER ABS 9.8% |
|  Anchorage Credit Funding Ltd. | Anchorage Credit Funding Ltd. | Anchorage Credit Funding Ltd. |
|  2.723% due 04/27/2039 | 600 | 556 |
|  2.871% due 01/28/2039 | 400 | 377 |
|  2.875% due 07/27/2039 | 400 | 371 |
|  3.000% due 01/21/2040 | 500 | 467 |
|  3.177% due 10/25/2038 | 900 | 866 |
|  3.900% due 07/28/2037 | 771 | 762 |
|  3.928% due 04/25/2038 | 600 | 582 |

---

---

| | | |
|:---|:---|:---|
| **130** | **PIMCO EQUITY-RELATED 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)** |
|  4.300% due 07/25/2036 | $— | 494 | $— | 488 |
|  4.430% due 07/25/2037 |  | 287 |  | 281 |
|  4.620% due 04/25/2037 |  | 372 |  | 372 |
|  Ares European CLO DAC | Ares European CLO DAC | Ares European CLO DAC | Ares European CLO DAC | Ares European CLO DAC |
|  3.565% due 10/15/2031 •  |  | 3965 |  | 4290 |
|  3.594% due 04/20/2032 •  |  | 5270 |  | 5700 |
|  Ascent Education Funding Trust | Ascent Education Funding Trust | Ascent Education Funding Trust | Ascent Education Funding Trust | Ascent Education Funding Trust |
|  6.140% due 10/25/2050 | $— | 569 |  | 584 |
|  Aurium CLO DAC | Aurium CLO DAC | Aurium CLO DAC | Aurium CLO DAC | Aurium CLO DAC |
|  3.491% due 01/16/2031 •  |  | 11240 |  | 12136 |
|  Black Diamond CLO DAC | Black Diamond CLO DAC | Black Diamond CLO DAC | Black Diamond CLO DAC | Black Diamond CLO DAC |
|  3.536% due 05/15/2032 •  |  | 3260 |  | 3529 |
|  BNPP AM Euro CLO DAC | BNPP AM Euro CLO DAC | BNPP AM Euro CLO DAC | BNPP AM Euro CLO DAC | BNPP AM Euro CLO DAC |
|  3.497% due 07/22/2032 •  |  | 7492 |  | 8095 |
|  Cairn CLO DAC | Cairn CLO DAC | Cairn CLO DAC | Cairn CLO DAC | Cairn CLO DAC |
|  3.565% due 10/15/2031 •  |  | 2026 |  | 2192 |
|  Carlyle Euro CLO DAC | Carlyle Euro CLO DAC | Carlyle Euro CLO DAC | Carlyle Euro CLO DAC | Carlyle Euro CLO DAC |
|  3.446% due 08/15/2032 •  |  | 4236 |  | 4583 |
|  Carlyle Global Market Strategies Euro CLO DAC | Carlyle Global Market Strategies Euro CLO DAC | Carlyle Global Market Strategies Euro CLO DAC | Carlyle Global Market Strategies Euro CLO DAC | Carlyle Global Market Strategies Euro CLO DAC |
|  3.485% due 01/15/2031 •  |  | 2974 |  | 3200 |
|  Centerbridge Credit Funding Ltd. | Centerbridge Credit Funding Ltd. | Centerbridge Credit Funding Ltd. | Centerbridge Credit Funding Ltd. | Centerbridge Credit Funding Ltd. |
|  3.164% due 07/25/2039 | $— | 300 |  | 285 |
|  CVC Cordatus Loan Fund DAC | CVC Cordatus Loan Fund DAC | CVC Cordatus Loan Fund DAC | CVC Cordatus Loan Fund DAC | CVC Cordatus Loan Fund DAC |
|  3.435% due 10/15/2031 •  |  | 4638 |  | 5016 |
|  DLLAA LLC | DLLAA LLC | DLLAA LLC | DLLAA LLC | DLLAA LLC |
|  5.930% due 07/20/2026 | $— | 253 |  | 253 |
|  Dryden Euro CLO DAC | Dryden Euro CLO DAC | Dryden Euro CLO DAC | Dryden Euro CLO DAC | Dryden Euro CLO DAC |
|  3.416% due 05/15/2034 •  |  | 2855 |  | 3084 |
|  ECMC Group Student Loan Trust | ECMC Group Student Loan Trust | ECMC Group Student Loan Trust | ECMC Group Student Loan Trust | ECMC Group Student Loan Trust |
|  5.454% due 07/25/2069 •  | $— | 1302 |  | 1304 |
|  Euro-Galaxy CLO DAC | Euro-Galaxy CLO DAC | Euro-Galaxy CLO DAC | Euro-Galaxy CLO DAC | Euro-Galaxy CLO DAC |
|  3.291% due 04/24/2034 •  |  | 2392 |  | 2584 |
|  Galaxy CLO Ltd. | Galaxy CLO Ltd. | Galaxy CLO Ltd. | Galaxy CLO Ltd. | Galaxy CLO Ltd. |
|  5.534% due 10/15/2030 •  | $— | 277 |  | 277 |
|  Gallatin CLO Ltd. | Gallatin CLO Ltd. | Gallatin CLO Ltd. | Gallatin CLO Ltd. | Gallatin CLO Ltd. |
|  6.214% due 07/15/2031 •  |  | 3850 |  | 3860 |
|  Harvest CLO DAC | Harvest CLO DAC | Harvest CLO DAC | Harvest CLO DAC | Harvest CLO DAC |
|  3.424% due 10/20/2031 •  |  | 4098 |  | 4430 |
|  3.425% due 10/15/2031 •  |  | 1401 |  | 1514 |
|  Home Partners of America Trust | Home Partners of America Trust | Home Partners of America Trust | Home Partners of America Trust | Home Partners of America Trust |
|  1.901% due 12/17/2026 | $— | 681 |  | 652 |
|  KKR CLO Ltd. | KKR CLO Ltd. | KKR CLO Ltd. | KKR CLO Ltd. | KKR CLO Ltd. |
|  5.495% due 07/18/2030 •  |  | 625 |  | 625 |
|  6.155% due 07/18/2030 •  |  | 5200 |  | 5208 |
|  LCM Ltd. | LCM Ltd. | LCM Ltd. | LCM Ltd. | LCM Ltd. |
|  5.573% due 07/20/2034 •  |  | 2000 |  | 1998 |
|  Lendmark Funding Trust | Lendmark Funding Trust | Lendmark Funding Trust | Lendmark Funding Trust | Lendmark Funding Trust |
|  1.900% due 11/20/2031 |  | 5400 |  | 5148 |
|  Madison Park Euro Funding DAC | Madison Park Euro Funding DAC | Madison Park Euro Funding DAC | Madison Park Euro Funding DAC | Madison Park Euro Funding DAC |
|  3.413% due 10/25/2030 |  | 2371 |  | 2557 |
|  Marlette Funding Trust | Marlette Funding Trust | Marlette Funding Trust | Marlette Funding Trust | Marlette Funding Trust |
|  5.950% due 11/15/2032 | $— | 467 |  | 467 |
|  Nelnet Student Loan Trust | Nelnet Student Loan Trust | Nelnet Student Loan Trust | Nelnet Student Loan Trust | Nelnet Student Loan Trust |
|  6.544% due 02/20/2041 •  |  | 509 |  | 521 |
|  6.640% due 02/20/2041 |  | 509 |  | 527 |
|  OZLM Ltd. | OZLM Ltd. | OZLM Ltd. | OZLM Ltd. | OZLM Ltd. |
|  6.005% due 07/20/2032 •  |  | 3700 |  | 3706 |
|  6.255% due 07/20/2032 •  |  | 2250 |  | 2254 |
|  OZLME DAC | OZLME DAC | OZLME DAC | OZLME DAC | OZLME DAC |
|  3.556% due 01/14/2032 •  |  | 10244 |  | 11056 |
|  Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust |
|  6.258% due 10/15/2031 | $— | 899 |  | 906 |
|  6.660% due 07/15/2031 |  | 524 |  | 530 |
|  Palmer Square CLO Ltd. | Palmer Square CLO Ltd. | Palmer Square CLO Ltd. | Palmer Square CLO Ltd. | Palmer Square CLO Ltd. |
|  5.930% due 05/21/2034 •  |  | 4200 |  | 4202 |
|  Regional Management Issuance Trust | Regional Management Issuance Trust | Regional Management Issuance Trust | Regional Management Issuance Trust | Regional Management Issuance Trust |
|  5.830% due 07/15/2036 |  | 1000 |  | 1021 |
|  Romark Credit Funding Ltd. | Romark Credit Funding Ltd. | Romark Credit Funding Ltd. | Romark Credit Funding Ltd. | Romark Credit Funding Ltd. |
|  2.625% due 10/25/2039 |  | 400 |  | 372 |
|  Sandstone Peak Ltd. | Sandstone Peak Ltd. | Sandstone Peak Ltd. | Sandstone Peak Ltd. | Sandstone Peak Ltd. |
|  5.582% due 10/15/2034 •  |  | 5200 |  | 5201 |
|  Segovia European CLO DAC | Segovia European CLO DAC | Segovia European CLO DAC | Segovia European CLO DAC | Segovia European CLO DAC |
|  3.624% due 07/20/2032 •  |  | 2814 |  | 3045 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  SLM Student Loan Trust | SLM Student Loan Trust | SLM Student Loan Trust |
|  3.073% due 10/25/2039 •  | 465 | 473 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  2.850% due 11/16/2054 | 7825 | 7310 |
|  4.550% due 02/16/2055 | 5867 | 5749 |
|  5.447% due 07/15/2053 •  | 3575 | 3581 |
|  5.500% due 06/17/2052 | 3326 | 3396 |
|  5.897% due 11/15/2052 •  | 783 | 792 |
|  6.149% due 10/16/2056 •  | 1159 | 1183 |
|  SoFi Professional Loan Program Trust | SoFi Professional Loan Program Trust | SoFi Professional Loan Program Trust |
|  2.540% due 05/15/2046 | 1813 | 1741 |
|  Sound Point CLO Ltd. | Sound Point CLO Ltd. | Sound Point CLO Ltd. |
|  5.542% due 07/25/2030 •  | 41 | 41 |
|  TCI-Symphony CLO Ltd. | TCI-Symphony CLO Ltd. | TCI-Symphony CLO Ltd. |
|  6.101% due 10/13/2032 •  | 6330 | 6340 |
|  Trestles CLO Ltd. | Trestles CLO Ltd. | Trestles CLO Ltd. |
|  5.725% due 07/21/2034 •  | 2250 | 2252 |
|  Upstart Structured Pass-Through Trust | Upstart Structured Pass-Through Trust | Upstart Structured Pass-Through Trust |
|  4.250% due 06/17/2030 | 434 | 429 |
|  |  | 155321 |
|  Total Asset-Backed Securities<br>(Cost $515,953) | Total Asset-Backed Securities<br>(Cost $515,953) | 501311 |
| SOVEREIGN ISSUES 9.6% | SOVEREIGN ISSUES 9.6% | SOVEREIGN ISSUES 9.6% |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 10/01/2025 (e) | 222900 | 36450 |
|  CPPIB Capital, Inc. | CPPIB Capital, Inc. | CPPIB Capital, Inc. |
|  4.300% due 06/02/2034 | 3300 | 2429 |
|  Czech Republic Government International Bond | Czech Republic Government International Bond | Czech Republic Government International Bond |
|  4.200% due 12/04/2036 | 29600 | 1265 |
|  Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond |
|  4.000% due 08/24/2034 (f) | 4716 | 215 |
|  4.500% due 12/04/2025 (f) | 210548 | 10188 |
|  4.500% due 11/22/2035 (f) | 227392 | 10732 |
|  6.000% due 05/13/2030 | 600 | 613 |
|  6.875% due 05/13/2037 | 1100 | 1128 |
|  7.375% due 05/13/2055 | 400 | 410 |
|  8.000% due 11/07/2047 | 52100 | 2103 |
|  8.500% due 03/01/2029 | 37800 | 1828 |
|  Peru Government International Bond | Peru Government International Bond | Peru Government International Bond |
|  5.400% due 08/12/2034 | 30000 | 7451 |
|  6.150% due 08/12/2032 | 102500 | 28031 |
|  6.900% due 08/12/2037 | 10500 | 2823 |
|  6.950% due 08/12/2031 | 3600 | 1048 |
|  7.300% due 08/12/2033 | 11900 | 3421 |
|  7.600% due 08/12/2039 | 1400 | 395 |
|  Province of Quebec | Province of Quebec | Province of Quebec |
|  4.450% due 09/01/2034 | 20900 | 15510 |
|  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 | 53500 | 2591 |
|  8.000% due 01/31/2030 | 48900 | 2556 |
|  8.250% due 03/31/2032 | 28000 | 1405 |
|  8.500% due 01/31/2037 | 36700 | 1665 |
|  9.000% due 01/31/2040 | 165700 | 7473 |
|  Saudi Government International Bond | Saudi Government International Bond | Saudi Government International Bond |
|  5.625% due 01/13/2035 | 8600 | 8846 |
|  Turkey Government International Bond | Turkey Government International Bond | Turkey Government International Bond |
|  45.031% due 05/20/2026 ~ | 800 | 21 |
|  45.031% due 08/19/2026 ~ | 500 | 13 |
|  45.031% due 05/17/2028 ~ | 69700 | 1737 |
|  Total Sovereign Issues (Cost $149,860) | Total Sovereign Issues (Cost $149,860) | 152347 |
|  | **SHARES** |  |
| COMMON STOCKS 1.4% | COMMON STOCKS 1.4% | COMMON STOCKS 1.4% |
| COMMUNICATION SERVICES 0.0% | COMMUNICATION SERVICES 0.0% | COMMUNICATION SERVICES 0.0% |
|  Verizon Communications, Inc. | 3260 | 148 |
|  Walt Disney Co. | 3260 | 322 |
|  |  | 470 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) |
| CONSUMER DISCRETIONARY 0.2% | CONSUMER DISCRETIONARY 0.2% | CONSUMER DISCRETIONARY 0.2% |
|  Amazon.com, Inc. (c) | 3260 | 620 |
|  Home Depot, Inc. | 3260 | 1195 |
|  McDonald's Corp. | 3260 | 1018 |
|  NIKE, Inc. 'B' | 3260 | 207 |
|  |  | 3040 |
| CONSUMER STAPLES 0.1% | CONSUMER STAPLES 0.1% | CONSUMER STAPLES 0.1% |
|  Coca-Cola Co. | 3260 | 233 |
|  Procter & Gamble Co. | 3260 | 556 |
|  Walmart, Inc. | 3260 | 286 |
|  |  | 1075 |
| ENERGY 0.0% | ENERGY 0.0% | ENERGY 0.0% |
|  Chevron Corp. | 3260 | 546 |
| FINANCIALS 0.3% | FINANCIALS 0.3% | FINANCIALS 0.3% |
|  American Express Co. | 3260 | 877 |
|  Goldman Sachs Group, Inc. | 3260 | 1781 |
|  JPMorgan Chase & Co. | 3260 | 800 |
|  Travelers Cos., Inc. | 3260 | 862 |
|  Visa, Inc. 'A' | 3260 | 1142 |
|  |  | 5462 |
| HEALTH CARE 0.2% | HEALTH CARE 0.2% | HEALTH CARE 0.2% |
|  Amgen, Inc. | 3260 | 1016 |
|  Johnson & Johnson | 3260 | 541 |
|  Merck & Co., Inc. | 3260 | 292 |
|  UnitedHealth Group, Inc. | 3260 | 1707 |
|  |  | 3556 |
| INDUSTRIALS 0.2% | INDUSTRIALS 0.2% | INDUSTRIALS 0.2% |
|  3M Co. | 3260 | 479 |
|  Boeing Co. (c) | 3260 | 556 |
|  Caterpillar, Inc. | 3260 | 1075 |
|  Honeywell International, Inc. | 3260 | 690 |
|  |  | 2800 |
| INFORMATION TECHNOLOGY 0.3% | INFORMATION TECHNOLOGY 0.3% | INFORMATION TECHNOLOGY 0.3% |
|  Apple, Inc. | 3260 | 724 |
|  Cisco Systems, Inc. | 3260 | 201 |
|  International Business Machines Corp. | 3260 | 811 |
|  Microsoft Corp. | 3260 | 1224 |
|  NVIDIA Corp. | 3260 | 353 |
|  Salesforce, Inc. | 3260 | 875 |
|  |  | 4188 |
| MATERIALS 0.1% | MATERIALS 0.1% | MATERIALS 0.1% |
|  Sherwin-Williams Co. | 3260 | 1139 |
|  Total Common Stocks (Cost $19,742) | Total Common Stocks (Cost $19,742) | 22276 |
|  | PRINCIPAL<br>AMOUNT<br>(000S) |  |
| SHORT-TERM INSTRUMENTS 22.5% | SHORT-TERM INSTRUMENTS 22.5% | SHORT-TERM INSTRUMENTS 22.5% |
| COMMERCIAL PAPER 4.2% | COMMERCIAL PAPER 4.2% | COMMERCIAL PAPER 4.2% |
|  AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. |
|  4.640% due 04/15/2025 | 8030 | 8015 |
|  Bacardi-Martini BV | Bacardi-Martini BV | Bacardi-Martini BV |
|  4.700% due 04/24/2025 | 6400 | 6380 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **131** |

---

------

Schedule of Investments PIMCO StocksPLUS<sup>®</sup><sup></sup>Absolute Return Fund (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
|  4.560% due 04/08/2025 | $— | 1100 | $— | 1099 |
|  4.570% due 04/24/2025 |  | 690 |  | 688 |
|  4.610% due 05/13/2025 |  | 380 |  | 378 |
|  CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. |
|  4.730% due 04/09/2025 |  | 4300 |  | 4295 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  4.910% due 04/29/2025 |  | 8030 |  | 7998 |
|  Enbridge U.S., Inc. | Enbridge U.S., Inc. | Enbridge U.S., Inc. | Enbridge U.S., Inc. | Enbridge U.S., Inc. |
|  4.560% due 04/07/2025 |  | 8150 |  | 8143 |
|  Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |
|  5.000% due 04/23/2025 |  | 1430 |  | 1425 |
|  5.000% due 04/24/2025 |  | 6600 |  | 6578 |
|  Jabil, Inc. | Jabil, Inc. | Jabil, Inc. | Jabil, Inc. | Jabil, Inc. |
|  4.820% due 04/07/2025 |  | 7030 |  | 7023 |
|  4.820% due 04/11/2025 |  | 1000 |  | 998 |
|  Jones Lang LaSalle Finance BV | Jones Lang LaSalle Finance BV | Jones Lang LaSalle Finance BV | Jones Lang LaSalle Finance BV | Jones Lang LaSalle Finance BV |
|  4.750% due 04/22/2025 |  | 3870 |  | 3859 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. |
|  4.600% due 04/14/2025 | 8160 | 8146 |
|  VW Credit, Inc. | VW Credit, Inc. | VW Credit, Inc. |
|  4.580% due 04/02/2025 | 1950 | 1949 |
|  |  | 66974 |
| REPURCHASE AGREEMENTS (g) 13.3% | REPURCHASE AGREEMENTS (g) 13.3% | REPURCHASE AGREEMENTS (g) 13.3% |
|  |  | 210000 |
| U.S. TREASURY BILLS 5.0% | U.S. TREASURY BILLS 5.0% | U.S. TREASURY BILLS 5.0% |
|  4.320% due 04/10/2025 - 06/26/2025 (d)(e)(i)(k) | 79087 | 78543 |
| Total Short-Term Instruments (Cost $355,528) | Total Short-Term Instruments (Cost $355,528) | 355517 |
| Total Investments in Securities (Cost $2,323,839) | Total Investments in Securities (Cost $2,323,839) | 2313308 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| INVESTMENTS IN AFFILIATES 10.5% | INVESTMENTS IN AFFILIATES 10.5% | INVESTMENTS IN AFFILIATES 10.5% | INVESTMENTS IN AFFILIATES 10.5% |
| SHORT-TERM INSTRUMENTS 10.5% | SHORT-TERM INSTRUMENTS 10.5% | SHORT-TERM INSTRUMENTS 10.5% | SHORT-TERM INSTRUMENTS 10.5% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 10.5% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 10.5% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 10.5% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 10.5% |
|  PIMCO Short Asset Portfolio | 6287614 | $— | 61556 |
|  PIMCO Short-Term Floating NAV Portfolio III | 10735112 |  | 104495 |
| Total Short-Term Instruments (Cost $166,209) | Total Short-Term Instruments (Cost $166,209) |  | 166051 |
| Total Investments in Affiliates (Cost $166,209) | Total Investments in Affiliates (Cost $166,209) |  | 166051 |
| Total Investments 156.7%<br>(Cost $2,490,048) | Total Investments 156.7%<br>(Cost $2,490,048) | $— | 2479359 |
|  Financial Derivative<br>Instruments (h)(j) (2.4)%<br> (Cost or Premiums, net $36,671) | Financial Derivative<br>Instruments (h)(j) (2.4)%<br> (Cost or Premiums, net $36,671) |  | (37146) |
| Other Assets and Liabilities, net (54.3)% | Other Assets and Liabilities, net (54.3)% |  | (859524) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 1582689 |

---

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

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

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a) When-issued security.

(b) Payment in-kind security.

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

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

(e) Zero coupon security.

(f) Principal amount of security is adjusted for inflation.

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Lending<br>Rate | Settlement<br>Date | Maturity<br>Date | Principal<br>Amount | Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| JPS | 4.500% | 03/31/2025 | 04/01/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13100 | U.S. Treasury Notes 0.750% due 03/31/2026 | $(13367) | $13100 | $13102 |
| SAL | 4.380 | 03/31/2025 | 04/01/2025 | 99900 | U.S. Treasury Notes 4.375% due 07/31/2026 | (101902) | 99900 | 99912 |
|  | 4.410 | 04/01/2025 | 04/02/2025 | 97000 | U.S. Treasury Notes 3.375% due 09/15/2027 | (98980) | 97000 | 97000 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(214249) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210014 |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (4.6)% | U.S. Government Agencies (4.6)% | U.S. Government Agencies (4.6)% | U.S. Government Agencies (4.6)% | U.S. Government Agencies (4.6)% | U.S. Government Agencies (4.6)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.500% | 06/01/2055 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80400 | $(72322) | $(72436) |
|  Total Short Sales (4.6)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72322) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72436) |

---

132 PIMCO EQUITY-RELATED STRATEGY FUNDS See Accompanying Notes

------

March 31, 2025

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(2)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  JPS | $13102 | $0 | $0 | $13102 | $(13367) | $(265) |
|  SAL | 196912 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(200882) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3970) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210014 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |  |  |  |

---

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

**The average amount of borrowings outstanding during the period ended March 31, 2025 was $(446) at a weighted average interest rate of 5.386%. 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

#### 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 | 18 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | $(5) | $(1) |
|  Put - CBOE U.S. Treasury 10-Year Note May Futures | 109.500 | 04/25/2025 | 15 | 15 | (4) | (2) |
|  Put - CBOE U.S. Treasury 10-Year Note May Futures | 110.000 | 04/25/2025 | 32 | 32 | (9) | (7) |
|  Call - CBOE U.S. Treasury 10-Year Note May Futures | 112.000 | 04/25/2025 | 18 | 18 | (6) | (10) |
|  Call - CBOE U.S. Treasury 10-Year Note May Futures | 112.250 | 04/25/2025 | 15 | 15 | (4) | (7) |
|  Call - CBOE U.S. Treasury 10-Year Note May Futures | 112.500 | 04/25/2025 | 32 | 32 | (10) | (12) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39) |

---

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  E-Mini S&P 500 Index June Futures  | 06/2025 | 1660 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469220 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4795) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2511 | $0 |
|  U.S. Treasury 5-Year Note June Futures  | 06/2025 | 248 | 26823 | 2 | 0 | (8) |
|  U.S. Treasury 10-Year Note June Futures  | 06/2025 | 297 | 33032 | 399 | 5 | 0 |
|  U.S. Treasury 10-Year Ultra Long-Term Bond June Futures  | 06/2025 | 452 | 51585 | 827 | 42 | 0 |
|  U.S. Treasury Ultra Long-Term Bond June Futures  | 06/2025 | 145 | 17726 | 110 | 63 | 0 |
|  |  |  |  | $(3457) | $2621 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) |

---

#### SHORT FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Euro-Bund June Futures  | 06/2025 | 43 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5990) | $123 | $0 | $(22) |
|  Euro-Buxl 30-Year Bond June Futures  | 06/2025 | 16 | (2063) | 133 | 0 | (22) |
|  U.S. Treasury Long-Term Bond June Futures  | 06/2025 | 10 | (1173) | (28) | 0 | (2) |
|  |  |  |  | $228 | $0 | $(46) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3229) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2621 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 133

------

Schedule of Investments PIMCO StocksPLUS<sup>®</sup><sup></sup>Absolute Return 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 |
|  AT&T, Inc. | 1.000% | Quarterly | 06/20/2026 | 0.346% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | $40 | $(20) | $20 | $0 | $0 |
|  AT&T, Inc. | 1.000 | Quarterly | 06/20/2028 | 0.514 | 600 | (3) | 12 | 9 | 0 | 0 |
|  Bank of America Corp. | 1.000 | Quarterly | 12/20/2025 | 0.269 | 600 | 4 | (1) | 3 | 0 | 0 |
|  Bank of America Corp. | 1.000 | Quarterly | 12/20/2026 | 0.401 | 5200 | 67 | (13) | 54 | 0 | (2) |
|  Barclays Bank PLC | 1.000 | Quarterly | 12/20/2025 | 0.328 | 1200 | 7 | 0 | 7 | 0 | 0 |
|  General Electric Co. | 1.000 | Quarterly | 06/20/2026 | 0.077 | $2400 | 18 | 9 | 27 | 0 | 0 |
|  General Electric Co. | 1.000 | Quarterly | 12/20/2026 | 0.097 | 300 | 3 | 2 | 5 | 0 | 0 |
|  General Motors Co. | 5.000 | Quarterly | 12/20/2026 | 0.462 | 3080 | 611 | (372) | 239 | 0 | (3) |
|  General Motors Co. | 5.000 | Quarterly | 06/20/2028 | 0.838 | 3620 | 436 | 25 | 461 | 2 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1183 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(358) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Variation Margin | Variation Margin |
| Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Asset | Liability |
|  CDX.EM-34 5-Year Index | 1.000% | Quarterly | 12/20/2025 | $4232 | $(155) | $158 | $3 | $6 | $0 |
|  CDX.EM-35 5-Year Index | 1.000 | Quarterly | 06/20/2026 | 92 | (3) | 3 | 0 | 0 | 0 |
|  CDX.EM-36 5-Year Index | 1.000 | Quarterly | 12/20/2026 | 6072 | (223) | 227 | 4 | 5 | 0 |
|  CDX.EM-38 5-Year Index | 1.000 | Quarterly | 12/20/2027 | 800 | (68) | 64 | (4) | 1 | 0 |
|  CDX.EM-39 5-Year Index | 1.000 | Quarterly | 06/20/2028 | 100 | (7) | 6 | (1) | 0 | 0 |
|  CDX.EM-40 5-Year Index | 1.000 | Quarterly | 12/20/2028 | 1800 | (86) | 61 | (25) | 1 | 0 |
|  CDX.EM-41 5-Year Index | 1.000 | Quarterly | 06/20/2029 | 500 | (19) | 9 | (10) | 0 | 0 |
|  CDX.EM-42 5-Year Index | 1.000 | Quarterly | 12/20/2029 | 1000 | (29) | 2 | (27) | 0 | 0 |
|  CDX.EM-43 5-Year Index | 1.000 | Quarterly | 06/20/2030 | 600 | (22) | (1) | (23) | 0 | 0 |
|  CDX.HY-40 5-Year Index | 5.000 | Quarterly | 06/20/2028 | 98 | 3 | 3 | 6 | 0 | 0 |
|  CDX.HY-43 5-Year Index | 5.000 | Quarterly | 12/20/2029 | 17000 | 1233 | (297) | 936 | 4 | 0 |
|  CDX.HY-44 5-Year Index | 5.000 | Quarterly | 06/20/2030 | 4400 | 228 | 6 | 234 | 3 | 0 |
|  CDX.IG-40 5-Year Index | 1.000 | Quarterly | 06/20/2028 | 2100 | 34 | 6 | 40 | 0 | 0 |
|  CDX.IG-41 5-Year Index | 1.000 | Quarterly | 12/20/2028 | 1500 | 33 | (3) | 30 | 0 | 0 |
|  CDX.IG-43 5-Year Index | 1.000 | Quarterly | 12/20/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133190 | 2970 | (407) | 2563 | 1 | (5) |
|  CDX.IG-44 5-Year Index | 1.000 | Quarterly | 06/20/2030 | 47900 | 881 | 0 | 881 | 6 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4770 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(163) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4607 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) |

---

#### 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 | 101500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2906) | $(102) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3008) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442 | $0 |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 4.320 | Annual | 10/20/2033 | 600 | (3) | 13 | 10 | 5 | 0 |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 3.700 | Annual | 03/28/2034 | 300 | (1) | 13 | 12 | 0 | (2) |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 3.930 | Annual | 01/06/2035 | 800 | (2) | (18) | (20) | 7 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/21/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332200 | 5680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2226) | 3454 | 10 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 06/20/2026 | 25910 | (9) | 160 | 151 | 0 | (1) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.982 | Annual | 09/30/2026 | 141200 | 0 | 125 | 125 | 5 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2027 | 24700 | 1714 | (77) | 1637 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.500 | Semi-Annual | 01/31/2028 | 44400 | (8) | 1879 | 1871 | 0 | (6) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.638 | Annual | 05/31/2028 | 3500 | 0 | 40 | 40 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.691 | Annual | 05/31/2028 | 1400 | 0 | 13 | 13 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.694 | Annual | 05/31/2028 | 3580 | 0 | 33 | 33 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.807 | Annual | 05/31/2028 | 900 | 0 | 4 | 4 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2028 | 100 | 0 | 1 | 1 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/21/2028 | 31240 | 531 | 251 | 782 | 0 | (7) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 03/04/2030 | 2400 | (5) | (15) | (20) | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/21/2030 | 26400 | 776 | 441 | 1217 | 0 | (28) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2031 | 25200 | 73 | (118) | (45) | 0 | (46) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/21/2033 | 90300 | 5905 | 275 | 6180 | 0 | (32) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2033 | 11100 | 833 | (606) | 227 | 0 | (30) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 12/26/2033 | 660 | (3) | (1) | (4) | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.810 | Annual | 01/02/2034 | 240 | (1) | 0 | (1) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.684 | Annual | 01/03/2034 | 600 | (3) | 6 | 3 | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2034 | 28210 | 1 | 259 | 260 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(82) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.605 | Annual | 08/28/2034 | 200 | (1) | 5 | 4 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.470 | Annual | 09/04/2034 | 500 | (2) | 16 | 14 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.232 | Annual | 09/10/2034 | 550 | (3) | 30 | 27 | 0 | (2) |

---

---

| | | |
|:---|:---|:---|
| **134** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.860% | Annual | 11/14/2034 | $— | 1800 | $(7) | $18 | $11 | $5 | $0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.866 | Annual | 11/14/2034 |  | 1500 | (6) | 16 | 10 | 5 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.793 | Annual | 11/19/2034 |  | 1900 | (8) | 9 | 1 | 6 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.855 | Annual | 11/19/2034 |  | 800 | (4) | 9 | 5 | 2 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.865 | Annual | 11/20/2034 |  | 200 | (1) | 2 | 1 | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70840 | (441) | 836 | 395 | 0 | (44) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.015 | Annual | 12/30/2034 |  | 400 | (1) | 9 | 8 | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.933 | Annual | 01/06/2035 |  | 1200 | (4) | 20 | 16 | 4 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.840 | Annual | 01/08/2035 |  | 1000 | (3) | 8 | 5 | 3 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.850 | Annual | 01/08/2035 |  | 600 | (2) | 6 | 4 | 2 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.890 | Annual | 01/08/2035 |  | 800 | (2) | 10 | 8 | 2 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.896 | Annual | 01/08/2035 |  | 1100 | (3) | 14 | 11 | 3 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.900 | Annual | 01/08/2035 |  | 1200 | (3) | 15 | 12 | 4 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.880 | Annual | 01/13/2035 |  | 1600 | (4) | 18 | 14 | 5 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.970 | Annual | 01/15/2035 |  | 600 | (2) | 12 | 10 | 2 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.013 | Annual | 01/15/2035 |  | 1500 | (4) | 34 | 30 | 5 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.071 | Annual | 01/15/2035 |  | 800 | (2) | 22 | 20 | 3 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 01/21/2035 |  | 800 | (2) | 24 | 22 | 3 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.090 | Annual | 01/22/2035 |  | 1300 | (4) | 38 | 34 | 4 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 02/26/2035 |  | 500 | (2) | (8) | (10) | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.890 | Annual | 03/03/2035 |  | 600 | (2) | (4) | (6) | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.908 | Annual | 03/04/2035 |  | 1300 | (5) | (10) | (15) | 0 | (4) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.870 | Annual | 03/05/2035 |  | 500 | (2) | (2) | (4) | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.874 | Annual | 03/05/2035 |  | 1400 | (5) | (7) | (12) | 0 | (4) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.899 | Annual | 03/11/2035 |  | 1200 | (4) | (9) | (13) | 0 | (4) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 03/12/2035 |  | 1100 | (3) | (10) | (13) | 0 | (4) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.975 | Annual | 03/21/2035 |  | 1700 | (5) | (25) | (30) | 0 | (5) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 03/24/2035 |  | 2100 | (6) | (23) | (29) | 0 | (7) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.884 | Annual | 03/25/2035 |  | 1500 | (4) | (11) | (15) | 0 | (5) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.250 | Semi-Annual | 12/16/2035 |  | 82800 | (1057) | 21403 | 20346 | 0 | (225) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 02/20/2049 |  | 16680 | 246 | 220 | 466 | 0 | (110) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.250 | Semi-Annual | 06/16/2051 |  | 28300 | 5485 | 7836 | 13321 | 0 | (124) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2052 |  | 11900 | 2765 | 1710 | 4475 | 0 | (62) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/18/2054 |  | 55750 | 874 | 2519 | 3393 | 0 | (137) |
| Receive | 3-Month EUR-EURIBOR | 2.680 | Annual | 08/07/2034 | EUR | 300 | (1) | (5) | (6) | 0 | (1) |
| Receive | 3-Month EUR-EURIBOR | 2.590 | Annual | 08/19/2034 |  | 1000 | (3) | (8) | (11) | 0 | (4) |
| Receive | 3-Month EUR-EURIBOR | 2.580 | Annual | 08/29/2034 |  | 900 | (3) | (6) | (9) | 0 | (4) |
| Receive | 3-Month EUR-EURIBOR | 2.390 | Annual | 10/01/2034 |  | 800 | (2) | 23 | 21 | 0 | (3) |
| Pay | 3-Month EUR-EURIBOR | 2.380 | Annual | 12/31/2034 |  | 700 | (2) | (15) | (17) | 3 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/20/2033 | AUD | 42500 | (181) | 747 | 566 | 185 | 0 |
| Receive | 6-Month CZK-PRIBOR | 3.760 | Annual | 11/01/2034 | CZK | 33000 | 0 | 1 | 1 | 0 | (9) |
| Receive | 6-Month EUR-EURIBOR | 2.280 | Annual | 03/04/2030 | EUR | 1100 | (2) | 8 | 6 | 0 | (2) |
| Pay<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2030 |  | 7040 | (67) | 6 | (61) | 16 | 0 |
| Receive | 6-Month EUR-EURIBOR | 3.250 | Annual | 11/06/2033 |  | 900 | (4) | (46) | (50) | 0 | (3) |
| Receive | 6-Month EUR-EURIBOR | 3.148 | Annual | 11/20/2033 |  | 1000 | (4) | (44) | (48) | 0 | (4) |
| Receive | 6-Month EUR-EURIBOR | 3.280 | Annual | 11/22/2033 |  | 300 | (1) | (17) | (18) | 0 | (1) |
| Receive | 6-Month EUR-EURIBOR | 3.305 | Annual | 11/27/2033 |  | 400 | (2) | (23) | (25) | 0 | (2) |
| Receive | 6-Month EUR-EURIBOR | 3.128 | Annual | 12/04/2033 |  | 500 | (2) | (21) | (23) | 0 | (2) |
| Receive | 6-Month EUR-EURIBOR | 3.063 | Annual | 12/06/2033 |  | 900 | (3) | (34) | (37) | 0 | (4) |
| Receive | 6-Month EUR-EURIBOR | 2.990 | Annual | 12/08/2033 |  | 30 | 0 | (1) | (1) | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.910 | Annual | 12/29/2033 |  | 800 | (3) | (19) | (22) | 0 | (3) |
| Receive | 6-Month EUR-EURIBOR | 2.670 | Annual | 04/03/2034 |  | 600 | (2) | (9) | (11) | 0 | (2) |
| Pay | 6-Month EUR-EURIBOR | 2.220 | Annual | 01/08/2035 |  | 800 | (2) | (30) | (32) | 3 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.400 | Annual | 02/12/2035 |  | 700 | (2) | 18 | 16 | 0 | (3) |
| Pay | 6-Month EUR-EURIBOR | 2.420 | Annual | 03/07/2035 |  | 400 | (1) | (7) | (8) | 2 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.460 | Annual | 03/13/2035 |  | 900 | (2) | (14) | (16) | 4 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.610 | Annual | 03/24/2035 |  | 700 | (2) | (1) | (3) | 3 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.520 | Annual | 03/27/2035 |  | 700 | (2) | (7) | (9) | 3 | 0 |
| Pay<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.460 | Annual | 04/01/2035 |  | 600 | (2) | (9) | (11) | 0 | (11) |
| Pay<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2035 |  | 48780 | (2206) | 252 | (1954) | 206 | 0 |
| Receive<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2055 |  | 20100 | 1481 | 157 | 1638 | 0 | (158) |
| Receive | 28-Day MXN-TIIE | 9.390 | Lunar | 12/12/2025 | MXN | 24100 | 0 | (6) | (6) | 0 | 0 |
| Receive | 28-Day MXN-TIIE | 9.430 | Lunar | 12/25/2025 |  | 32200 | 0 | (9) | (9) | 0 | 0 |
| Receive | 28-Day MXN-TIIE | 9.000 | Lunar | 03/01/2029 |  | 35600 | 0 | (61) | (61) | 0 | (1) |
| Receive<sup>(5)</sup> | 28-Day MXN-TIIE | 9.430 | Lunar | 10/19/2034 |  | 32200 | 0 | (78) | (78) | 0 | (1) |
| Receive<sup>(5)</sup> | 28-Day MXN-TIIE | 9.390 | Lunar | 11/03/2034 |  | 24100 | 0 | (56) | (56) | 0 | (1) |
| Receive | CAONREPO | 2.740 | Semi-Annual | 06/01/2034 | CAD | 1300 | 0 | (5) | (5) | 0 | (3) |
| Receive | CAONREPO | 2.900 | Semi-Annual | 06/01/2034 |  | 11600 | (2) | (146) | (148) | 0 | (27) |
| Receive | CAONREPO | 3.000 | Semi-Annual | 06/01/2034 |  | 11420 | 11 | (223) | (212) | 0 | (26) |
| Receive | CPURNSA | 0.000 | Maturity | 03/25/2030 | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27000 | 0 | 138 | 138 | 25 | 0 |
| Receive | CPURNSA | 0.000 | Maturity | 03/27/2030 |  | 34500 | 0 | 139 | 139 | 32 | 0 |
|  |  |  |  |  |  |  | $19327 | $35689 | $55016 | $1011 | $(1265) |
|  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;25280 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35168 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60448 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1040 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1275) |

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See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 135

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Schedule of Investments PIMCO StocksPLUS<sup>®</sup><sup></sup>Absolute Return Fund (Cont.)

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of March 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | | 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;2621 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1040 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3661 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1277) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1370) |

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(i) Securities with an aggregate market value of $21,461 and cash of $54,787 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

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

<sup>(3)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

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

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

<sup>(6)</sup> Unsettled variation margin liability of $(2) for closed swap agreements is outstanding at period end. 

&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 | 45506 | $302 | $0 | $(2) |
|  | 04/2025 | $24476 | 38691 | 0 | (300) |
|  | 04/2025 | 372 | 55651 | 0 | (1) |
|  | 04/2025 | 353 | 471 | 0 | (2) |
|  | 05/2025 | 38691 | $24481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299 | 0 |
|  | 05/2025 | 16194 | 2211 | 0 | (24) |
|  | 05/2025 | 471 | 353 | 2 | 0 |
|  | 05/2025 | $8562 | 61999 | 3 | (9) |
|  | 05/2025 | 302 | 45353 | 2 | 0 |
|  | 06/2025 | 34773 | $4757 | 0 | (54) |
|  | 06/2025 | $2567 | 18528 | 0 | (4) |
|  | 07/2025 | 30854 | $4283 | 8 | (2) |
|  | 08/2025 | 30859 | 4279 | 0 | (7) |
|  BOA | 04/2025 | 722 | 817 | 0 | 0 |
|  | 04/2025 | 2405 | 98 | 0 | (6) |
|  | 04/2025 | 6513832 | 394 | 2 | 0 |
|  | 04/2025 | 751899 | 513 | 2 | 0 |
|  | 04/2025 | $1317 | 1210 | 0 | (8) |
|  | 04/2025 | 394 | 6513832 | 0 | (2) |
|  | 04/2025 | 3413 | 61988 | 0 | (35) |
|  | 05/2025 | 15834 | $2163 | 0 | (22) |
|  | 05/2025 | 1020 | 131 | 0 | 0 |
|  | 05/2025 | 6661390 | 400 | 1 | 0 |
|  | 05/2025 | $475 | 40771 | 1 | 0 |
|  | 06/2025 | 21246 | $2926 | 1 | (14) |
|  | 06/2025 | $1258 | 9087 | 0 | (1) |
|  | 06/2025 | 711 | 1035673 | 0 | (6) |
|  | 06/2025 | 6616 | 25561 | 0 | (32) |
|  | 08/2025 | 8713 | $1218 | 8 | 0 |
|  | 08/2025 | 705 | 22 | 0 | 0 |

---

---

| | | |
|:---|:---|:---|
| **136** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  BPS | 04/2025 | 7136 | $4497 | $38 | $0 |
|  | 04/2025 | 43554 | 7581 | 0 | (51) |
|  | 04/2025 | 9329 | 6518 | 35 | 0 |
|  | 04/2025 | 33407 | 1374 | 0 | (74) |
|  | 04/2025 | 96644 | 101339 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3162) |
|  | 04/2025 | 47977821 | 2894 | 14 | 0 |
|  | 04/2025 | 16241 | 108 | 0 | 0 |
|  | 04/2025 | 11712876 | 8000 | 44 | 0 |
|  | 04/2025 | 535 | 402 | 4 | 0 |
|  | 04/2025 | 15854 | 401 | 0 | (3) |
|  | 04/2025 | 786639 | 23940 | 251 | 0 |
|  | 04/2025 | $1063 | 1679 | 0 | (14) |
|  | 04/2025 | 7597 | 43554 | 37 | (1) |
|  | 04/2025 | 9074 | 149220616 | 0 | (120) |
|  | 04/2025 | 4156 | 360780 | 60 | 0 |
|  | 04/2025 | 3672 | 547409 | 0 | (22) |
|  | 04/2025 | 3640 | 5286314 | 0 | (51) |
|  | 04/2025 | 225 | 302 | 0 | (1) |
|  | 04/2025 | 14852 | 487813 | 0 | (162) |
|  | 04/2025 | 57912 | $3154 | 5 | (6) |
|  | 05/2025 | 57850 | 7961 | 2 | (24) |
|  | 05/2025 | 19922098 | 1198 | 4 | 0 |
|  | 05/2025 | 301 | 225 | 1 | 0 |
|  | 05/2025 | $1313 | 7539 | 0 | 0 |
|  | 05/2025 | 1034 | 799 | 0 | (2) |
|  | 05/2025 | 1839 | 30517784 | 0 | (10) |
|  | 05/2025 | 4271 | 366363 | 5 | 0 |
|  | 05/2025 | 108 | 16186 | 0 | 0 |
|  | 06/2025 | 38144 | $5229 | 0 | (48) |
|  | 06/2025 | 1964163 | 1351 | 13 | 0 |
|  | 06/2025 | 768 | 199 | 1 | 0 |
|  | 06/2025 | 92552 | 2354 | 122 | 0 |
|  | 06/2025 | $7417 | 28804 | 43 | (43) |
|  | 07/2025 | 130802 | $4025 | 63 | 0 |
|  | 08/2025 | 69669 | 9697 | 19 | 0 |
|  | 08/2025 | 327726 | 10031 | 76 | 0 |
|  | 08/2025 | $1431 | 46587 | 0 | (16) |
|  | 10/2025 | 18300 | $3056 | 1 | (15) |
|  BRC | 04/2025 | 14120 | 3813 | 14 | 0 |
|  | 04/2025 | 11384 | 130 | 0 | (3) |
|  | 04/2025 | 2835 | 72 | 0 | (1) |
|  | 04/2025 | $1863 | 30493740 | 0 | (34) |
|  | 04/2025 | 199 | 732 | 0 | (2) |
|  | 04/2025 | 133 | 11371 | 0 | 0 |
|  | 04/2025 | 4995 | 192813 | 1 | (76) |
|  | 05/2025 | 11403 | $133 | 0 | 0 |
|  | 05/2025 | 5936 | 150 | 1 | 0 |
|  | 05/2025 | $257 | 10053 | 0 | (6) |
|  | 06/2025 | 64277 | $1586 | 44 | (4) |
|  | 06/2025 | $128 | 495 | 0 | 0 |
|  | 06/2025 | 3942 | 155718 | 0 | (188) |
|  BSH | 04/2025 | 35980 | $22795 | 313 | 0 |
|  | 04/2025 | 849308 | 5655 | 0 | (7) |
|  | 04/2025 | 8652 | 2277 | 0 | (76) |
|  | 05/2025 | 977 | 258 | 0 | (8) |
|  | 05/2025 | $5655 | 846447 | 7 | 0 |
|  | 06/2025 | 7267 | $1969 | 0 | (5) |
|  | 06/2025 | $1524 | 5872 | 0 | (12) |
|  | 07/2025 | 9184 | $2448 | 0 | (45) |
|  CBK | 04/2025 | 247483 | 43127 | 5 | (247) |
|  | 04/2025 | 5806 | 6599 | 36 | 0 |
|  | 04/2025 | 1223 | 172 | 0 | (5) |
|  | 04/2025 | 45898998 | 2767 | 11 | 0 |
|  | 04/2025 | 6540 | 1794 | 35 | 0 |
|  | 04/2025 | 104597 | 1218 | 0 | (6) |
|  | 04/2025 | 13648 | 3669 | 0 | (43) |
|  | 04/2025 | 553047 | 16880 | 225 | 0 |
|  | 04/2025 | $43099 | 247483 | 270 | 0 |
|  | 04/2025 | 50659 | 72172 | 0 | (504) |
|  | 04/2025 | 1176 | 1036 | 0 | (5) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **137** |

---

------

Schedule of Investments PIMCO StocksPLUS<sup>®</sup><sup></sup>Absolute Return Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 04/2025 | $1827 | 1409 | $0 | $(7) |
|  | 04/2025 | 5067 | 83000515 | 0 | (86) |
|  | 04/2025 | 1634 | 140319 | 5 | 0 |
|  | 04/2025 | 220 | 321818 | 0 | (1) |
|  | 04/2025 | 3735 | 13600 | 0 | (36) |
|  | 04/2025 | 18139 | 594473 | 0 | (237) |
|  | 05/2025 | 70113 | $49293 | 498 | 0 |
|  | 05/2025 | 23792087 | 1432 | 6 | 0 |
|  | 05/2025 | 866 | 229 | 0 | (7) |
|  | 05/2025 | 1 | 0 | 0 | 0 |
|  | 05/2025 | $1832 | 30441915 | 0 | (8) |
|  | 06/2025 | 12402 | $1711 | 0 | (5) |
|  | 06/2025 | 22684993 | 15784 | 333 | 0 |
|  | 06/2025 | 833 | 227 | 0 | 0 |
|  | 06/2025 | $1123 | 8109 | 0 | (1) |
|  | 06/2025 | 1173 | 1695051 | 0 | (18) |
|  | 07/2025 | 2729 | $742 | 1 | 0 |
|  | 07/2025 | 228499 | 7023 | 101 | 0 |
|  | 07/2025 | $40217 | 235166 | 198 | 0 |
|  | 08/2025 | 14501 | $3884 | 0 | (51) |
|  | 08/2025 | 250749 | 7695 | 79 | 0 |
|  | 09/2025 | 13644 | 3735 | 37 | 0 |
|  DUB | 04/2025 | 63 | 44 | 0 | 0 |
|  | 04/2025 | 11 | 12 | 0 | 0 |
|  | 04/2025 | 15443862 | 935 | 9 | 0 |
|  | 04/2025 | 11455 | 3145 | 63 | 0 |
|  | 04/2025 | 235300 | 1600 | 31 | 0 |
|  | 04/2025 | 396 | 226 | 1 | 0 |
|  | 04/2025 | 32 | 24 | 0 | 0 |
|  | 04/2025 | $189 | 1312 | 1 | 0 |
|  | 04/2025 | 5688 | 94262349 | 0 | (34) |
|  | 04/2025 | 718 | 61754 | 3 | 0 |
|  | 04/2025 | 228 | 397 | 0 | (3) |
|  | 04/2025 | 180 | 241 | 0 | (1) |
|  | 05/2025 | 1310 | $189 | 0 | (1) |
|  | 05/2025 | 2919277 | 176 | 1 | 0 |
|  | 05/2025 | 397 | 228 | 3 | 0 |
|  | 05/2025 | 2418 | 636 | 0 | (21) |
|  | 05/2025 | 241 | 180 | 1 | 0 |
|  | 06/2025 | 16339335 | 11370 | 243 | 0 |
|  | 08/2025 | $1619 | 11599 | 0 | (8) |
|  FAR | 04/2025 | 161512 | $28127 | 0 | (176) |
|  | 04/2025 | 20425 | 22914 | 0 | (173) |
|  | 04/2025 | 1942 | 274 | 0 | (8) |
|  | 04/2025 | 10760 | 2964 | 69 | 0 |
|  | 04/2025 | 607630 | 4036 | 0 | (15) |
|  | 04/2025 | $28154 | 161512 | 150 | 0 |
|  | 04/2025 | 2846 | 424634 | 0 | (15) |
|  | 04/2025 | 196 | 6435 | 0 | (3) |
|  | 05/2025 | 2184 | 15755 | 0 | (10) |
|  | 05/2025 | 4036 | 605583 | 15 | 0 |
|  | 06/2025 | 2890 | 11182 | 0 | (10) |
|  | 07/2025 | 15695 | $2184 | 9 | 0 |
|  GLM | 04/2025 | 58765 | 10449 | 170 | (19) |
|  | 04/2025 | 1045 | 728 | 2 | 0 |
|  | 04/2025 | 31300 | 4627 | 91 | 0 |
|  | 04/2025 | 38361137 | 2310 | 9 | 0 |
|  | 04/2025 | 1144711 | 780 | 3 | 0 |
|  | 04/2025 | 11552 | 3052 | 0 | (91) |
|  | 04/2025 | 1022 | 25 | 0 | (1) |
|  | 04/2025 | $10008 | 58765 | 290 | 0 |
|  | 04/2025 | 3959 | 65176991 | 0 | (50) |
|  | 04/2025 | 300 | 438477 | 0 | (2) |
|  | 04/2025 | 14131 | $775 | 5 | 0 |
|  | 05/2025 | 15396 | 2102 | 0 | (23) |
|  | 05/2025 | 11432233 | 686 | 0 | 0 |
|  | 05/2025 | $2310 | 38395790 | 0 | (9) |
|  | 06/2025 | 2150 | 15542 | 6 | (6) |
|  | 06/2025 | 780 | 1140553 | 0 | (3) |
|  | 06/2025 | 1125 | 4344 | 0 | (6) |

---

---

| | | |
|:---|:---|:---|
| **138** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 07/2025 | 22469 | $6035 | $0 | $(64) |
|  | 07/2025 | 24061 | 740 | 11 | 0 |
|  | 07/2025 | $43 | 1406 | 0 | (1) |
|  | 09/2025 | 5549 | $1514 | 9 | 0 |
|  | 10/2025 | 196400 | 31970 | 0 | (977) |
|  IND | 04/2025 | $24 | 21 | 0 | 0 |
|  | 04/2025 | 367 | 2535 | 1 | 0 |
|  | 05/2025 | 21 | $24 | 0 | 0 |
|  | 05/2025 | 2530 | 367 | 0 | (1) |
|  JPM | 04/2025 | 37757 | 6581 | 3 | (38) |
|  | 04/2025 | 5402201 | 327 | 3 | 0 |
|  | 04/2025 | 11043 | 3034 | 63 | 0 |
|  | 04/2025 | 275472 | 1832 | 0 | (4) |
|  | 04/2025 | 34 | 26 | 0 | 0 |
|  | 04/2025 | 1971 | 49 | 0 | (1) |
|  | 04/2025 | 72621 | 2215 | 28 | 0 |
|  | 04/2025 | $1737 | 2746 | 0 | (22) |
|  | 04/2025 | 6584 | 37757 | 33 | 0 |
|  | 04/2025 | 101265 | 93883 | 251 | 0 |
|  | 04/2025 | 789 | 12959016 | 0 | (11) |
|  | 04/2025 | 1262 | 109009 | 11 | 0 |
|  | 04/2025 | 3057 | 455702 | 0 | (19) |
|  | 04/2025 | 220 | 321676 | 0 | (1) |
|  | 04/2025 | 8605 | 282741 | 0 | (90) |
|  | 05/2025 | 16456 | $2253 | 0 | (18) |
|  | 05/2025 | 91945 | 99334 | 0 | (248) |
|  | 05/2025 | 7651415 | 461 | 2 | 0 |
|  | 05/2025 | $8023 | 58160 | 10 | (7) |
|  | 05/2025 | 634 | 95352 | 4 | 0 |
|  | 06/2025 | 4838 | $663 | 0 | (6) |
|  | 06/2025 | 515982 | 25002 | 45 | 0 |
|  | 06/2025 | 7226 | 1873 | 11 | 0 |
|  | 06/2025 | $7527 | 29155 | 12 | (32) |
|  | 06/2025 | 255 | 10105 | 0 | (9) |
|  | 07/2025 | 29736 | $4120 | 3 | (4) |
|  | 07/2025 | 132400 | 4071 | 61 | 0 |
|  | 07/2025 | $2180 | 12757 | 12 | 0 |
|  | 08/2025 | 28157 | $3903 | 1 | (10) |
|  | 08/2025 | 226723 | 6939 | 53 | 0 |
|  | 08/2025 | $1587 | 51379 | 0 | (26) |
|  MBC | 04/2025 | 1504 | $1608 | 8 | (26) |
|  | 04/2025 | 228400 | 1542 | 19 | 0 |
|  | 04/2025 | 291 | 218 | 1 | 0 |
|  | 04/2025 | 119013 | 3679 | 95 | 0 |
|  | 04/2025 | $16 | 23 | 0 | 0 |
|  | 04/2025 | 29326 | 25907 | 0 | (44) |
|  | 04/2025 | 10 | 70 | 0 | 0 |
|  | 04/2025 | 3316 | 3055 | 0 | (12) |
|  | 04/2025 | 2207 | 1715 | 8 | 0 |
|  | 04/2025 | 3370 | 291410 | 34 | 0 |
|  | 04/2025 | 3187 | 476500 | 0 | (11) |
|  | 04/2025 | 3762 | 123598 | 0 | (40) |
|  | 04/2025 | 32763 | $1792 | 7 | 0 |
|  | 05/2025 | 23 | 16 | 0 | 0 |
|  | 05/2025 | 25814 | 29326 | 43 | 0 |
|  | 05/2025 | 27969 | 3856 | 2 | (5) |
|  | 05/2025 | 70 | 10 | 0 | 0 |
|  | 05/2025 | 4586559 | 276 | 1 | 0 |
|  | 05/2025 | 1808 | 54 | 0 | 0 |
|  | 05/2025 | $3957 | 28685 | 5 | (3) |
|  | 06/2025 | 4213518 | $2928 | 58 | 0 |
|  | 06/2025 | $2640 | 10188 | 0 | (17) |
|  | 07/2025 | 14256 | $1978 | 2 | 0 |
|  | 07/2025 | 63417 | 1946 | 25 | 0 |
|  | 08/2025 | 15651 | 2168 | 1 | (7) |
|  | 08/2025 | 108952 | 3326 | 16 | 0 |
|  MYI | 04/2025 | 8200 | 1428 | 0 | (9) |
|  | 04/2025 | 63530 | 44627 | 478 | 0 |
|  | 04/2025 | 36552 | 5390 | 97 | (4) |
|  | 04/2025 | 12078 | 15304 | 0 | (298) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **139** |

---

------

Schedule of Investments PIMCO StocksPLUS<sup>®</sup><sup></sup>Absolute Return Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 04/2025 | 122 | $91 | $0 | $0 |
|  | 04/2025 | $1408 | 8200 | 29 | 0 |
|  | 04/2025 | 1234 | 1772 | 0 | (3) |
|  | 04/2025 | 14686 | 98255 | 0 | (446) |
|  | 04/2025 | 878 | 28690 | 0 | (14) |
|  | 04/2025 | 2300 | 42050 | 0 | (9) |
|  | 05/2025 | 4235524 | $254 | 1 | 0 |
|  | 06/2025 | 7345 | 1013 | 0 | (3) |
|  | 06/2025 | $513 | 2035 | 11 | 0 |
|  | 10/2025 | 8200 | $1348 | 0 | (27) |
|  NGF | 06/2025 | 4631187 | 3250 | 97 | 0 |
|  SCX | 04/2025 | 114168 | 770 | 10 | (1) |
|  | 04/2025 | 8637 | 2273 | 0 | (77) |
|  | 04/2025 | 63035 | 1942 | 44 | 0 |
|  | 04/2025 | $2322 | 37993059 | 0 | (44) |
|  | 04/2025 | 220 | 321334 | 0 | (2) |
|  | 04/2025 | 1090 | 35848 | 0 | (10) |
|  | 05/2025 | 24723 | $3430 | 18 | 0 |
|  | 05/2025 | 1790898 | 108 | 0 | 0 |
|  | 05/2025 | $202 | 30362 | 1 | 0 |
|  | 06/2025 | 2925 | $403 | 0 | (2) |
|  | 07/2025 | 13634 | 3653 | 0 | (48) |
|  | 08/2025 | 9928 | 1378 | 0 | (1) |
|  | 08/2025 | 35551 | 1090 | 10 | 0 |
|  SOG | 04/2025 | 10139 | 1752 | 0 | (24) |
|  | 04/2025 | $1781 | 10139 | 0 | (4) |
|  SSB | 04/2025 | 36137 | $9511 | 0 | (320) |
|  | 04/2025 | $11579 | 8954 | 0 | (13) |
|  | 05/2025 | 8954 | $11578 | 13 | 0 |
|  | 05/2025 | 5330 | 1405 | 0 | (44) |
|  UAG | 04/2025 | 31000 | 4573 | 80 | 0 |
|  | 04/2025 | 5323801 | 321 | 1 | 0 |
|  | 04/2025 | $368 | 6098340 | 0 | (2) |
|  | 04/2025 | 2806 | 417508 | 0 | (23) |
|  | 05/2025 | 321 | 5331288 | 0 | (1) |
|  | 06/2025 | 716 | 2765 | 0 | (4) |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6404 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9965) |

---

#### PURCHASED OPTIONS:

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BRC Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.750% | 10/30/2025 | 192600 | $927 | $760 |
| CBK Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 6.050 | 10/30/2025 | 35300 | 9 | 1 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 5.850 | 11/21/2025 | 39700 | 14 | 1 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 5.850 | 11/24/2025 | 14800 | 6 | 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;956 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;763 |

---

#### WRITTEN OPTIONS:

#### CREDIT DEFAULT SWAPTIONS ON CREDIT INDEXES

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Buy/Sell<br>Protection | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
|  GST | Put - OTC CDX.IG-43 5-Year Index | Sell | 0.700% | 05/21/2025 | 2200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |
|  | Put - OTC CDX.IG-43 5-Year Index | Sell | 0.700 | 06/18/2025 | 2300 | (4) | (3) |
|  | Put - OTC CDX.IG-43 5-Year Index | Sell | 0.750 | 06/18/2025 | 4700 | (6) | (5) |
|  | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.850 | 06/18/2025 | 4100 | (4) | (4) |
|  | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.900 | 07/16/2025 | 4300 | (5) | (5) |
|  JPM | Put - OTC CDX.IG-44 5-Year Index | Sell | 1.000 | 07/16/2025 | 2000 | (2) | (2) |
|  RBC | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.900 | 07/16/2025 | 1300 | (2) | (1) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) |

---

140 PIMCO EQUITY-RELATED STRATEGY FUNDS See Accompanying Notes

------

March 31, 2025

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive <br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BPS Call - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.400% | 04/07/2025 | 1000 | $(2) | $(3) |
| Put - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.750 | 04/07/2025 | 1000 | (2) | 0 |
| BRC Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 2.830 | 10/30/2025 | 192600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(344) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(219) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.290 | 10/30/2025 | 192600 | (573) | (406) |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.510 | 04/07/2025 | 600 | (2) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.860 | 04/07/2025 | 600 | (2) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.550 | 04/11/2025 | 700 | (3) | (2) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.900 | 04/11/2025 | 700 | (3) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.550 | 04/14/2025 | 600 | (2) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.920 | 04/14/2025 | 600 | (2) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.450 | 04/30/2025 | 600 | (2) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.760 | 04/30/2025 | 600 | (2) | (3) |
| CBK Call - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.350 | 04/25/2025 | 700 | (1) | (2) |
| Put - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.650 | 04/25/2025 | 700 | (1) | (1) |
| FAR Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.715 | 175<br> 04/24/2025 | 1500 | (6) | (11) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.065 | 04/24/2025 | 1500 | (6) | (2) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.593 | 04/30/2025 | 1500 | (6) | (7) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.943 | 04/30/2025 | 1500 | (6) | (6) |
| GLM Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.535 | 04/10/2025 | 1900 | (8) | (2) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.985 | 04/10/2025 | 1900 | (8) | (2) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.723 | 04/14/2025 | 800 | (4) | (5) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.073 | 04/14/2025 | 800 | (4) | (1) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.695 | 04/17/2025 | 1000 | (5) | (5) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.045 | 04/17/2025 | 1000 | (4) | (1) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.710 | 04/21/2025 | 1100 | (4) | (7) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.060 | 04/21/2025 | 1100 | (4) | (1) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.713 | 04/28/2025 | 1100 | (4) | (8) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.063 | 04/28/2025 | 1100 | (4) | (2) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.600 | 04/30/2025 | 800 | (3) | (4) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.950 | 04/30/2025 | 800 | (3) | (3) |
| MYC Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.710 | 04/14/2025 | 900 | (4) | (5) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.060 | 04/14/2025 | 900 | (4) | (1) |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.520 | 04/07/2025 | 700 | (3) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.890 | 04/07/2025 | 700 | (3) | 0 |
| NGF Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.530 | 04/17/2025 | 800 | (3) | (2) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.890 | 04/17/2025 | 800 | (3) | (1) |
|  |  |  |  |  |  | $(1040) | $(715) |
|  Total Written Options |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1066) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(737) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(5)</sup> | Swap Agreements,<br>at Value<sup>(5)</sup> |
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| DUB | Petroleos Mexicanos « | 4.750% | Monthly | 07/06/2026 | —<sup>¨</sup>% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1882 | $0 | $13 | $13 | $0 |
| GST | Soft Bank Group, Inc. | 1.000 | Quarterly | 06/20/2026 | 1.326 | 300 | (2) | 1 | 0 | (1) |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(5)</sup> | Swap Agreements,<br>at Value<sup>(5)</sup> |
| Counterparty | Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BOA | ABX.HE.AAA.6-2 Index « | 0.110% | Monthly | 05/25/2046 | $173 | $(46) | $32 | $0 | $(14) |
|  | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 | 6300 | 1223 | 23 | 1246 | 0 |
| BPS | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 | 7186 | 1426 | (4) | 1422 | 0 |
| GST | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 | 5218 | 1042 | (10) | 1032 | 0 |
| JPM | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38195 | 7896 | (340) | 7556 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11541 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(299) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11256 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 141

------

Schedule of Investments PIMCO StocksPLUS<sup>®</sup><sup></sup>Absolute Return Fund (Cont.)

#### 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 |
|  CIB | Receive | S&P 500 Total Return Index | 6201 | 4.910% (FEDL01 plus a specified spread) | Monthly | 04/09/2025 | $76646 | $0 | $(322) | $0 | $(322) |
|  | Receive | S&P 500 Total Return Index | 3207 | 5.180% (FEDL01 plus a specified spread) | Monthly | 05/07/2025 | 39639 | 0 | (169) | 0 | (169) |
|  | Receive | S&P 500 Total Return Index | 6199 | 5.050% (FEDL01 plus a specified spread) | Monthly | 01/07/2026 | 76621 | 0 | (331) | 0 | (331) |
|  | Receive | S&P 500 Total Return Index | 922 | 5.090% (FEDL01 plus a specified spread) | Monthly | 01/07/2026 | 11396 | 0 | (50) | 0 | (50) |
|  | Receive | S&P 500 Total Return Index | 19 | 5.010% (FEDL01 plus a specified spread) | Monthly | 02/18/2026 | 235 | 0 | (1) | 0 | (1) |
|  FAR | Pay | DJITR Index  | 211 | 5.110% | Monthly | 06/20/2025 | 22270 | 0 | 16 | 16 | 0 |
|  | Receive | S&P 500 Total Return Index | 9628 | 5.070% (FEDL01 plus a specified spread) | Maturity | 08/13/2025 | 117945 | 0 | (3647) | 0 | (3647) |
|  RBC | Receive | S&P 500 Total Return Index | 1871 | 4.970% (FEDL01 plus a specified spread) | Monthly | 04/09/2025 | 23126 | 0 | (98) | 0 | (98) |
|  | Receive | S&P 500 Total Return Index | 458 | 5.060% | Monthly | 06/04/2025 | 5661 | 0 | (21) | 0 | (21) |
|  | Receive | S&P 500 Total Return Index | 184 | 5.030% (FEDL01 plus a specified spread) | Monthly | 07/09/2025 | 2274 | 0 | (9) | 0 | (9) |
|  | Receive | S&P 500 Total Return Index | 82 | 5.050% (FEDL01 plus a specified spread) | Monthly | 08/06/2025 | 1014 | 0 | (4) | 0 | (4) |
|  | Receive | S&P 500 Total Return Index | 458 | 5.050% (FEDL01 plus a specified spread) | Monthly | 09/03/2025 | 5661 | 0 | (24) | 0 | (24) |
|  | Receive | S&P 500 Total Return Index | 1482 | 5.140% (FEDL01 plus a specified spread) | Monthly | 10/15/2025 | 18318 | 0 | (78) | 0 | (78) |
|  | Receive | S&P 500 Total Return Index | 37469 | 5.150% (FEDL01 plus a specified spread) | Maturity | 02/18/2026 | 500937 | 0 | (42701) | 0 | (42701) |
|  TOR | Receive | S&P 500 Total Return Index | 18 | 4.930% (FEDL01 plus a specified spread) | Monthly | 05/21/2025 | 222 | 0 | (1) | 0 | (1) |
|  | Receive | S&P 500 Total Return Index | 22082 | 5.040% (FEDL01 plus a specified spread) | Maturity | 07/16/2025 | 260858 | 0 | 285 | 285 | 0 |
|  | Receive | S&P 500 Total Return Index | 19 | 4.970% (FEDL01 plus a specified spread) | Monthly | 08/20/2025 | 235 | 0 | (1) | 0 | (1) |
|  |  |  |  |  |  |  |  | $0 | $(47156) | $301 | $(47457) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $11539 | $(47441) | $11570 | $(47472) |

---

#### 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 | $314 | $0 | $0 | $314 | $(405) | $0 | $0 | $(405) | $(91) | $0 | $(91) |
|  BOA | 15 | 0 | 1246 | 1261 | (126) | 0 | (14) | (140) | 1121 | (1199) | (78) |
|  BPS | 838 | 0 | 1422 | 2260 | (3825) | (3) | 0 | (3828) | (1568) | 2201 | 633 |
|  BRC | 60 | 760 | 0 | 820 | (314) | (632) | 0 | (946) | (126) | 282 | 156 |
|  BSH | 320 | 0 | 0 | 320 | (153) | 0 | 0 | (153) | 167 | 0 | 167 |
|  CBK | 1840 | 3 | 0 | 1843 | (1267) | (3) | 0 | (1270) | 573 | 0 | 573 |
|  CIB | 0 | 0 | 0 | 0 | 0 | 0 | (873) | (873) | (873) | 14134 | 13261 |
|  DUB | 356 | 0 | 13 | 369 | (68) | 0 | 0 | (68) | 301 | 0 | 301 |
|  FAR | 243 | 0 | 16 | 259 | (410) | (26) | (3647) | (4083) | (3824) | 4418 | 594 |
|  GLM | 596 | 0 | 0 | 596 | (1252) | (41) | 0 | (1293) | (697) | 602 | (95) |
|  GST | 0 | 0 | 1032 | 1032 | 0 | (19) | (1) | (20) | 1012 | (1060) | (48) |
|  IND | 1 | 0 | 0 | 1 | (1) | 0 | 0 | (1) | 0 | 0 | 0 |
|  JPM | 606 | 0 | 7556 | 8162 | (546) | (2) | 0 | (548) | 7614 | (7100) | 514 |
|  MBC | 325 | 0 | 0 | 325 | (165) | 0 | 0 | (165) | 160 | (270) | (110) |
|  MYC | 0 | 0 | 0 | 0 | 0 | (7) | 0 | (7) | (7) | 0 | (7) |
|  MYI | 616 | 0 | 0 | 616 | (813) | 0 | 0 | (813) | (197) | 474 | 277 |
|  NGF | 97 | 0 | 0 | 97 | 0 | (3) | 0 | (3) | 94 | 0 | 94 |
|  RBC | 0 | 0 | 0 | 0 | 0 | (1) | (42935) | (42936) | (42936) | 49079 | 6143 |
|  SCX | 83 | 0 | 0 | 83 | (185) | 0 | 0 | (185) | (102) | 0 | (102) |
|  SOG | 0 | 0 | 0 | 0 | (28) | 0 | 0 | (28) | (28) | 0 | (28) |
|  SSB | 13 | 0 | 0 | 13 | (377) | 0 | 0 | (377) | (364) | 549 | 185 |

---

---

| | | |
|:---|:---|:---|
| **142** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | | | |
| **Counterparty** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Purchased<br>Options** | **Swap<br>Agreements** | **Total<br>Over the<br>Counter** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Written<br>Options** | **Swap<br>Agreements** | **Total<br>Over the<br>Counter** | **Net Market<br>Value of OTC<br>Derivatives** | **Collateral<br>Pledged/<br>(Received)** | **Net<br>Exposure<sup>(7)</sup>** |
|  TOR | $0 | $0 | $285 | $285 | $0 | $0 | $(2) | $(2) | $283 | $1221 | $1504 |
|  UAG | 81 | 0 | 0 | 81 | (30) | 0 | 0 | (30) | 51 | (80) | (29) |
|  Total Over the Counter | $6404 | $763 | $11570 | $18737 | $(9965) | $(737) | $(47472) | $(58174) |  |  |  |

---

(k) Securities with an aggregate market value of $72,960 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of March 31, 2025.

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

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

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

<sup>(4)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

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

<sup>(6)</sup> Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference. 

<sup>(7)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $2511 | $0 | $110 | $2621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 29 | 0 | 0 | 1011 | 1040 |
|  | $0 | $29 | $2511 | $0 | $1121 | $3661 |
|  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 | $6404 | $0 | $6404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 763 | 763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 11269 | 301 | 0 | 0 | 11570 |
|  | $0 | $11269 | $301 | $6404 | $763 | $18737 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11298 | $2812 | $6404 | $1884 | $22398 |
|  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 | $39 | $39 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 54 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 12 | 0 | 0 | 1265 | 1277 |
|  | $0 | $12 | $0 | $0 | $1358 | $1370 |
|  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;9965 | $0 | $9965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 22 | 0 | 0 | 715 | 737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 15 | 47457 | 0 | 0 | 47472 |
|  | $0 | $37 | $47457 | $9965 | $715 | $58174 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $49 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47457 | $9965 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2073 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59544 |

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See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 143

------

Schedule of Investments PIMCO StocksPLUS<sup>®</sup><sup></sup>Absolute Return Fund (Cont.) March 31, 2025

The effect of Financial Derivative Instruments on the Statements of Operations for the year ended March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $250 | $250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 13918 | 0 | (4186) | 9732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 5291 | 0 | 0 | 9315 | 14606 |
|  | $0 | $5291 | $13918 | $0 | $5379 | $24588 |
|  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 | $30792 | $0 | $30792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | (180) | (180) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 1420 | 1420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 950 | 245825 | 0 | 0 | 246775 |
|  | $0 | $950 | $245825 | $30792 | $1240 | $278807 |
|  | $0 | $6241 | $259743 | $30792 | $6619 | $303395 |
|  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 | $(18) | $(18) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | (15691) | 0 | 1840 | (13851) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (1947) | 0 | 0 | (11052) | (12999) |
|  | $0 | $(1947) | $(15691) | $0 | $(9230) | $(26868) |
|  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 | $(8103) | $0 | $(8103) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | (320) | (320) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 4 | 0 | 0 | 227 | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (324) | (190279) | 0 | 0 | (190603) |
|  | $0 | $(320) | $(190279) | $(8103) | $(93) | $(198795) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2267) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(205970) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8103) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9323) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(225663) |

---

#### 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 | $1514 | $1514 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | 96350 | 0 | 96350 |
| &nbsp;&nbsp; Industrials | 0 | 32289 | 0 | 32289 |
| &nbsp;&nbsp; Utilities | 0 | 13383 | 0 | 13383 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; California | 0 | 800 | 0 | 800 |
| &nbsp;&nbsp; Illinois | 0 | 181 | 0 | 181 |
| &nbsp;&nbsp; Nevada | 0 | 113 | 0 | 113 |
|  U.S. Government Agencies | 0 | 934532 | 0 | 934532 |
|  U.S. Treasury Obligations | 0 | 72333 | 0 | 72333 |
|  Non-Agency Mortgage-Backed Securities | 0 | 130362 | 0 | 130362 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile ABS Other | 0 | 668 | 0 | 668 |
| &nbsp;&nbsp; Automobile Sequential | 0 | 93133 | 0 | 93133 |
| &nbsp;&nbsp; CMBS Other | 0 | 28498 | 0 | 28498 |
| &nbsp;&nbsp; Credit Card Bullet | 0 | 26963 | 0 | 26963 |
| &nbsp;&nbsp; Home Equity Other | 0 | 169575 | 0 | 169575 |
| &nbsp;&nbsp; Home Equity Sequential | 0 | 104 | 0 | 104 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 27049 | 0 | 27049 |
| &nbsp;&nbsp; Other ABS | 0 | 155321 | 0 | 155321 |
|  Sovereign Issues | 0 | 152347 | 0 | 152347 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Communication Services | 470 | 0 | 0 | 470 |
| &nbsp;&nbsp; Consumer Discretionary | 3040 | 0 | 0 | 3040 |
| &nbsp;&nbsp; Consumer Staples | 1075 | 0 | 0 | 1075 |
| &nbsp;&nbsp; Energy | 546 | 0 | 0 | 546 |
| &nbsp;&nbsp; Financials | 5462 | 0 | 0 | 5462 |
| &nbsp;&nbsp; Health Care | 3556 | 0 | 0 | 3556 |
| &nbsp;&nbsp; Industrials | 2800 | 0 | 0 | 2800 |
| &nbsp;&nbsp; Information Technology | 4188 | 0 | 0 | 4188 |
| &nbsp;&nbsp; Materials | 1139 | 0 | 0 | 1139 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Commercial Paper | 0 | 66974 | 0 | 66974 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>03/31/2025** |
| &nbsp;&nbsp; Repurchase Agreements | $0 | $210000 | $0 | $210000 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 78543 | 0 | 78543 |
|  | $22276 | $2289518 | $1514 | $2313308 |
|  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 | $166051 | $0 | $0 | $166051 |
|  Total Investments | $188327 | $2289518 | $1514 | $2479359 |
|  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 | $(72436) | $0 | $(72436) |
|  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 | 2511 | 1150 | 0 | 3661 |
|  Over the counter | 0 | 18724 | 13 | 18737 |
|  | $2511 | $19874 | $13 | $22398 |
|  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 | (44) | (1324) | 0 | (1368) |
|  Over the counter | 0 | (58160) | (14) | (58174) |
|  | $(44) | $(59484) | $(14) | $(59542) |
|  Total Financial Derivative Instruments | $2467 | $(39610) | $(1) | $(37144) |
|  Totals | $190794 | $2177472 | $1513 | $2369779 |

---

There were no significant transfers into or out of Level 3 during the period ended March 31, 2025.

---

| | | |
|:---|:---|:---|
| **144** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

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Schedule of Investments PIMCO StocksPLUS<sup>®</sup><sup></sup>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 126.2% | INVESTMENTS IN SECURITIES 126.2% | INVESTMENTS IN SECURITIES 126.2% |
| 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 ~ | 3500 | 3757 |
|  Total Loan Participations and Assignments<br>(Cost $3,661) | Total Loan Participations and Assignments<br>(Cost $3,661) | 3757 |
| CORPORATE BONDS & NOTES 11.5% | CORPORATE BONDS & NOTES 11.5% | CORPORATE BONDS & NOTES 11.5% |
| BANKING & FINANCE 8.3% | BANKING & FINANCE 8.3% | BANKING & FINANCE 8.3% |
|  ABN AMRO Bank NV | ABN AMRO Bank NV | ABN AMRO Bank NV |
|  4.718% due 01/22/2027 | 11700 | 11770 |
|  AerCap Ireland Capital DAC | AerCap Ireland Capital DAC | AerCap Ireland Capital DAC |
|  2.450% due 10/29/2026 | 2600 | 2513 |
|  American Express Co. | American Express Co. | American Express Co. |
|  5.043% due 07/26/2028 •  | 500 | 506 |
|  5.085% due 01/30/2031 ~ | 2000 | 2026 |
|  5.098% due 02/16/2028 •  | 1100 | 1113 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  5.106% due 07/16/2026 •  | 3600 | 3602 |
|  5.380% due 01/07/2030 | 600 | 609 |
|  5.620% due 05/08/2026 | 6900 | 6974 |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  2.125% due 02/21/2026 | 400 | 391 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  1.734% due 07/22/2027 •  | 500 | 482 |
|  5.162% due 01/24/2031 ~ | 7700 | 7808 |
|  5.683% due 04/02/2026 •  | 1900 | 1900 |
|  5.933% due 09/15/2027 •  | 7900 | 8056 |
|  Bank of Montreal | Bank of Montreal | Bank of Montreal |
|  5.238% due 09/10/2027 •  | 2100 | 2108 |
|  Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia |
|  5.400% due 06/04/2027 | 8600 | 8776 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  4.375% due 01/12/2026 | 200 | 200 |
|  4.837% due 09/10/2028 •  | 2500 | 2503 |
|  5.674% due 03/12/2028 •  | 400 | 407 |
|  5.829% due 05/09/2027 •  | 5100 | 5163 |
|  BPCE SA | BPCE SA | BPCE SA |
|  5.203% due 01/18/2027 | 300 | 304 |
|  Citibank NA | Citibank NA | Citibank NA |
|  5.488% due 12/04/2026 | 4400 | 4475 |
|  Credit Suisse AG AT1 Claim | 3100 | 372 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  4.900% due 09/01/2029 | 200 | 199 |
|  Equitable Financial Life Global Funding | Equitable Financial Life Global Funding | Equitable Financial Life Global Funding |
|  4.600% due 04/01/2027 (b) | 8600 | 8614 |
|  Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP |
|  5.500% due 07/01/2030 | 1100 | 1128 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  2.900% due 02/16/2028 | 400 | 370 |
|  2.900% due 02/10/2029 | 200 | 179 |
|  3.375% due 11/13/2025 | 600 | 593 |
|  3.815% due 11/02/2027 | 300 | 286 |
|  4.125% due 08/17/2027 | 400 | 387 |
|  4.271% due 01/09/2027 | 400 | 392 |
|  4.542% due 08/01/2026 | 200 | 197 |
|  5.125% due 06/16/2025 | 400 | 400 |
|  5.303% due 09/06/2029 | 2900 | 2813 |
|  6.950% due 06/10/2026 | 200 | 203 |
|  7.350% due 11/04/2027 | 400 | 415 |
|  GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust |
|  5.714% due 04/11/2025 ~ | 5900 | 5902 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  1.431% due 03/09/2027 •  | 4500 | 4365 |
|  1.948% due 10/21/2027 •  | 500 | 480 |
|  3.500% due 11/16/2026 | 2700 | 2659 |
|  3.615% due 03/15/2028 •  | 600 | 589 |
|  4.692% due 10/23/2030 •  | 100 | 99 |
|  5.049% due 07/23/2030 •  | 800 | 807 |
|  5.207% due 01/28/2031 ~ | 1500 | 1521 |
|  5.425% due 08/10/2026 •  | 1500 | 1505 |
|  5.798% due 08/10/2026 •  | 3400 | 3414 |

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| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  HPS Corporate Lending Fund | HPS Corporate Lending Fund | HPS Corporate Lending Fund | HPS Corporate Lending Fund |
|  5.450% due 01/14/2028 | $| 4400 | 4403 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  1.750% due 07/24/2027 ~ | GBP | 1600 | 1979 |
|  2.848% due 06/04/2031 •  | $| 800 | 719 |
|  Jackson National Life Global Funding | Jackson National Life Global Funding | Jackson National Life Global Funding | Jackson National Life Global Funding |
|  5.350% due 01/13/2030 |  | 3600 | 3676 |
|  5.600% due 04/10/2026 |  | 5200 | 5249 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  1.040% due 02/04/2027 •  |  | 1400 | 1359 |
|  1.578% due 04/22/2027 •  |  | 1800 | 1746 |
|  3.782% due 02/01/2028 •  |  | 900 | 888 |
|  3.960% due 01/29/2027 •  |  | 2356 | 2345 |
|  4.603% due 10/22/2030 •  |  | 2600 | 2583 |
|  5.040% due 01/23/2028 •  |  | 1500 | 1513 |
|  5.140% due 01/24/2031 ~ |  | 1900 | 1930 |
|  Lincoln Financial Global Funding | Lincoln Financial Global Funding | Lincoln Financial Global Funding | Lincoln Financial Global Funding |
|  5.300% due 01/13/2030 |  | 400 | 407 |
|  Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC |
|  4.550% due 08/16/2028 |  | 700 | 698 |
|  Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. |
|  5.382% due 07/10/2030 •  |  | 3700 | 3778 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  3.106% due 03/19/2027 •  | EUR | 3400 | 3687 |
|  4.654% due 10/18/2030 •  | $| 1900 | 1885 |
|  5.050% due 01/28/2027 •  |  | 7600 | 7628 |
|  5.652% due 04/13/2028 •  |  | 100 | 102 |
|  Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA |
|  4.952% due 01/14/2028 •  |  | 100 | 101 |
|  4.968% due 07/14/2028 •  |  | 700 | 706 |
|  5.504% due 05/26/2028 •  |  | 2300 | 2343 |
|  RGA Global Funding | RGA Global Funding | RGA Global Funding | RGA Global Funding |
|  5.250% due 01/09/2030 |  | 1800 | 1833 |
|  Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
|  4.875% due 01/19/2027 |  | 4900 | 4946 |
|  5.069% due 07/23/2027 •  |  | 6900 | 6943 |
|  5.153% due 02/04/2031 ~ |  | 700 | 709 |
|  Sirius Real Estate Ltd. | Sirius Real Estate Ltd. | Sirius Real Estate Ltd. | Sirius Real Estate Ltd. |
|  1.125% due 06/22/2026 | EUR | 500 | 528 |
|  1.750% due 11/24/2028 |  | 200 | 201 |
|  Sixth Street Lending Partners | Sixth Street Lending Partners | Sixth Street Lending Partners | Sixth Street Lending Partners |
|  6.125% due 07/15/2030 | $| 800 | 805 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  5.316% due 07/09/2029 |  | 700 | 716 |
|  Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. |
|  4.450% due 09/10/2027 |  | 1300 | 1300 |
|  Toronto-Dominion Bank | Toronto-Dominion Bank | Toronto-Dominion Bank | Toronto-Dominion Bank |
|  4.861% due 01/31/2028 |  | 6100 | 6169 |
|  UBS Group AG | UBS Group AG | UBS Group AG | UBS Group AG |
|  1.364% due 01/30/2027 •  |  | 800 | 779 |
|  4.194% due 04/01/2031 •  |  | 250 | 241 |
|  6.246% due 09/22/2029 •  |  | 600 | 627 |
|  6.327% due 12/22/2027 •  |  | 1400 | 1438 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  0.625% due 03/25/2030 | EUR | 900 | 854 |
|  1.375% due 10/26/2026 |  | 8400 | 8911 |
|  1.741% due 05/04/2030 ~ |  | 700 | 714 |
|  3.196% due 06/17/2027 •  | $| 4300 | 4231 |
|  3.584% due 05/22/2028 •  |  | 100 | 98 |
|  5.707% due 04/22/2028 •  |  | 1100 | 1124 |
|  |  |  | 202467 |
| INDUSTRIALS 1.3% | INDUSTRIALS 1.3% | INDUSTRIALS 1.3% | INDUSTRIALS 1.3% |
|  Boeing Co. | Boeing Co. | Boeing Co. | Boeing Co. |
|  6.259% due 05/01/2027 |  | 600 | 617 |
|  DAE Funding LLC | DAE Funding LLC | DAE Funding LLC | DAE Funding LLC |
|  3.375% due 03/20/2028 |  | 500 | 477 |
|  Energy Transfer LP | Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
|  5.200% due 04/01/2030 |  | 300 | 304 |
|  GE HealthCare Technologies, Inc. | GE HealthCare Technologies, Inc. | GE HealthCare Technologies, Inc. | GE HealthCare Technologies, Inc. |
|  4.800% due 08/14/2029 |  | 500 | 502 |
|  Hyundai Capital America | Hyundai Capital America | Hyundai Capital America | Hyundai Capital America |
|  5.450% due 06/24/2026 |  | 1200 | 1210 |
|  5.511% due 08/04/2025 ~ |  | 5500 | 5512 |

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| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. |
|  5.000% due 08/01/2027 | 6000 | 6025 |
|  Sands China Ltd. | Sands China Ltd. | Sands China Ltd. |
|  2.300% due 03/08/2027 | 1600 | 1517 |
|  Sherwin-Williams Co. | Sherwin-Williams Co. | Sherwin-Williams Co. |
|  4.550% due 03/01/2028 | 1400 | 1402 |
|  Sysco Corp. | Sysco Corp. | Sysco Corp. |
|  5.100% due 09/23/2030 | 6700 | 6803 |
|  T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
|  2.875% due 02/15/2031 | 400 | 358 |
|  3.875% due 04/15/2030 | 500 | 479 |
|  4.200% due 10/01/2029 | 1600 | 1572 |
|  Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC |
|  5.288% due 09/12/2025 •  | 2950 | 2955 |
|  5.800% due 09/12/2025 | 2650 | 2662 |
|  |  | 32395 |
| UTILITIES 1.9% | UTILITIES 1.9% | UTILITIES 1.9% |
|  DTE Energy Co. | DTE Energy Co. | DTE Energy Co. |
|  4.950% due 07/01/2027 | 100 | 101 |
|  Enel Finance International NV | Enel Finance International NV | Enel Finance International NV |
|  1.625% due 07/12/2026 | 800 | 770 |
|  NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
|  5.050% due 03/15/2030 | 6700 | 6790 |
|  NYSEG Storm Funding LLC | NYSEG Storm Funding LLC | NYSEG Storm Funding LLC |
|  4.866% due 05/01/2032 | 13300 | 13503 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  5.282% due 09/04/2025 •  | 10800 | 10802 |
|  Pinnacle West Capital Corp. | Pinnacle West Capital Corp. | Pinnacle West Capital Corp. |
|  5.178% due 06/10/2026 ~ | 1300 | 1307 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  1.200% due 02/01/2026 | 100 | 97 |
|  3.650% due 03/01/2028 | 400 | 387 |
|  4.400% due 09/06/2026 | 500 | 498 |
|  4.700% due 06/01/2027 | 300 | 300 |
|  4.875% due 02/01/2027 | 2600 | 2610 |
|  5.150% due 06/01/2029 | 3700 | 3725 |
|  5.350% due 03/01/2026 | 2300 | 2310 |
|  5.650% due 10/01/2028 | 100 | 102 |
|  5.850% due 11/01/2027 | 1703 | 1745 |
|  |  | 45047 |
|  Total Corporate Bonds & Notes<br>(Cost $277,833) | Total Corporate Bonds & Notes<br>(Cost $277,833) | 279909 |
| U.S. GOVERNMENT AGENCIES 29.1% | U.S. GOVERNMENT AGENCIES 29.1% | U.S. GOVERNMENT AGENCIES 29.1% |
|  Fannie Mae | Fannie Mae | Fannie Mae |
|  0.000% due 08/25/2039 (a)(e) | 28 | 24 |
|  3.000% due 10/25/2040 | 403 | 384 |
|  4.300% due 12/01/2029 | 8820 | 8796 |
|  4.452% due 11/01/2028 •  | 1 | 1 |
|  4.477% due 07/01/2028 •  | 1 | 1 |
|  4.532% due 09/01/2029 ~ | 10225 | 10316 |
|  4.555% due 11/01/2027 •  | 1 | 1 |
|  4.580% due 11/01/2028 •  | 1 | 1 |
|  4.586% due 03/25/2034 •  | 17 | 17 |
|  4.610% due 07/01/2029 | 10300 | 10425 |
|  4.704% due 05/25/2037 •  | 13 | 13 |
|  4.730% due 05/01/2029 | 2700 | 2742 |
|  4.760% due 06/01/2029 | 25000 | 25342 |
|  4.793% due 05/25/2058 •  | 354 | 346 |
|  4.804% due 08/01/2029 ~ | 14616 | 14889 |
|  4.804% due 03/25/2037 - 07/25/2037 •  | 22 | 23 |
|  4.814% due 03/25/2037 •  | 15 | 15 |
|  4.834% due 07/25/2037 •  | 36 | 36 |
|  4.854% due 09/25/2035 •  | 71 | 70 |
|  4.899% due 02/25/2037 •  | 33 | 33 |
|  4.955% due 12/01/2036 •  | 10 | 10 |
|  5.000% due 04/25/2033 | 66 | 65 |
|  5.174% due 06/25/2037 •  | 83 | 83 |
|  5.204% due 03/25/2038 - 01/25/2040 •  | 82 | 83 |
|  5.240% due 09/25/2054 •  | 4560 | 4563 |
|  5.274% due 12/25/2039 •  | 43 | 44 |

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| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **145** |

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Schedule of Investments PIMCO StocksPLUS<sup>®</sup><sup></sup>Fund (Cont.)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.290% due 11/25/2053 - 03/25/2055 •  | $— | 5337 | $— | 5353 |
|  5.354% due 07/25/2039 •  |  | 22 |  | 23 |
|  5.390% due 01/25/2055 •  |  | 3802 |  | 3810 |
|  5.540% due 12/25/2053 - 02/25/2055 •  |  | 6894 |  | 6942 |
|  5.590% due 02/25/2055 •  |  | 4274 |  | 4310 |
|  5.742% due 09/01/2034 •  |  | 8 |  | 8 |
|  5.886% due 07/01/2044 •  |  | 8 |  | 8 |
|  6.397% due 11/01/2035 •  |  | 26 |  | 27 |
|  6.606% due 12/01/2033 •  |  | 34 |  | 35 |
|  7.166% due 05/01/2038 •  |  | 95 |  | 99 |
|  Freddie Mac | Freddie Mac | Freddie Mac | Freddie Mac | Freddie Mac |
|  4.000% due 11/01/2047 |  | 321 |  | 305 |
|  4.763% due 02/15/2037 •  |  | 1 |  | 1 |
|  4.793% due 02/15/2037 •  |  | 8 |  | 8 |
|  4.803% due 02/15/2037 •  |  | 35 |  | 34 |
|  4.883% due 07/15/2040 •  |  | 194 |  | 192 |
|  4.943% due 03/15/2042 •  |  | 79 |  | 80 |
|  5.000% due 12/01/2026 - 01/01/2029 |  | 27 |  | 27 |
|  5.013% due 07/15/2041 •  |  | 468 |  | 465 |
|  5.063% due 10/15/2037 •  |  | 35 |  | 35 |
|  5.129% due 03/15/2050 •  |  | 1233 |  | 1224 |
|  5.133% due 08/15/2037 •  |  | 291 |  | 291 |
|  5.163% due 08/15/2037 •  |  | 639 |  | 639 |
|  5.173% due 10/15/2037 •  |  | 97 |  | 97 |
|  5.183% due 05/15/2037 - 09/15/2037 •  |  | 712 |  | 713 |
|  5.213% due 08/15/2036 •  |  | 42 |  | 42 |
|  5.240% due 11/25/2054 •  |  | 1453 |  | 1455 |
|  5.280% due 11/25/2054 •  |  | 18957 |  | 18982 |
|  5.290% due 10/25/2054 - 03/25/2055 •  |  | 16668 |  | 16664 |
|  5.313% due 11/15/2039 •  |  | 13 |  | 13 |
|  5.318% due 01/15/2038 •  |  | 155 |  | 155 |
|  5.320% due 02/25/2055 •  |  | 786 |  | 789 |
|  5.340% due 09/25/2054 - 02/25/2055 •  |  | 3204 |  | 3220 |
|  5.490% due 01/25/2055 •  |  | 2826 |  | 2841 |
|  5.540% due 02/25/2055 •  |  | 4489 |  | 4521 |
|  5.590% due 05/25/2054 •  |  | 6509 |  | 6565 |
|  6.000% due 01/01/2029 - 02/01/2034 |  | 93 |  | 96 |
|  6.500% due 10/25/2043 |  | 300 |  | 306 |
|  7.044% due 09/01/2037 •  |  | 218 |  | 226 |
|  7.427% due 06/01/2035 •  |  | 71 |  | 73 |
|  Ginnie Mae | Ginnie Mae | Ginnie Mae | Ginnie Mae | Ginnie Mae |
|  4.625% due 02/20/2026 - 02/20/2028 •  |  | 26 |  | 26 |
|  4.750% due 10/20/2025 - 12/20/2027 •  |  | 6 |  | 6 |
|  4.875% due 05/20/2026 - 04/20/2041 •  |  | 609 |  | 618 |
|  5.173% due 12/20/2065 •  |  | 860 |  | 860 |
|  5.223% due 01/20/2066 •  |  | 110 |  | 110 |
|  5.423% due 01/20/2066 - 03/20/2066 •  |  | 2164 |  | 2171 |
|  5.573% due 03/20/2066 •  |  | 138 |  | 139 |
|  Ginnie Mae, TBA | Ginnie Mae, TBA | Ginnie Mae, TBA | Ginnie Mae, TBA | Ginnie Mae, TBA |
|  5.000% due 05/01/2055 |  | 8900 |  | 8750 |
|  Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security |
|  3.000% due 12/01/2026 - 12/01/2032 |  | 5648 |  | 5436 |
|  3.500% due 12/01/2047 - 08/01/2048 |  | 8674 |  | 7924 |
|  5.500% due 10/01/2054 |  | 10611 |  | 10603 |
|  6.000% due 01/01/2053 - 01/01/2055 |  | 15779 |  | 16076 |
|  8.000% due 03/01/2030 - 08/01/2030 |  | 3 |  | 3 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  4.000% due 05/01/2055 |  | 21400 |  | 19911 |
|  5.000% due 04/01/2055 - 05/01/2055 |  | 23500 |  | 23015 |
|  6.000% due 05/01/2055 - 06/01/2055 |  | 189900 |  | 192520 |
|  6.500% due 06/01/2055 |  | 256630 |  | 264195 |
|  Total U.S. Government Agencies<br>(Cost $710,369) | Total U.S. Government Agencies<br>(Cost $710,369) | Total U.S. Government Agencies<br>(Cost $710,369) |  | 711360 |

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---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| U.S. TREASURY OBLIGATIONS 4.7% | U.S. TREASURY OBLIGATIONS 4.7% | U.S. TREASURY OBLIGATIONS 4.7% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  2.375% due 02/15/2042 (i) | 3100 | 2302 |
|  3.000% due 08/15/2048 (i) | 4000 | 3039 |
|  U.S. Treasury Inflation Protected Securities (f) | U.S. Treasury Inflation Protected Securities (f) | U.S. Treasury Inflation Protected Securities (f) |
|  0.250% due 07/15/2029 (i)(k) | 29675 | 28432 |
|  1.875% due 07/15/2034 | 1316 | 1329 |
|  2.125% due 04/15/2029 (k) | 65819 | 67786 |
|  2.125% due 02/15/2054 (i) | 6654 | 6390 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  0.375% due 09/30/2027 (i)(k) | 800 | 734 |
|  0.500% due 10/31/2027 (k) | 300 | 275 |
|  0.625% due 11/30/2027 (i) | 1500 | 1377 |
|  1.250% due 04/30/2028 (i)(k) | 4600 | 4251 |
|  Total U.S. Treasury Obligations<br>(Cost $114,995) | Total U.S. Treasury Obligations<br>(Cost $114,995) | 115915 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 10.0% | NON-AGENCY MORTGAGE-BACKED SECURITIES 10.0% | NON-AGENCY MORTGAGE-BACKED SECURITIES 10.0% |
|  ACRA Trust | ACRA Trust | ACRA Trust |
|  5.608% due 10/25/2064 þ | 2499 | 2496 |
|  AG Trust | AG Trust | AG Trust |
|  6.335% due 07/15/2041 •  | 760 | 762 |
|  Ashford Hospitality Trust | Ashford Hospitality Trust | Ashford Hospitality Trust |
|  5.392% due 04/15/2035 ~ | 7497 | 7470 |
|  5.742% due 04/15/2035 •  | 7105 | 7066 |
|  Avon Finance PLC | Avon Finance PLC | Avon Finance PLC |
|  5.357% due 12/28/2049 •  | 6515 | 8434 |
|  Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust |
|  3.250% due 02/25/2033 •  | 3 | 2 |
|  6.500% due 01/25/2034 •  | 4 | 4 |
|  6.574% due 04/25/2033 •  | 7 | 7 |
|  6.948% due 01/25/2034 •  | 126 | 127 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  4.639% due 11/25/2036 •  | 2836 | 1647 |
|  5.043% due 09/25/2035 •  | 62 | 36 |
|  6.010% due 01/25/2035 •  | 2248 | 2185 |
|  Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust |
|  4.333% due 12/26/2046 •  | 120 | 93 |
|  5.116% due 01/26/2036 ~ | 145 | 104 |
|  BMO Mortgage Trust | BMO Mortgage Trust | BMO Mortgage Trust |
|  3.269% due 02/17/2055 ~ | 5737 | 5110 |
|  5.092% due 11/15/2057 | 2600 | 2629 |
|  Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust |
|  5.590% due 05/25/2055 ~ | 4868 | 4884 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  7.410% due 05/25/2035 •  | 17 | 17 |
|  Colony Mortgage Capital Ltd. | Colony Mortgage Capital Ltd. | Colony Mortgage Capital Ltd. |
|  5.808% due 11/15/2038 ~ | 5095 | 5037 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.795% due 04/25/2046 •  | 1276 | 1187 |
|  Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust |
|  5.500% due 11/25/2035 | 698 | 363 |
|  Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. |
|  5.083% due 03/25/2032 •  | 27 | 26 |
|  Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust |
|  1.115% due 01/25/2060 ~ | 1308 | 1100 |
|  3.689% due 02/25/2061 ~ | 2836 | 2827 |
|  3.850% due 09/25/2057 •  | 2291 | 2245 |
|  4.102% due 12/27/2060 ~ | 1687 | 1683 |
|  5.834% due 07/15/2038 •  | 7900 | 7138 |
|  Cross Mortgage Trust | Cross Mortgage Trust | Cross Mortgage Trust |
|  5.549% due 12/25/2069 •  | 3939 | 3941 |
|  6.147% due 07/25/2069 þ | 1554 | 1572 |
|  6.272% due 06/25/2069 þ | 4892 | 4948 |
|  Deutsche ALT-A Securities, Inc. Mortgage Loan Trust | Deutsche ALT-A Securities, Inc. Mortgage Loan Trust | Deutsche ALT-A Securities, Inc. Mortgage Loan Trust |
|  4.675% due 05/25/2036 •  | 1985 | 1837 |
|  Extended Stay America Trust | Extended Stay America Trust | Extended Stay America Trust |
|  5.513% due 07/15/2038 ~ | 7449 | 7447 |
|  GCAT Trust | GCAT Trust | GCAT Trust |
|  2.650% due 10/25/2068 ~ | 4196 | 4056 |
|  GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust |
|  4.975% due 11/25/2045 ~ | 73 | 69 |
|  GS Mortgage Securities Corp. Trust | GS Mortgage Securities Corp. Trust | GS Mortgage Securities Corp. Trust |
|  5.690% due 12/15/2036 ~ | 1062 | 1058 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  GS Mortgage-Backed Securities Corp. Trust | GS Mortgage-Backed Securities Corp. Trust | GS Mortgage-Backed Securities Corp. Trust |
|  1.750% due 12/25/2060 ~ | 1856 | 1736 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  4.739% due 01/25/2036 ~ | 13 | 12 |
|  4.785% due 01/25/2034 ~ | 1 | 1 |
|  Impac CMB Trust | Impac CMB Trust | Impac CMB Trust |
|  4.975% due 05/25/2035 •  | 3368 | 3241 |
|  Independence Plaza Trust | Independence Plaza Trust | Independence Plaza Trust |
|  3.911% due 07/10/2035 | 3300 | 3251 |
|  JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
|  5.974% due 06/15/2038 •  | 7000 | 6690 |
|  6.099% due 11/15/2038 •  | 8900 | 8863 |
|  JPMorgan Seasoned Mortgage Trust | JPMorgan Seasoned Mortgage Trust | JPMorgan Seasoned Mortgage Trust |
|  4.451% due 01/25/2063 ~ | 3934 | 3774 |
|  Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust |
|  3.000% due 09/25/2059 ~ | 1508 | 1442 |
|  Lehman Mortgage Trust | Lehman Mortgage Trust | Lehman Mortgage Trust |
|  4.755% due 08/25/2036 ~ | 540 | 370 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.795% due 11/25/2035 ~ | 2157 | 2164 |
|  MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust |
|  5.435% due 12/25/2046 •  | 6430 | 4961 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.855% due 02/25/2036 •  | 52 | 51 |
|  Morgan Stanley Capital Trust | Morgan Stanley Capital Trust | Morgan Stanley Capital Trust |
|  5.384% due 12/15/2036 ~ | 1800 | 1554 |
|  New Orleans Hotel Trust | New Orleans Hotel Trust | New Orleans Hotel Trust |
|  5.356% due 04/15/2032 •  | 1900 | 1879 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  0.941% due 10/25/2058 ~ | 844 | 803 |
|  1.147% due 10/25/2058 ~ | 121 | 115 |
|  1.353% due 10/25/2058 ~ | 86 | 82 |
|  2.750% due 11/25/2059 •  | 1395 | 1333 |
|  New York Mortgage Trust | New York Mortgage Trust | New York Mortgage Trust |
|  4.670% due 08/25/2061 þ | 8289 | 8244 |
|  PRET Trust | PRET Trust | PRET Trust |
|  4.000% due 07/25/2069 þ | 3459 | 3324 |
|  Prime Mortgage Trust | Prime Mortgage Trust | Prime Mortgage Trust |
|  4.835% due 02/25/2034 •  | 10 | 10 |
|  PRPM LLC | PRPM LLC | PRPM LLC |
|  4.000% due 05/25/2054 þ | 2032 | 1996 |
|  5.228% due 08/25/2069 þ | 7893 | 7847 |
|  PRPM Trust | PRPM Trust | PRPM Trust |
|  5.674% due 12/26/2069 þ | 3780 | 3792 |
|  5.802% due 11/25/2069 þ | 4472 | 4489 |
|  6.265% due 12/25/2068 þ | 1411 | 1424 |
|  SG Residential Mortgage Trust | SG Residential Mortgage Trust | SG Residential Mortgage Trust |
|  5.353% due 08/25/2062 þ | 8914 | 8895 |
|  SREIT Trust | SREIT Trust | SREIT Trust |
|  5.530% due 10/15/2038 •  | 9000 | 8916 |
|  Starwood Commercial Mortgage Trust | Starwood Commercial Mortgage Trust | Starwood Commercial Mortgage Trust |
|  5.834% due 04/15/2034 •  | 4624 | 4569 |
|  Starwood Mortgage Residential Trust | Starwood Mortgage Residential Trust | Starwood Mortgage Residential Trust |
|  2.175% due 05/25/2065 •  | 2564 | 2221 |
|  Stratton Mortgage Funding PLC | Stratton Mortgage Funding PLC | Stratton Mortgage Funding PLC |
|  5.608% due 06/20/2060 •  | 1729 | 2240 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  4.755% due 10/25/2035 •  | 1319 | 1249 |
|  5.038% due 09/25/2035 •  | 230 | 205 |
|  Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust |
|  3.905% due 06/25/2029 ~ | 39 | 38 |
|  4.931% due 07/19/2035 •  | 86 | 84 |
|  4.995% due 02/25/2036 ~ | 84 | 70 |
|  Towd Point Mortgage Funding | Towd Point Mortgage Funding | Towd Point Mortgage Funding |
|  5.483% due 07/20/2053 •  | 5114 | 6623 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  2.250% due 12/25/2061 •  | 2719 | 2626 |
|  2.900% due 10/25/2059 ~ | 1447 | 1381 |
|  3.000% due 01/25/2058 ~ | 59 | 58 |
|  3.750% due 05/25/2058 ~ | 3513 | 3435 |
|  3.750% due 09/25/2062 | 13252 | 12573 |
|  4.492% due 10/25/2064 •  | 9211 | 9261 |
|  5.435% due 05/25/2058 ~ | 1079 | 1107 |

---

---

| | | |
|:---|:---|:---|
| **146** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Trinity Square PLC | Trinity Square PLC | Trinity Square PLC | Trinity Square PLC |
|  5.470% due 07/15/2059 ~ | GBP | 2298 | 2975 |
|  TTAN | TTAN | TTAN | TTAN |
|  5.284% due 03/15/2038 •  | $| 2076 | 2071 |
|  Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust |
|  1.020% due 04/25/2064 ~ |  | 1339 | 1259 |
|  1.277% due 04/25/2064 ~ |  | 170 | 160 |
|  1.380% due 04/25/2064 ~ |  | 255 | 240 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  4.194% due 02/27/2034 ~ |  | 70 | 67 |
|  5.015% due 10/25/2045 •  |  | 30 | 30 |
|  5.835% due 11/25/2042 •  |  | 12 | 11 |
|  6.035% due 06/25/2042 •  |  | 27 | 25 |
|  Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust |
|  2.501% due 09/15/2031 ~ |  | 7300 | 7055 |
|  2.696% due 09/15/2031 ~ |  | 1300 | 1257 |
|  Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust |
|  6.764% due 04/25/2036 ~ |  | 966 | 975 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $250,092) | Total Non-Agency Mortgage-Backed Securities (Cost $250,092) | Total Non-Agency Mortgage-Backed Securities (Cost $250,092) | 244731 |
| ASSET-BACKED SECURITIES 26.5% | ASSET-BACKED SECURITIES 26.5% | ASSET-BACKED SECURITIES 26.5% | ASSET-BACKED SECURITIES 26.5% |
| AUTOMOBILE ABS OTHER 0.1% | AUTOMOBILE ABS OTHER 0.1% | AUTOMOBILE ABS OTHER 0.1% | AUTOMOBILE ABS OTHER 0.1% |
|  Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust |
|  5.009% due 08/16/2027 •  |  | 1939 | 1942 |
|  5.019% due 10/15/2026 •  |  | 516 | 516 |
|  |  |  | 2458 |
| AUTOMOBILE SEQUENTIAL 9.0% | AUTOMOBILE SEQUENTIAL 9.0% | AUTOMOBILE SEQUENTIAL 9.0% | AUTOMOBILE SEQUENTIAL 9.0% |
|  Ally Auto Receivables Trust | Ally Auto Receivables Trust | Ally Auto Receivables Trust | Ally Auto Receivables Trust |
|  4.140% due 07/16/2029 |  | 1000 | 996 |
|  5.320% due 01/15/2027 |  | 1803 | 1805 |
|  5.460% due 05/15/2028 |  | 3200 | 3226 |
|  AmeriCredit Automobile Receivables Trust | AmeriCredit Automobile Receivables Trust | AmeriCredit Automobile Receivables Trust | AmeriCredit Automobile Receivables Trust |
|  6.190% due 04/19/2027 |  | 2732 | 2740 |
|  Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC |
|  5.900% due 08/21/2028 |  | 4500 | 4619 |
|  6.120% due 04/20/2027 |  | 10800 | 10931 |
|  BMW Vehicle Owner Trust | BMW Vehicle Owner Trust | BMW Vehicle Owner Trust | BMW Vehicle Owner Trust |
|  5.470% due 02/25/2028 |  | 2832 | 2851 |
|  Bridgecrest Lending Auto Securitization Trust | Bridgecrest Lending Auto Securitization Trust | Bridgecrest Lending Auto Securitization Trust | Bridgecrest Lending Auto Securitization Trust |
|  4.840% due 09/15/2027 |  | 3136 | 3138 |
|  5.530% due 01/18/2028 |  | 380 | 381 |
|  CarMax Auto Owner Trust | CarMax Auto Owner Trust | CarMax Auto Owner Trust | CarMax Auto Owner Trust |
|  4.750% due 10/15/2027 |  | 2180 | 2186 |
|  4.890% due 07/16/2029 |  | 8800 | 8891 |
|  5.210% due 09/15/2027 |  | 8693 | 8719 |
|  5.720% due 11/16/2026 |  | 518 | 518 |
|  Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
|  0.700% due 11/10/2026 |  | 521 | 519 |
|  4.530% due 01/10/2029 |  | 3800 | 3800 |
|  5.330% due 07/10/2029 |  | 1500 | 1514 |
|  5.380% due 03/12/2029 |  | 2700 | 2741 |
|  5.420% due 04/10/2028 |  | 3896 | 3914 |
|  5.600% due 03/10/2028 |  | 2314 | 2329 |
|  5.630% due 11/10/2027 |  | 2417 | 2423 |
|  5.900% due 08/10/2027 |  | 2879 | 2889 |
|  6.360% due 04/12/2027 |  | 94 | 94 |
|  6.410% due 09/10/2027 |  | 1023 | 1027 |
|  Chase Auto Owner Trust | Chase Auto Owner Trust | Chase Auto Owner Trust | Chase Auto Owner Trust |
|  5.250% due 09/27/2027 |  | 2950 | 2958 |
|  5.480% due 04/26/2027 |  | 2657 | 2663 |
|  Citizens Auto Receivables Trust | Citizens Auto Receivables Trust | Citizens Auto Receivables Trust | Citizens Auto Receivables Trust |
|  5.110% due 04/17/2028 |  | 1300 | 1310 |
|  5.430% due 10/15/2026 |  | 693 | 695 |
|  5.840% due 01/18/2028 |  | 9173 | 9247 |
|  6.090% due 10/15/2026 |  | 440 | 440 |
|  CPS Auto Receivables Trust | CPS Auto Receivables Trust | CPS Auto Receivables Trust | CPS Auto Receivables Trust |
|  5.710% due 09/15/2027 |  | 571 | 572 |
|  Drive Auto Receivables Trust | Drive Auto Receivables Trust | Drive Auto Receivables Trust | Drive Auto Receivables Trust |
|  4.940% due 12/15/2027 |  | 5430 | 5436 |
|  5.830% due 12/15/2026 |  | 356 | 356 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  DT Auto Owner Trust | DT Auto Owner Trust | DT Auto Owner Trust |
|  6.290% due 08/16/2027 | 1438 | 1441 |
|  Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust |
|  5.310% due 08/16/2027 | 821 | 822 |
|  5.600% due 05/17/2027 | 2347 | 2350 |
|  Fifth Third Auto Trust | Fifth Third Auto Trust | Fifth Third Auto Trust |
|  5.800% due 11/16/2026 | 328 | 328 |
|  Flagship Credit Auto Trust | Flagship Credit Auto Trust | Flagship Credit Auto Trust |
|  4.880% due 11/15/2028 | 1207 | 1210 |
|  Ford Credit Auto Owner Trust | Ford Credit Auto Owner Trust | Ford Credit Auto Owner Trust |
|  4.650% due 02/15/2028 | 2477 | 2481 |
|  Foursight Capital Automobile Receivables Trust | Foursight Capital Automobile Receivables Trust | Foursight Capital Automobile Receivables Trust |
|  5.490% due 01/16/2029 | 1256 | 1262 |
|  GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust |
|  4.750% due 07/17/2028 | 2300 | 2303 |
|  4.760% due 10/15/2027 | 3317 | 3318 |
|  6.040% due 03/15/2027 | 513 | 514 |
|  GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust |
|  5.240% due 03/15/2030 | 387 | 389 |
|  5.580% due 06/17/2030 | 2447 | 2477 |
|  5.960% due 10/16/2028 | 3400 | 3446 |
|  6.270% due 08/16/2027 | 1534 | 1538 |
|  GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust |
|  4.470% due 02/16/2028 | 924 | 924 |
|  5.450% due 06/16/2028 | 3100 | 3125 |
|  Hertz Vehicle Financing LLC | Hertz Vehicle Financing LLC | Hertz Vehicle Financing LLC |
|  1.990% due 06/25/2026 | 1200 | 1195 |
|  Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust |
|  4.990% due 02/15/2029 | 4500 | 4543 |
|  5.480% due 04/17/2028 | 3200 | 3226 |
|  LAD Auto Receivables Trust | LAD Auto Receivables Trust | LAD Auto Receivables Trust |
|  5.930% due 06/15/2027 | 419 | 420 |
|  Lendbuzz Securitization Trust | Lendbuzz Securitization Trust | Lendbuzz Securitization Trust |
|  5.100% due 10/15/2030 | 1000 | 1002 |
|  M&T Bank Auto Receivables Trust | M&T Bank Auto Receivables Trust | M&T Bank Auto Receivables Trust |
|  4.730% due 06/17/2030 | 9900 | 9978 |
|  5.590% due 02/17/2032 | 779 | 782 |
|  Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust |
|  7.130% due 01/26/2032 | 450 | 453 |
|  Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust |
|  4.880% due 09/15/2027 | 6638 | 6641 |
|  5.710% due 02/16/2027 | 100 | 100 |
|  5.910% due 06/15/2027 | 2833 | 2839 |
|  5.930% due 07/17/2028 | 2600 | 2618 |
|  6.310% due 07/15/2027 | 502 | 502 |
|  SCCU Auto Receivables Trust | SCCU Auto Receivables Trust | SCCU Auto Receivables Trust |
|  5.450% due 12/15/2027 | 261 | 262 |
|  SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust |
|  4.950% due 05/21/2029 | 500 | 503 |
|  5.350% due 06/21/2027 | 724 | 725 |
|  5.470% due 10/20/2028 | 3100 | 3125 |
|  Toyota Auto Receivables Owner Trust | Toyota Auto Receivables Owner Trust | Toyota Auto Receivables Owner Trust |
|  4.400% due 06/15/2029 | 3800 | 3810 |
|  4.550% due 08/16/2027 | 3796 | 3798 |
|  4.630% due 09/15/2027 | 2956 | 2958 |
|  5.160% due 05/17/2027 | 11286 | 11314 |
|  Tricolor Auto Securitization Trust | Tricolor Auto Securitization Trust | Tricolor Auto Securitization Trust |
|  6.360% due 12/15/2027 | 415 | 417 |
|  6.610% due 10/15/2027 | 828 | 834 |
|  United Auto Credit Securitization Trust | United Auto Credit Securitization Trust | United Auto Credit Securitization Trust |
|  6.170% due 08/10/2026 | 250 | 250 |
|  Volkswagen Auto Lease Trust | Volkswagen Auto Lease Trust | Volkswagen Auto Lease Trust |
|  5.400% due 12/21/2026 | 8596 | 8627 |
|  Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust |
|  5.560% due 02/15/2028 | 1700 | 1720 |
|  5.750% due 08/16/2027 | 3103 | 3116 |
|  5.960% due 10/15/2026 | 528 | 528 |
|  6.230% due 01/15/2027 | 3691 | 3704 |
|  World Omni Auto Receivables Trust | World Omni Auto Receivables Trust | World Omni Auto Receivables Trust |
|  5.570% due 12/15/2026 | 214 | 214 |
|  World Omni Automobile Lease Securitization Trust | World Omni Automobile Lease Securitization Trust | World Omni Automobile Lease Securitization Trust |
|  4.420% due 04/17/2028 | 11500 | 11502 |
|  World Omni Select Auto Trust | World Omni Select Auto Trust | World Omni Select Auto Trust |
|  5.370% due 02/15/2028 | 3009 | 3018 |
|  |  | 218580 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| CMBS OTHER 1.0% | CMBS OTHER 1.0% | CMBS OTHER 1.0% |
|  AREIT Trust | AREIT Trust | AREIT Trust |
|  5.597% due 01/20/2037 •  | 4689 | 4669 |
|  BSPRT Issuer Ltd. | BSPRT Issuer Ltd. | BSPRT Issuer Ltd. |
|  5.534% due 03/15/2036 •  | 1126 | 1127 |
|  GPMT Ltd. | GPMT Ltd. | GPMT Ltd. |
|  5.931% due 07/16/2035 ~ | 683 | 679 |
|  HERA Commercial Mortgage Ltd. | HERA Commercial Mortgage Ltd. | HERA Commercial Mortgage Ltd. |
|  5.481% due 02/18/2038 ~ | 340 | 339 |
|  MF1 LLC | MF1 LLC | MF1 LLC |
|  6.054% due 03/19/2039 •  | 900 | 901 |
|  MF1 Ltd. | MF1 Ltd. | MF1 Ltd. |
|  5.531% due 07/16/2036 •  | 315 | 315 |
|  6.534% due 12/15/2035 •  | 12000 | 12000 |
|  Starwood Commercial Mortgage Trust | Starwood Commercial Mortgage Trust | Starwood Commercial Mortgage Trust |
|  5.631% due 04/18/2038 ~ | 3942 | 3913 |
|  |  | 23943 |
| CREDIT CARD BULLET 2.5% | CREDIT CARD BULLET 2.5% | CREDIT CARD BULLET 2.5% |
|  American Express Credit Account Master Trust | American Express Credit Account Master Trust | American Express Credit Account Master Trust |
|  4.650% due 07/15/2029 | 12600 | 12714 |
|  4.870% due 05/15/2028 | 5500 | 5533 |
|  Bank of America Credit Card Trust | Bank of America Credit Card Trust | Bank of America Credit Card Trust |
|  4.790% due 05/15/2028 | 5700 | 5728 |
|  4.980% due 11/15/2028 | 11000 | 11120 |
|  Chase Issuance Trust | Chase Issuance Trust | Chase Issuance Trust |
|  4.630% due 01/15/2031 | 11100 | 11220 |
|  Golden Credit Card Trust | Golden Credit Card Trust | Golden Credit Card Trust |
|  4.310% due 09/15/2027 | 3260 | 3256 |
|  Synchrony Card Funding LLC | Synchrony Card Funding LLC | Synchrony Card Funding LLC |
|  4.930% due 07/15/2030 | 11800 | 11960 |
|  |  | 61531 |
| CREDIT CARD OTHER 0.6% | CREDIT CARD OTHER 0.6% | CREDIT CARD OTHER 0.6% |
|  CARDS Trust | CARDS Trust | CARDS Trust |
|  5.158% due 07/15/2028 •  | 4000 | 4006 |
|  Trillium Credit Card Trust | Trillium Credit Card Trust | Trillium Credit Card Trust |
|  5.147% due 08/26/2028 ~ | 10800 | 10821 |
|  |  | 14827 |
| HOME EQUITY OTHER 2.5% | HOME EQUITY OTHER 2.5% | HOME EQUITY OTHER 2.5% |
|  Aames Mortgage Investment Trust | Aames Mortgage Investment Trust | Aames Mortgage Investment Trust |
|  5.350% due 10/25/2035 •  | 2200 | 2083 |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  4.755% due 10/25/2036 •  | 2829 | 1071 |
|  AFC Home Equity Loan Trust | AFC Home Equity Loan Trust | AFC Home Equity Loan Trust |
|  4.985% due 06/25/2028 •  | 27 | 27 |
|  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 |
|  5.350% due 01/25/2035 •  | 285 | 287 |
|  Argent Securities Trust | Argent Securities Trust | Argent Securities Trust |
|  4.735% due 06/25/2036 •  | 3591 | 2351 |
|  Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates |
|  4.381% due 06/26/2034 •  | 509 | 506 |
|  Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust |
|  5.260% due 04/25/2034 ~ | 961 | 987 |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  4.895% due 11/25/2036 •  | 815 | 788 |
|  5.410% due 11/25/2034 •  | 4921 | 4911 |
|  Chase Funding Trust | Chase Funding Trust | Chase Funding Trust |
|  5.175% due 10/25/2032 •  | 38 | 38 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  4.210% due 10/25/2037 þ | 114 | 110 |
|  4.495% due 07/25/2045 •  | 310 | 215 |
|  4.755% due 12/25/2036 •  | 763 | 418 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.575% due 08/25/2037 ~ | 230 | 211 |
|  4.635% due 06/25/2047 ~ | 300 | 265 |
|  4.715% due 12/25/2046 •  | 6224 | 5935 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **147** |

---

------

Schedule of Investments PIMCO StocksPLUS<sup>®</sup><sup></sup>Fund (Cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.715% due 06/25/2047 •  | $— | 1156 | 1059 |
|  4.835% due 08/25/2034 ~ |  | 349 | 341 |
|  4.975% due 03/25/2036 •  |  | 380 | 336 |
|  5.530% due 04/25/2036 ~ |  | 8900 | 8577 |
|  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 •  |  | 40 | 39 |
|  Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC |
|  3.922% due 06/25/2035 •  |  | 1811 | 1756 |
|  6.010% due 03/25/2046 •  |  | 1888 | 1832 |
|  GE-WMC Asset-Backed Pass-Through Certificates | GE-WMC Asset-Backed Pass-Through Certificates | GE-WMC Asset-Backed Pass-Through Certificates | GE-WMC Asset-Backed Pass-Through Certificates |
|  5.075% due 12/25/2035 •  |  | 4825 | 4664 |
|  GSAA Home Equity Trust | GSAA Home Equity Trust | GSAA Home Equity Trust | GSAA Home Equity Trust |
|  4.935% due 01/25/2036 •  |  | 716 | 225 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  4.715% due 06/25/2036 •  |  | 96 | 94 |
|  5.335% due 11/25/2035 •  |  | 330 | 322 |
|  6.085% due 10/25/2034 •  |  | 19 | 20 |
|  HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust |
|  4.930% due 02/25/2036 •  |  | 415 | 395 |
|  IndyMac Residential Asset Backed Trust | IndyMac Residential Asset Backed Trust | IndyMac Residential Asset Backed Trust | IndyMac Residential Asset Backed Trust |
|  4.695% due 08/25/2036 •  |  | 3237 | 3086 |
|  JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. |
|  5.095% due 07/25/2036 •  |  | 2200 | 2065 |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  4.875% due 02/25/2036 •  |  | 531 | 523 |
|  4.877% due 04/21/2031 •  |  | 2361 | 2304 |
|  4.995% due 10/25/2034 ~ |  | 45 | 44 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.735% due 08/25/2037 •  |  | 376 | 357 |
|  Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust |
|  4.545% due 12/25/2036 •  |  | 3816 | 1930 |
|  4.565% due 10/25/2036 •  |  | 74 | 66 |
|  4.595% due 09/25/2036 •  |  | 26 | 12 |
|  5.350% due 07/25/2034 •  |  | 561 | 578 |
|  Park Place Securities, Inc. Asset-Backed Pass-Through Certificates | Park Place Securities, Inc. Asset-Backed Pass-Through Certificates | Park Place Securities, Inc. Asset-Backed Pass-Through Certificates | Park Place Securities, Inc. Asset-Backed Pass-Through Certificates |
|  5.365% due 05/25/2035 •  |  | 4326 | 4051 |
|  RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust |
|  5.344% due 09/25/2044 þ |  | 2408 | 2404 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  5.500% due 05/25/2035 •  |  | 2900 | 2817 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  5.140% due 11/25/2035 •  |  | 362 | 360 |
|  Structured Asset Securities Corp. Mortgage Pass-Through Certificates | Structured Asset Securities Corp. Mortgage Pass-Through Certificates | Structured Asset Securities Corp. Mortgage Pass-Through Certificates | Structured Asset Securities Corp. Mortgage Pass-Through Certificates |
|  5.260% due 01/25/2035 •  |  | 1261 | 1307 |
|  |  |  | 61767 |
| WHOLE LOAN COLLATERAL 1.0% | WHOLE LOAN COLLATERAL 1.0% | WHOLE LOAN COLLATERAL 1.0% | WHOLE LOAN COLLATERAL 1.0% |
|  First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust |
|  4.735% due 08/25/2036 •  |  | 1738 | 1676 |
|  4.745% due 09/25/2036 •  |  | 2655 | 2461 |
|  4.915% due 05/25/2036 •  |  | 12141 | 10396 |
|  PRET LLC | PRET LLC | PRET LLC | PRET LLC |
|  4.744% due 07/25/2051 þ |  | 1382 | 1376 |
|  4.868% due 07/25/2051 þ |  | 460 | 460 |
|  6.721% due 07/25/2051 þ |  | 4397 | 4402 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  4.795% due 08/25/2046 •  |  | 4928 | 4356 |
|  Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust |
|  5.410% due 12/25/2035 •  |  | 56 | 55 |
|  |  |  | 25182 |
| OTHER ABS 9.8% | OTHER ABS 9.8% | OTHER ABS 9.8% | OTHER ABS 9.8% |
|  AASET Trust | AASET Trust | AASET Trust | AASET Trust |
|  2.798% due 01/15/2047 |  | 3450 | 3177 |
|  Accunia European CLO DAC | Accunia European CLO DAC | Accunia European CLO DAC | Accunia European CLO DAC |
|  3.735% due 07/15/2030 •  |  | 615 | 666 |
|  ACHV ABS Trust | ACHV ABS Trust | ACHV ABS Trust | ACHV ABS Trust |
|  5.010% due 12/26/2031 | $— | 1267 | 1270 |
|  5.070% due 10/27/2031 |  | 1061 | 1063 |
|  5.900% due 04/25/2031 |  | 655 | 660 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Anchorage Capital CLO Ltd. | Anchorage Capital CLO Ltd. | Anchorage Capital CLO Ltd. |
|  5.343% due 10/20/2034 •  | 7500 | 7460 |
|  Ares CLO Ltd. | Ares CLO Ltd. | Ares CLO Ltd. |
|  5.614% due 01/15/2032 ~ | 336 | 336 |
|  Ares European CLO DAC | Ares European CLO DAC | Ares European CLO DAC |
|  3.565% due 10/15/2031 •  | 503 | 544 |
|  Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. |
|  5.533% due 07/19/2034 ~ | 5500 | 5506 |
|  Benefit Street Partners CLO Ltd. | Benefit Street Partners CLO Ltd. | Benefit Street Partners CLO Ltd. |
|  5.643% due 04/20/2034 •  | 8900 | 8900 |
|  Black Diamond CLO DAC | Black Diamond CLO DAC | Black Diamond CLO DAC |
|  3.604% due 01/20/2032 •  | 533 | 577 |
|  Blackbird Capital Aircraft Lease Ltd. | Blackbird Capital Aircraft Lease Ltd. | Blackbird Capital Aircraft Lease Ltd. |
|  2.443% due 07/15/2046 | 2246 | 2074 |
|  BlueMountain Fuji EUR CLO DAC | BlueMountain Fuji EUR CLO DAC | BlueMountain Fuji EUR CLO DAC |
|  1.050% due 01/15/2031 | 292 | 310 |
|  3.505% due 01/15/2031 •  | 1841 | 1991 |
|  BNPP AM Euro CLO DAC | BNPP AM Euro CLO DAC | BNPP AM Euro CLO DAC |
|  3.385% due 04/15/2031 •  | 1148 | 1241 |
|  Cairn CLO DAC | Cairn CLO DAC | Cairn CLO DAC |
|  3.565% due 10/15/2031 •  | 507 | 548 |
|  Canyon Capital CLO Ltd. | Canyon Capital CLO Ltd. | Canyon Capital CLO Ltd. |
|  5.382% due 07/15/2034 ~ | 4000 | 3984 |
|  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 ~ | 955 | 1033 |
|  3.485% due 01/15/2031 •  | 531 | 571 |
|  Carval CLO Ltd. | Carval CLO Ltd. | Carval CLO Ltd. |
|  5.022% due 07/20/2032 •  | 7800 | 7783 |
|  Castlelake Aircraft Securitization Trust | Castlelake Aircraft Securitization Trust | Castlelake Aircraft Securitization Trust |
|  5.783% due 02/15/2050 | 3676 | 3703 |
|  Catamaran CLO Ltd. | Catamaran CLO Ltd. | Catamaran CLO Ltd. |
|  5.652% due 04/22/2030 •  | 577 | 577 |
|  CIFC Funding Ltd. | CIFC Funding Ltd. | CIFC Funding Ltd. |
|  5.508% due 10/24/2030 ~ | 684 | 684 |
|  CRB Securitization Trust | CRB Securitization Trust | CRB Securitization Trust |
|  6.960% due 10/20/2033 | 1073 | 1080 |
|  CVC Cordatus Loan Fund DAC | CVC Cordatus Loan Fund DAC | CVC Cordatus Loan Fund DAC |
|  3.871% due 10/23/2034 •  | 5474 | 5926 |
|  Dryden Euro CLO DAC | Dryden Euro CLO DAC | Dryden Euro CLO DAC |
|  3.416% due 05/15/2034 •  | 2930 | 3165 |
|  Dryden Senior Loan Fund | Dryden Senior Loan Fund | Dryden Senior Loan Fund |
|  5.362% due 08/20/2034 •  | 3800 | 3800 |
|  5.363% due 04/20/2034 ~ | 3500 | 3490 |
|  Elevation CLO Ltd. | Elevation CLO Ltd. | Elevation CLO Ltd. |
|  5.600% due 01/25/2035 ~ | 7700 | 7696 |
|  GreenSky Home Improvement Trust | GreenSky Home Improvement Trust | GreenSky Home Improvement Trust |
|  5.150% due 10/27/2059 | 2000 | 2007 |
|  5.250% due 10/27/2059 | 1162 | 1166 |
|  5.880% due 06/25/2059 | 1807 | 1823 |
|  Harvest CLO DAC | Harvest CLO DAC | Harvest CLO DAC |
|  3.425% due 10/15/2031 •  | 400 | 433 |
|  Henley CLO DAC | Henley CLO DAC | Henley CLO DAC |
|  3.663% due 04/25/2034 •  | 2800 | 3030 |
|  Home Partners of America Trust | Home Partners of America Trust | Home Partners of America Trust |
|  1.901% due 12/17/2026 | 766 | 733 |
|  Invesco Euro CLO DAC | Invesco Euro CLO DAC | Invesco Euro CLO DAC |
|  3.435% due 07/15/2031 •  | 324 | 350 |
|  LendingPoint Pass-Through Trust | LendingPoint Pass-Through Trust | LendingPoint Pass-Through Trust |
|  3.250% due 04/15/2028 | 624 | 611 |
|  M&T Equipment Notes | M&T Equipment Notes | M&T Equipment Notes |
|  4.990% due 08/18/2031 | 2600 | 2609 |
|  Madison Park Funding Ltd. | Madison Park Funding Ltd. | Madison Park Funding Ltd. |
|  5.324% due 10/15/2034 •  | 11700 | 11639 |
|  Mariner Finance Issuance Trust | Mariner Finance Issuance Trust | Mariner Finance Issuance Trust |
|  1.860% due 03/20/2036 | 7800 | 7482 |
|  Mountain View CLO LLC | Mountain View CLO LLC | Mountain View CLO LLC |
|  5.609% due 01/16/2031 •  | 5286 | 5286 |
|  Mountain View CLO Ltd. | Mountain View CLO Ltd. | Mountain View CLO Ltd. |
|  5.762% due 04/15/2034 ~ | 2900 | 2903 |
|  Navient Student Loan Trust | Navient Student Loan Trust | Navient Student Loan Trust |
|  5.414% due 12/15/2059 •  | 1979 | 1976 |

---

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| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Nelnet Student Loan Trust | Nelnet Student Loan Trust | Nelnet Student Loan Trust | Nelnet Student Loan Trust |
|  5.304% due 02/25/2066 •  | $| 792 | 792 |
|  6.544% due 02/20/2041 •  |  | 658 | 674 |
|  6.640% due 02/20/2041 |  | 658 | 681 |
|  Northwoods Capital Ltd. | Northwoods Capital Ltd. | Northwoods Capital Ltd. | Northwoods Capital Ltd. |
|  5.489% due 06/15/2031 ~ |  | 3100 | 3101 |
|  Oportun Funding Trust | Oportun Funding Trust | Oportun Funding Trust | Oportun Funding Trust |
|  4.960% due 08/16/2032 |  | 3400 | 3400 |
|  Oportun Issuance Trust | Oportun Issuance Trust | Oportun Issuance Trust | Oportun Issuance Trust |
|  5.010% due 02/08/2033 |  | 2400 | 2401 |
|  6.334% due 04/08/2031 |  | 678 | 678 |
|  Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust |
|  5.156% due 07/15/2032 |  | 1000 | 1002 |
|  Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust |
|  5.065% due 03/15/2032 |  | 1383 | 1385 |
|  5.183% due 06/15/2032 |  | 3323 | 3333 |
|  6.093% due 11/15/2031 |  | 1081 | 1092 |
|  6.117% due 12/15/2031 |  | 1214 | 1228 |
|  6.278% due 10/15/2031 |  | 879 | 888 |
|  6.660% due 07/15/2031 |  | 4589 | 4635 |
|  Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC |
|  3.546% due 05/15/2034 •  | EUR | 1433 | 1550 |
|  3.765% due 01/15/2033 •  |  | 773 | 837 |
|  4.685% due 01/15/2033 •  |  | 1000 | 1084 |
|  Palmer Square Loan Funding Ltd. | Palmer Square Loan Funding Ltd. | Palmer Square Loan Funding Ltd. | Palmer Square Loan Funding Ltd. |
|  5.955% due 07/20/2029 •  | $| 14900 | 14922 |
|  Parallel Ltd. | Parallel Ltd. | Parallel Ltd. | Parallel Ltd. |
|  5.426% due 07/15/2034 •  |  | 8000 | 7975 |
|  Post Road Equipment Finance LLC | Post Road Equipment Finance LLC | Post Road Equipment Finance LLC | Post Road Equipment Finance LLC |
|  4.900% due 05/15/2031 |  | 4000 | 4013 |
|  Reach ABS Trust | Reach ABS Trust | Reach ABS Trust | Reach ABS Trust |
|  4.960% due 08/16/2032 |  | 446 | 446 |
|  6.300% due 02/18/2031 |  | 949 | 953 |
|  Recette CLO Ltd. | Recette CLO Ltd. | Recette CLO Ltd. | Recette CLO Ltd. |
|  5.635% due 04/20/2034 •  |  | 4050 | 4052 |
|  Regatta Funding Ltd. | Regatta Funding Ltd. | Regatta Funding Ltd. | Regatta Funding Ltd. |
|  5.705% due 01/20/2035 •  |  | 10868 | 10874 |
|  Segovia European CLO DAC | Segovia European CLO DAC | Segovia European CLO DAC | Segovia European CLO DAC |
|  3.624% due 07/20/2032 •  | EUR | 409 | 442 |
|  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 | $| 1730 | 1625 |
|  1.310% due 07/17/2051 |  | 1910 | 1778 |
|  1.340% due 03/17/2053 |  | 5036 | 4706 |
|  2.850% due 11/16/2054 |  | 3519 | 3287 |
|  3.250% due 11/15/2040 |  | 6699 | 6599 |
|  5.060% due 03/16/2054 |  | 1889 | 1902 |
|  5.090% due 10/16/2056 |  | 1847 | 1864 |
|  5.154% due 01/15/2037 •  |  | 2502 | 2498 |
|  5.897% due 11/15/2052 •  |  | 969 | 981 |
|  SoFi Professional Loan Program Trust | SoFi Professional Loan Program Trust | SoFi Professional Loan Program Trust | SoFi Professional Loan Program Trust |
|  2.540% due 05/15/2046 |  | 1269 | 1218 |
|  Sound Point CLO Ltd. | Sound Point CLO Ltd. | Sound Point CLO Ltd. | Sound Point CLO Ltd. |
|  6.355% due 07/20/2032 •  |  | 6100 | 6113 |
|  TCW CLO Ltd. | TCW CLO Ltd. | TCW CLO Ltd. | TCW CLO Ltd. |
|  5.622% due 08/16/2034 •  |  | 4000 | 3996 |
|  Theorem Funding Trust | Theorem Funding Trust | Theorem Funding Trust | Theorem Funding Trust |
|  7.580% due 04/15/2029 |  | 282 | 284 |
|  TIAA CLO Ltd. | TIAA CLO Ltd. | TIAA CLO Ltd. | TIAA CLO Ltd. |
|  5.433% due 01/20/2032 ~ |  | 2813 | 2812 |
|  Towd Point Asset Trust | Towd Point Asset Trust | Towd Point Asset Trust | Towd Point Asset Trust |
|  5.134% due 11/20/2061 ~ |  | 3526 | 3514 |
|  Venture CLO Ltd. | Venture CLO Ltd. | Venture CLO Ltd. | Venture CLO Ltd. |
|  5.605% due 07/20/2030 •  |  | 412 | 412 |
|  5.685% due 04/20/2032 •  |  | 798 | 798 |
|  Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. |
|  5.355% due 04/20/2034 •  |  | 900 | 900 |
|  |  |  | 239588 |
|  Total Asset-Backed Securities<br>(Cost $653,408) | Total Asset-Backed Securities<br>(Cost $653,408) | Total Asset-Backed Securities<br>(Cost $653,408) | 647876 |
| SOVEREIGN ISSUES 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 | Brazil Letras do Tesouro Nacional |
|  0.000% due 10/01/2025 (e) | BRL | 173200 | 28323 |

---

---

| | | |
|:---|:---|:---|
| **148** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Czech Republic Government International Bond | Czech Republic Government International Bond | Czech Republic Government International Bond | Czech Republic Government International Bond |
|  4.200% due 12/04/2036 | CZK | 43800 | 1872 |
|  Israel Government International Bond | Israel Government International Bond | Israel Government International Bond | Israel Government International Bond |
|  1.750% due 08/31/2025 | ILS | 800 | 213 |
|  Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond |
|  8.000% due 11/07/2047 | MXN | 82800 | 3343 |
|  8.500% due 03/01/2029 |  | 55500 | 2683 |
|  Saudi Government International Bond | Saudi Government International Bond | Saudi Government International Bond | Saudi Government International Bond |
|  5.125% due 01/13/2028 | $| 9500 | 9620 |
|  Total Sovereign Issues (Cost $45,542) | Total Sovereign Issues (Cost $45,542) | Total Sovereign Issues (Cost $45,542) | 46054 |
|  |  | **SHARES** |  |
| COMMON STOCKS 1.4% | COMMON STOCKS 1.4% | COMMON STOCKS 1.4% | COMMON STOCKS 1.4% |
| COMMUNICATION SERVICES 0.0% | COMMUNICATION SERVICES 0.0% | COMMUNICATION SERVICES 0.0% | COMMUNICATION SERVICES 0.0% |
|  Verizon Communications, Inc. |  | 4945 | 224 |
|  Walt Disney Co. |  | 4945 | 488 |
|  |  |  | 712 |
| CONSUMER DISCRETIONARY 0.2% | CONSUMER DISCRETIONARY 0.2% | CONSUMER DISCRETIONARY 0.2% | CONSUMER DISCRETIONARY 0.2% |
|  Amazon.com, Inc. (c) |  | 4945 | 941 |
|  Home Depot, Inc. |  | 4945 | 1812 |
|  McDonald's Corp. |  | 4945 | 1545 |
|  NIKE, Inc. 'B' |  | 4945 | 314 |
|  |  |  | 4612 |
| CONSUMER STAPLES 0.1% | CONSUMER STAPLES 0.1% | CONSUMER STAPLES 0.1% | CONSUMER STAPLES 0.1% |
|  Coca-Cola Co. |  | 4945 | 354 |
|  Procter & Gamble Co. |  | 4945 | 843 |
|  Walmart, Inc. |  | 4945 | 434 |
|  |  |  | 1631 |
| ENERGY 0.0% | ENERGY 0.0% | ENERGY 0.0% | ENERGY 0.0% |
|  Chevron Corp. |  | 4945 | 827 |
| FINANCIALS 0.3% | FINANCIALS 0.3% | FINANCIALS 0.3% | FINANCIALS 0.3% |
|  American Express Co. |  | 4945 | 1331 |
|  Goldman Sachs Group, Inc. |  | 4945 | 2701 |
|  JPMorgan Chase & Co. |  | 4945 | 1213 |
|  Travelers Cos., Inc. |  | 4945 | 1308 |
|  Visa, Inc. 'A' |  | 4945 | 1733 |
|  |  |  | 8286 |
| HEALTH CARE 0.2% | HEALTH CARE 0.2% | HEALTH CARE 0.2% | HEALTH CARE 0.2% |
|  Amgen, Inc. |  | 4945 | 1540 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  Johnson & Johnson |  | 4945 | 820 |
|  Merck & Co., Inc. |  | 4945 | 444 |
|  UnitedHealth Group, Inc. |  | 4945 | 2590 |
|  |  |  | 5394 |
| INDUSTRIALS 0.2% | INDUSTRIALS 0.2% | INDUSTRIALS 0.2% | INDUSTRIALS 0.2% |
|  3M Co. |  | 4945 | 726 |
|  Boeing Co. (c) |  | 4945 | 844 |
|  Caterpillar, Inc. |  | 4945 | 1631 |
|  Honeywell International, Inc. |  | 4945 | 1047 |
|  |  |  | 4248 |
| INFORMATION TECHNOLOGY 0.3% | INFORMATION TECHNOLOGY 0.3% | INFORMATION TECHNOLOGY 0.3% | INFORMATION TECHNOLOGY 0.3% |
|  Apple, Inc. |  | 4945 | 1098 |
|  Cisco Systems, Inc. |  | 4945 | 305 |
|  International Business Machines Corp. |  | 4945 | 1230 |
|  Microsoft Corp. |  | 4945 | 1856 |
|  NVIDIA Corp. |  | 4945 | 536 |
|  Salesforce, Inc. |  | 4945 | 1327 |
|  |  |  | 6352 |
| MATERIALS 0.1% | MATERIALS 0.1% | MATERIALS 0.1% | MATERIALS 0.1% |
|  Sherwin-Williams Co. |  | 4945 | 1727 |
|  Total Common Stocks (Cost $29,950) | Total Common Stocks (Cost $29,950) | Total Common Stocks (Cost $29,950) | 33789 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| SHORT-TERM INSTRUMENTS 40.9% | SHORT-TERM INSTRUMENTS 40.9% | SHORT-TERM INSTRUMENTS 40.9% | SHORT-TERM INSTRUMENTS 40.9% |
| COMMERCIAL PAPER 4.2% | COMMERCIAL PAPER 4.2% | COMMERCIAL PAPER 4.2% | COMMERCIAL PAPER 4.2% |
|  AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. |
|  4.640% due 04/15/2025 | $— | 12200 | 12177 |
|  Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. |
|  4.630% due 04/15/2025 |  | 11200 | 11179 |
|  Bacardi-Martini BV | Bacardi-Martini BV | Bacardi-Martini BV | Bacardi-Martini BV |
|  4.730% due 04/17/2025 |  | 3100 | 3093 |
|  CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. |
|  4.720% due 04/17/2025 |  | 5600 | 5588 |
|  4.720% due 04/23/2025 |  | 6820 | 6799 |
|  Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. |
|  4.800% due 04/11/2025 |  | 1200 | 1198 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  4.910% due 04/29/2025 |  | 12480 | 12431 |
|  Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |
|  5.000% due 04/23/2025 |  | 5270 | 5253 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. |
|  4.950% due 04/16/2025 | 7300 | $— | 7285 |
|  Jabil, Inc. | Jabil, Inc. | Jabil, Inc. | Jabil, Inc. |
|  4.820% due 04/11/2025 | 12200 |  | 12181 |
|  Jones Lang LaSalle Finance BV | Jones Lang LaSalle Finance BV | Jones Lang LaSalle Finance BV | Jones Lang LaSalle Finance BV |
|  4.750% due 04/17/2025 | 7840 |  | 7823 |
|  4.750% due 04/22/2025 | 4360 |  | 4348 |
|  Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. |
|  4.600% due 04/14/2025 | 12600 |  | 12578 |
|  |  |  | 101933 |
| REPURCHASE AGREEMENTS (g) 34.4% | REPURCHASE AGREEMENTS (g) 34.4% | REPURCHASE AGREEMENTS (g) 34.4% | REPURCHASE AGREEMENTS (g) 34.4% |
|  |  |  | 839902 |
| U.S. TREASURY BILLS 2.3% | U.S. TREASURY BILLS 2.3% | U.S. TREASURY BILLS 2.3% | U.S. TREASURY BILLS 2.3% |
|  4.358% due 05/22/2025 - 06/26/2025 (d)(e)(k) | 55821 |  | 55409 |
| Total Short-Term Instruments<br>(Cost $997,256) | Total Short-Term Instruments<br>(Cost $997,256) |  | 997244 |
| Total Investments in Securities<br>(Cost $3,083,106) | Total Investments in Securities<br>(Cost $3,083,106) |  | 3080635 |
|  | **SHARES** |  |  |
| INVESTMENTS IN AFFILIATES 8.2% | INVESTMENTS IN AFFILIATES 8.2% | INVESTMENTS IN AFFILIATES 8.2% | INVESTMENTS IN AFFILIATES 8.2% |
| SHORT-TERM INSTRUMENTS 8.2% | SHORT-TERM INSTRUMENTS 8.2% | SHORT-TERM INSTRUMENTS 8.2% | SHORT-TERM INSTRUMENTS 8.2% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 8.2% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 8.2% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 8.2% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 8.2% |
|  PIMCO Short Asset Portfolio | 14815351 |  | 145042 |
|  PIMCO Short-Term Floating NAV Portfolio III | 5683470 |  | 55323 |
| Total Short-Term Instruments (Cost $197,788) | Total Short-Term Instruments (Cost $197,788) |  | 200365 |
| Total Investments in Affiliates (Cost $197,788) | Total Investments in Affiliates (Cost $197,788) |  | 200365 |
| Total Investments 134.4% (Cost $3,280,894) | Total Investments 134.4% (Cost $3,280,894) | $— | 3281000 |
|  Financial Derivative<br>Instruments (h)(j) (0.2)%<br> (Cost or Premiums, net $28,897) | Financial Derivative<br>Instruments (h)(j) (0.2)%<br> (Cost or Premiums, net $28,897) |  | (5616) |
| Other Assets and Liabilities, net (34.2)% | Other Assets and Liabilities, net (34.2)% |  | (833303) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 2442081 |

---

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

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a) Principal only security.

(b) When-issued security.

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

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

(e) Zero coupon security.

(f) Principal amount of security is adjusted for inflation.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **149** |

---

------

Schedule of Investments PIMCO StocksPLUS<sup>®</sup><sup></sup>Fund (Cont.)

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Lending<br>Rate | Settlement<br>Date | Maturity<br>Date | Principal<br>Amount | Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| FICC STR | 4.360% | 03/31/2025 | 04/01/2025 | $6300 | U.S. Treasury Bonds 4.750% due 12/31/2099 | $(6426) | $6300 | $6301 |
| JPS | 4.390 | 07/30/2024 | TBD<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169002 | U.S. Treasury Bonds 2.000% - 2.250% due 08/15/2046 - 08/15/2051 | (169684) | 169002 | 174466 |
|  | 4.460 | 03/31/2025 | 04/01/2025 | 339300 | U.S. Treasury Inflation Protected Securities 0.125% due 10/15/2025 | (346596) | 339300 | 339342 |
|  |  |  |  |  | Cash | (9454) |  |  |
|  | 4.500 | 03/31/2025 | 04/01/2025 | 20400 | U.S. Treasury Notes 0.750% due 03/31/2026 | (20816) | 20400 | 20403 |
| SAL | 4.350 | 04/01/2025 | 04/02/2025 | 100 | U.S. Treasury Notes 3.875% due 12/31/2027 | (102) | 100 | 100 |
|  | 4.410 | 04/01/2025 | 04/02/2025 | 304800 | U.S. Treasury Notes 3.375% due 09/15/2027 | (311022) | 304800 | 304800 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(864100) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;839902 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845412 |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(3)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  FICC STR | $6301 | $0 | $0 | $6301 | $(6426) | $(125) |
|  JPS | 534211 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(546550) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12339) |
|  SAL | 304900 | 0 | 0 | 304900 | (311124) | (6224) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845412 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |  |  |  |

---

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> Open maturity repurchase agreement.

<sup>(3)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

**The average amount of borrowings outstanding during the period ended March 31, 2025 was $(917) at a weighted average interest rate of 5.204%. 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 |
|  E-Mini S&P 500 Index June Futures  | 06/2025 | 2616 | $739445 | $(7120) | $3957 | $0 |
|  U.S. Treasury 10-Year Ultra Long-Term Bond June Futures  | 06/2025 | 28 | 3196 | 74 | 2 | 0 |
|  U.S. Treasury Long-Term Bond June Futures  | 06/2025 | 65 | 7623 | 72 | 12 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6974) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3971 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### 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 |
|  Long Gilt June Futures  | 06/2025 | 2 | $(237) | $2 | $0 | $(3) |
|  U.S. Treasury 2-Year Note June Futures  | 06/2025 | 324 | (67124) | (279) | 2 | 0 |
|  U.S. Treasury 5-Year Note June Futures  | 06/2025 | 690 | (74628) | (370) | 22 | 0 |
|  U.S. Treasury 10-Year Note June Futures  | 06/2025 | 61 | (6784) | (39) | 0 | (1) |
|  U.S. Treasury Ultra Long-Term Bond June Futures  | 06/2025 | 176 | (21516) | (135) | 0 | (77) |
|  |  |  |  | $(821) | $24 | $(81) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7795) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3995 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(81) |

---

150 PIMCO EQUITY-RELATED STRATEGY FUNDS See Accompanying Notes

------

March 31, 2025

#### SWAP AGREEMENTS:

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

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(2)</sup> | Notional<br>Amount<sup>(3)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Variation Margin | Variation Margin |
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(2)</sup> | Notional<br>Amount<sup>(3)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Asset | Liability |
|  AT&T, Inc. | 1.000% | Quarterly | 06/20/2026 | 0.346% | $— | 2900 | $49 | $(25) | $24 | $0 | $0 |
|  AT&T, Inc. | 1.000 | Quarterly | 12/20/2026 | 0.405 |  | 800 | 12 | (4) | 8 | 0 | 0 |
|  AT&T, Inc. | 1.000 | Quarterly | 06/20/2028 | 0.514 |  | 800 | (4) | 16 | 12 | 0 | 0 |
|  Bank of America Corp. | 1.000 | Quarterly | 12/20/2025 | 0.269 |  | 100 | 1 | 0 | 1 | 0 | 0 |
|  Bank of America Corp. | 1.000 | Quarterly | 12/20/2026 | 0.401 |  | 6200 | 80 | (16) | 64 | 0 | (2) |
|  Barclays Bank PLC | 1.000 | Quarterly | 06/20/2025 | 0.323 | EUR | 4500 | 12 | (3) | 9 | 0 | 0 |
|  Barclays Bank PLC | 1.000 | Quarterly | 12/20/2025 | 0.328 |  | 2000 | 12 | (1) | 11 | 0 | 0 |
|  BNP Paribas SNR | 1.000 | Quarterly | 12/20/2025 | 0.204 |  | 400 | 3 | 0 | 3 | 0 | 0 |
|  Citigroup, Inc. | 1.000 | Quarterly | 12/20/2025 | 0.245 | $— | 1000 | 6 | 0 | 6 | 0 | 0 |
|  Deutsche Bank Aktiengesellschaft | 1.000 | Quarterly | 12/20/2029 | 0.886 | EUR | 400 | 1 | 1 | 2 | 0 | (2) |
|  Deutsche Bank Aktiengesellschaft | 1.000 | Quarterly | 12/20/2031 | 1.211 |  | 500 | (10) | 3 | (7) | 0 | (3) |
|  General Electric Co. | 1.000 | Quarterly | 06/20/2026 | 0.077 | $— | 2000 | 15 | 8 | 23 | 0 | 0 |
|  General Electric Co. | 1.000 | Quarterly | 12/20/2026 | 0.097 |  | 300 | 3 | 2 | 5 | 0 | 0 |
|  General Motors Co. | 5.000 | Quarterly | 12/20/2026 | 0.462 |  | 2920 | 526 | (300) | 226 | 0 | (3) |
|  General Motors Co. | 5.000 | Quarterly | 06/20/2028 | 0.838 |  | 3440 | 414 | 24 | 438 | 2 | 0 |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1120 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(295) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Variation Margin | Variation Margin |
| Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Asset | Liability |
|  CDX.EM-35 5-Year Index | 1.000% | Quarterly | 06/20/2026 | $92 | $(2) | $2 | $0 | $0 | $0 |
|  CDX.EM-36 5-Year Index | 1.000 | Quarterly | 12/20/2026 | 3772 | (139) | 142 | 3 | 3 | 0 |
|  CDX.EM-38 5-Year Index | 1.000 | Quarterly | 12/20/2027 | 500 | (42) | 39 | (3) | 0 | 0 |
|  CDX.EM-39 5-Year Index | 1.000 | Quarterly | 06/20/2028 | 100 | (7) | 6 | (1) | 0 | 0 |
|  CDX.EM-40 5-Year Index | 1.000 | Quarterly | 12/20/2028 | 1200 | (55) | 38 | (17) | 1 | 0 |
|  CDX.EM-41 5-Year Index | 1.000 | Quarterly | 06/20/2029 | 400 | (15) | 7 | (8) | 0 | 0 |
|  CDX.EM-42 5-Year Index | 1.000 | Quarterly | 12/20/2029 | 500 | (15) | 1 | (14) | 0 | 0 |
|  CDX.EM-43 5-Year Index | 1.000 | Quarterly | 06/20/2030 | 500 | (18) | (1) | (19) | 0 | 0 |
|  CDX.HY-43 5-Year Index | 5.000 | Quarterly | 12/20/2029 | 2900 | 211 | (51) | 160 | 1 | 0 |
|  CDX.HY-44 5-Year Index | 5.000 | Quarterly | 06/20/2030 | 900 | 47 | 1 | 48 | 1 | 0 |
|  CDX.IG-40 5-Year Index | 1.000 | Quarterly | 06/20/2028 | 1200 | 12 | 11 | 23 | 0 | 0 |
|  CDX.IG-41 5-Year Index | 1.000 | Quarterly | 12/20/2028 | 1000 | 22 | (2) | 20 | 0 | 0 |
|  CDX.IG-43 5-Year Index | 1.000 | Quarterly | 12/20/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62410 | 1389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(188) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1201 | 0 | 0 |
|  CDX.IG-44 5-Year Index | 1.000 | Quarterly | 06/20/2030 | 22500 | 413 | 1 | 414 | 4 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1801 | $6 | $1807 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | $&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 USD-SOFR Compounded-OIS | 1.250% | Semi-Annual | 06/17/2025 | $15200 | $(277) | $361 | $84 | $2 | $0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.500 | Annual | 06/20/2025 | 361100 | (1238) | 2268 | 1030 | 4 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 12/18/2025 | 170200 | 377 | (36) | 341 | 6 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.250 | Annual | 12/20/2025 | 108700 | 6 | (64) | (58) | 3 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 0.500 | Semi-Annual | 06/16/2026 | 72100 | 611 | 2533 | 3144 | 6 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2026 | 138260 | (279) | 600 | 321 | 0 | (11) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2028 | 7810 | (67) | 114 | 47 | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.625 | Semi-Annual | 01/06/2030 | 11300 | (143) | 1357 | 1214 | 0 | (8) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.000 | Semi-Annual | 01/15/2030 | 7700 | (27) | 718 | 691 | 0 | (6) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 03/19/2030 | 75390 | 4078 | (1808) | 2270 | 0 | (74) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/21/2030 | 7100 | 104 | 223 | 327 | 0 | (8) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2030 | 28140 | 335 | (15) | 320 | 0 | (37) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2031 | 100 | (1) | 2 | 1 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.277 | Semi-Annual | 07/21/2031 | 1380 | 0 | 216 | 216 | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2031 | 12600 | 37 | (60) | (23) | 0 | (23) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2032 | 5800 | 725 | 136 | 861 | 0 | (11) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2033 | 7700 | (150) | 208 | 58 | 0 | (19) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/21/2033 | 27200 | 79 | 1727 | 1806 | 0 | (65) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 | 61950 | (458) | 651 | 193 | 0 | (192) |
| Receive | 6-Month CZK-PRIBOR | 3.760 | Annual | 11/01/2034 | 48800 | 0 | 2 | 2 | 0 | (13) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **151** |

---

------

Schedule of Investments PIMCO StocksPLUS<sup>®</sup><sup></sup>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 | 9.390% | Lunar | 12/12/2025 |  | 35700 | $0 | $(9) | $(9) | $0 | $0 |
| Receive | 28-Day MXN-TIIE | 9.430 | Lunar | 12/25/2025 |  | 53600 | 0 | (15) | (15) | 0 | 0 |
| Receive | 28-Day MXN-TIIE | 9.000 | Lunar | 03/01/2029 |  | 52300 | 0 | (89) | (89) | 0 | (1) |
| Receive<sup>(5)</sup> | 28-Day MXN-TIIE | 9.430 | Lunar | 10/19/2034 |  | 53600 | 0 | (130) | (130) | 0 | (1) |
| Receive<sup>(5)</sup> | 28-Day MXN-TIIE | 9.390 | Lunar | 11/03/2034 |  | 35700 | 0 | (83) | (83) | 0 | (1) |
| Receive | CPURNSA | 0.000 | Maturity | 03/25/2030 |  | $13100 | 0 | 67 | 67 | 12 | 0 |
| Receive | CPURNSA | 0.000 | Maturity | 03/27/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23300 | 0 | 94 | 94 | 22 | 0 |
|  |  |  |  |  |  |  | $3712 | $8968 | $12680 | $55 | $(474) |
|  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;6633 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8679 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15312 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(484) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of March 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | | Market Value | Variation Margin<br>Liability<sup>(6)</sup> | Variation Margin<br>Liability<sup>(6)</sup> | |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total | Written<br>Options | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3995 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4062 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(81) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(488) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(569) |

---

(i) Securities with an aggregate market value of $45,001 and cash of $36,441 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

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

<sup>(3)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

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

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

<sup>(6)</sup> Unsettled variation margin liability of $(4) for closed swap agreements is outstanding at period end. 

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

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Asset | Liability |
|  AZD | 04/2025 | 29332 | $194 | $0 | $(1) |
|  | 04/2025 | $9257 | 14634 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(113) |
|  | 04/2025 | 146 | 21850 | 0 | (1) |
|  | 04/2025 | 115 | 154 | 0 | (1) |
|  | 05/2025 | 14634 | $9260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113 | 0 |
|  | 05/2025 | 6621 | 904 | 0 | (10) |
|  | 05/2025 | 154 | 115 | 1 | 0 |
|  | 05/2025 | $3754 | 27185 | 2 | (4) |
|  | 05/2025 | 194 | 29233 | 1 | 0 |
|  | 06/2025 | 16448 | $2251 | 0 | (25) |
|  | 06/2025 | $1081 | 7801 | 0 | (2) |
|  | 07/2025 | 13529 | $1878 | 3 | (1) |
|  | 08/2025 | 13531 | 1876 | 0 | (3) |
|  BOA | 04/2025 | 3627 | 148 | 0 | (9) |
|  | 04/2025 | 733 | 931 | 0 | (16) |
|  | 04/2025 | 300759 | 205 | 1 | 0 |
|  | 04/2025 | 2745 | 258 | 0 | (15) |

---

---

| | | |
|:---|:---|:---|
| **152** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 04/2025 | $1790 | 1645 | $0 | $(11) |
|  | 05/2025 | 6474 | $884 | 0 | (9) |
|  | 05/2025 | 2778777 | 167 | 0 | 0 |
|  | 05/2025 | $180 | 15465 | 1 | 0 |
|  | 06/2025 | 10648 | $1467 | 1 | (6) |
|  | 06/2025 | $530 | 3826 | 0 | 0 |
|  | 06/2025 | 205 | 299627 | 0 | (1) |
|  | 08/2025 | 4356 | $609 | 4 | 0 |
|  | 08/2025 | 290 | 9 | 0 | 0 |
|  BPS | 04/2025 | 30960 | 5386 | 0 | (39) |
|  | 04/2025 | 50395 | 2072 | 0 | (112) |
|  | 04/2025 | 62064 | 65079 | 0 | (2031) |
|  | 04/2025 | 16520197 | 997 | 5 | 0 |
|  | 04/2025 | 959 | 260 | 2 | 0 |
|  | 04/2025 | 10468 | 70 | 0 | 0 |
|  | 04/2025 | 192319 | 5862 | 70 | 0 |
|  | 04/2025 | $5402 | 30960 | 26 | (2) |
|  | 04/2025 | 2688 | 44129852 | 0 | (40) |
|  | 04/2025 | 1596 | 138523 | 23 | 0 |
|  | 04/2025 | 1442 | 214927 | 0 | (9) |
|  | 04/2025 | 1416 | 2056530 | 0 | (20) |
|  | 04/2025 | 74 | 99 | 0 | 0 |
|  | 04/2025 | 3696 | 121045 | 0 | (51) |
|  | 04/2025 | 11831 | $647 | 2 | 0 |
|  | 05/2025 | 24911 | 3429 | 1 | (10) |
|  | 05/2025 | 8183658 | 492 | 1 | 0 |
|  | 05/2025 | 98 | 74 | 0 | 0 |
|  | 05/2025 | $689 | 11442785 | 0 | (4) |
|  | 05/2025 | 1620 | 138965 | 2 | 0 |
|  | 05/2025 | 70 | 10433 | 0 | 0 |
|  | 06/2025 | 19441 | $2668 | 0 | (22) |
|  | 06/2025 | 156336 | 110 | 3 | 0 |
|  | 06/2025 | $3105 | 12068 | 19 | (16) |
|  | 07/2025 | 58607 | $1804 | 28 | 0 |
|  | 08/2025 | 48713 | 1495 | 15 | 0 |
|  | 08/2025 | $1538 | 50070 | 0 | (17) |
|  | 10/2025 | 27900 | $4659 | 2 | (23) |
|  BRC | 04/2025 | 4955 | 57 | 0 | (1) |
|  | 04/2025 | $854 | 13984712 | 0 | (16) |
|  | 04/2025 | 198 | 726 | 0 | (2) |
|  | 04/2025 | 58 | 4950 | 0 | 0 |
|  | 04/2025 | 21973 | $1205 | 8 | 0 |
|  | 05/2025 | 4964 | 58 | 0 | 0 |
|  | 06/2025 | 4940 | 244 | 5 | 0 |
|  | 06/2025 | $67 | 261 | 0 | 0 |
|  BSH | 04/2025 | 14318 | $9071 | 125 | 0 |
|  | 04/2025 | 347405 | 2313 | 0 | (3) |
|  | 05/2025 | $2313 | 346235 | 3 | 0 |
|  | 06/2025 | 661 | 2548 | 0 | (5) |
|  CBK | 04/2025 | 8317 | $1464 | 7 | 0 |
|  | 04/2025 | 175 | 199 | 1 | 0 |
|  | 04/2025 | 18326335 | 1105 | 4 | 0 |
|  | 04/2025 | 4299 | 1179 | 23 | 0 |
|  | 04/2025 | 34853 | 408 | 0 | 0 |
|  | 04/2025 | 255459 | 7797 | 104 | 0 |
|  | 04/2025 | $1448 | 8317 | 9 | 0 |
|  | 04/2025 | 10877 | 15509 | 0 | (99) |
|  | 04/2025 | 42 | 301 | 1 | 0 |
|  | 04/2025 | 2189 | 35853625 | 0 | (38) |
|  | 04/2025 | 832 | 71706 | 5 | 0 |
|  | 04/2025 | 88 | 128728 | 0 | (1) |
|  | 04/2025 | 8017 | 262744 | 0 | (104) |
|  | 05/2025 | 13750 | $9667 | 98 | 0 |
|  | 05/2025 | 10017731 | 603 | 3 | 0 |
|  | 05/2025 | 1 | 0 | 0 | 0 |
|  | 05/2025 | $687 | 11414350 | 0 | (3) |
|  | 06/2025 | 5837 | $805 | 0 | (2) |
|  | 06/2025 | 10380972 | 7224 | 154 | 0 |
|  | 06/2025 | $482 | 3476 | 0 | (1) |
|  | 06/2025 | 1382 | 1997068 | 0 | (22) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **153** |

---

------

Schedule of Investments PIMCO StocksPLUS<sup>®</sup><sup></sup>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 | 101383 | $3116 | $45 | $0 |
|  | 08/2025 | 112344 | 3448 | 35 | 0 |
|  | 09/2025 | 795 | 210 | 0 | (4) |
|  DUB | 04/2025 | 15 | 11 | 0 | 0 |
|  | 04/2025 | 323 | 47 | 0 | 0 |
|  | 04/2025 | 4339 | 1193 | 26 | 0 |
|  | 04/2025 | 429 | 245 | 1 | 0 |
|  | 04/2025 | 22 | 16 | 0 | 0 |
|  | 04/2025 | $1019 | 913 | 13 | 0 |
|  | 04/2025 | 37450 | 29628 | 822 | 0 |
|  | 04/2025 | 1406 | 23343298 | 0 | (5) |
|  | 04/2025 | 277 | 23859 | 1 | 0 |
|  | 04/2025 | 246 | 429 | 0 | (3) |
|  | 04/2025 | 59 | 79 | 0 | 0 |
|  | 05/2025 | 1219814 | $73 | 0 | 0 |
|  | 05/2025 | 429 | 247 | 3 | 0 |
|  | 05/2025 | 79 | 59 | 0 | 0 |
|  | 05/2025 | $47 | 322 | 0 | 0 |
|  | 06/2025 | 7249606 | $5045 | 108 | 0 |
|  | 08/2025 | $1343 | 9621 | 0 | (7) |
|  FAR | 04/2025 | 316 | $199 | 2 | 0 |
|  | 04/2025 | 20624 | 3591 | 0 | (23) |
|  | 04/2025 | 9021 | 10121 | 0 | (76) |
|  | 04/2025 | 4546 | 1252 | 29 | 0 |
|  | 04/2025 | 248548 | 1651 | 0 | (6) |
|  | 04/2025 | $3592 | 20624 | 23 | 0 |
|  | 04/2025 | 67 | 478 | 2 | 0 |
|  | 04/2025 | 1117 | 166722 | 0 | (6) |
|  | 04/2025 | 98 | 3218 | 0 | (1) |
|  | 04/2025 | 19 | 341 | 0 | 0 |
|  | 05/2025 | 958 | 6908 | 0 | (4) |
|  | 05/2025 | 1651 | 247710 | 6 | 0 |
|  | 06/2025 | 3591 | 20886 | 23 | 0 |
|  | 06/2025 | 1335 | 5165 | 0 | (5) |
|  | 07/2025 | 6882 | $958 | 4 | 0 |
|  GLM | 04/2025 | 115350 | 20351 | 207 | (70) |
|  | 04/2025 | 40900 | 6046 | 119 | 0 |
|  | 04/2025 | 16913753 | 1019 | 4 | 0 |
|  | 04/2025 | 457885 | 312 | 1 | 0 |
|  | 04/2025 | $19924 | 115350 | 290 | 0 |
|  | 04/2025 | 1706 | 28081501 | 0 | (21) |
|  | 04/2025 | 120 | 175389 | 0 | (1) |
|  | 05/2025 | 6295 | $859 | 0 | (9) |
|  | 05/2025 | 4813571 | 289 | 0 | 0 |
|  | 05/2025 | $1019 | 16929032 | 0 | (4) |
|  | 06/2025 | 1293 | 9344 | 3 | (3) |
|  | 06/2025 | 312 | 456221 | 0 | (1) |
|  | 06/2025 | 594 | 2292 | 0 | (3) |
|  | 07/2025 | 9907 | $305 | 4 | 0 |
|  | 07/2025 | $29 | 960 | 0 | 0 |
|  | 10/2025 | 145300 | $23674 | 0 | (700) |
|  IND | 04/2025 | 623 | 90 | 0 | 0 |
|  | 05/2025 | $90 | 622 | 0 | 0 |
|  JPM | 04/2025 | 30095 | $5198 | 4 | (80) |
|  | 04/2025 | 4118642 | 250 | 3 | 0 |
|  | 04/2025 | 5208 | 1430 | 29 | 0 |
|  | 04/2025 | 90967 | 604 | 0 | (3) |
|  | 04/2025 | 24 | 18 | 0 | 0 |
|  | 04/2025 | 35016 | 1068 | 13 | 0 |
|  | 04/2025 | $5241 | 30095 | 33 | 0 |
|  | 04/2025 | 65403 | 60637 | 164 | 0 |
|  | 04/2025 | 353 | 5807168 | 0 | (5) |
|  | 04/2025 | 671 | 58126 | 8 | 0 |
|  | 04/2025 | 1200 | 178921 | 0 | (7) |
|  | 04/2025 | 88 | 128671 | 0 | (1) |
|  | 04/2025 | 2570 | 84203 | 0 | (34) |
|  | 04/2025 | 6419 | $352 | 2 | 0 |
|  | 05/2025 | 6728 | 921 | 0 | (7) |
|  | 05/2025 | 1045 | 152 | 0 | 0 |
|  | 05/2025 | 60637 | 65509 | 0 | (163) |

---

---

| | | |
|:---|:---|:---|
| **154** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 05/2025 | 3206097 | $193 | $1 | $0 |
|  | 05/2025 | $3518 | 25501 | 5 | (3) |
|  | 05/2025 | 409 | 61460 | 3 | 0 |
|  | 06/2025 | 4061 | $556 | 0 | (5) |
|  | 06/2025 | 135525 | 6567 | 12 | 0 |
|  | 06/2025 | $3297 | 19465 | 71 | 0 |
|  | 06/2025 | 3267 | 12658 | 5 | (12) |
|  | 07/2025 | 13038 | $1807 | 1 | (2) |
|  | 07/2025 | 59322 | 1824 | 27 | 0 |
|  | 07/2025 | $1616 | 9457 | 9 | 0 |
|  | 08/2025 | 12346 | $1711 | 1 | (4) |
|  | 08/2025 | 58163 | 1785 | 18 | 0 |
|  | 08/2025 | $37 | 1204 | 0 | 0 |
|  MBC | 04/2025 | 536 | $605 | 0 | 0 |
|  | 04/2025 | 17 | 2 | 0 | 0 |
|  | 04/2025 | 1620 | 1770 | 19 | 0 |
|  | 04/2025 | 201 | 151 | 1 | 0 |
|  | 04/2025 | 52664 | 1628 | 42 | 0 |
|  | 04/2025 | $9975 | 8812 | 0 | (15) |
|  | 04/2025 | 1522 | 1402 | 0 | (6) |
|  | 04/2025 | 1230 | 953 | 1 | 0 |
|  | 04/2025 | 538 | 46658 | 7 | 0 |
|  | 04/2025 | 1691 | 55564 | 0 | (18) |
|  | 04/2025 | 14593 | $798 | 3 | 0 |
|  | 05/2025 | 8780 | 9975 | 15 | 0 |
|  | 05/2025 | 12705 | 1752 | 1 | (2) |
|  | 05/2025 | 1931196 | 116 | 0 | 0 |
|  | 05/2025 | 1808 | 54 | 0 | 0 |
|  | 05/2025 | $1735 | 12577 | 2 | (1) |
|  | 05/2025 | 2 | 17 | 0 | 0 |
|  | 06/2025 | 1817727 | $1263 | 25 | 0 |
|  | 06/2025 | $973 | 3757 | 0 | (6) |
|  | 07/2025 | 6251 | $867 | 1 | 0 |
|  | 07/2025 | 28538 | 876 | 11 | 0 |
|  | 08/2025 | 10611 | 1473 | 2 | (3) |
|  | 08/2025 | 26691 | 816 | 5 | 0 |
|  | 08/2025 | $916 | 6610 | 2 | 0 |
|  MYI | 04/2025 | 15498 | $10887 | 117 | 0 |
|  | 04/2025 | 44800 | 6614 | 121 | 0 |
|  | 04/2025 | 45623 | 57809 | 0 | (1125) |
|  | 04/2025 | 84 | 63 | 0 | 0 |
|  | 04/2025 | $18575 | 124285 | 1 | (563) |
|  | 04/2025 | 399 | 13041 | 0 | (6) |
|  | 04/2025 | 8440 | 154287 | 0 | (34) |
|  | 05/2025 | 1757341 | $106 | 0 | 0 |
|  | 06/2025 | 3338 | 460 | 0 | (2) |
|  | 06/2025 | $222 | 882 | 5 | 0 |
|  NGF | 06/2025 | 2378498 | $1669 | 50 | 0 |
|  SCX | 04/2025 | 33369 | 5709 | 0 | (139) |
|  | 04/2025 | 16158 | 107 | 0 | (1) |
|  | 04/2025 | 27893 | 859 | 19 | 0 |
|  | 04/2025 | $5811 | 33369 | 36 | 0 |
|  | 04/2025 | 1065 | 17423982 | 0 | (20) |
|  | 04/2025 | 88 | 128534 | 0 | (1) |
|  | 04/2025 | 489 | 16098 | 0 | (5) |
|  | 05/2025 | 12744 | $1768 | 9 | 0 |
|  | 05/2025 | 754072 | 45 | 0 | 0 |
|  | 05/2025 | $130 | 19570 | 1 | 0 |
|  | 06/2025 | 1462 | $201 | 0 | (1) |
|  | 06/2025 | $5709 | 33792 | 138 | 0 |
|  | 08/2025 | 15965 | $489 | 4 | 0 |
|  SSB | 04/2025 | $20400 | 15775 | 0 | (23) |
|  | 05/2025 | 15775 | $20398 | 22 | 0 |
|  UAG | 04/2025 | 39500 | 5827 | 102 | 0 |
|  | 04/2025 | 1996188 | 120 | 0 | 0 |
|  | 04/2025 | $120 | 1996188 | 0 | (1) |
|  | 04/2025 | 1102 | 163924 | 0 | (9) |
|  | 05/2025 | 120 | 1998996 | 0 | (1) |
|  | 06/2025 | 310 | 1198 | 0 | (2) |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3818 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6183) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 155

------

Schedule of Investments PIMCO StocksPLUS<sup>®</sup><sup></sup>Fund (Cont.)

#### 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 |
| MYC | Saudi Arabia Government International Bond | 1.000% | Quarterly | 06/20/2025 | 0.253% | $&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;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(3)</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 | Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(3)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BPS | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000% | Quarterly | 12/20/2029 | EUR | 41739 | $8341 | $(84) | $8257 | $0 |
| JPM | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 |  | 68023 | 13923 | (467) | 13456 | 0 |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22264 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(551) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21713 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### TOTAL RETURN SWAPS ON INDEXES

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Pay/Receive<sup>(5)</sup> | Underlying Reference | # of Units | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| Counterparty | Pay/Receive<sup>(5)</sup> | Underlying Reference | # of Units | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  CIB | Receive | S&P 500 Total Return Index  | 9644 | 4.910% (FEDL01 plus a specified spread) | Monthly | 04/09/2025 | $119202 | $0 | $(500) | $0 | $(500) |
|  | Receive | S&P 500 Total Return Index  | 1134 | 5.180% (FEDL01 plus a specified spread) | Monthly | 05/07/2025 | 14016 | 0 | (60) | 0 | (60) |
|  | Receive | S&P 500 Total Return Index  | 9643 | 5.050% (FEDL01 plus a specified spread) | Monthly | 01/07/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119189 | 0 | (514) | 0 | (514) |
|  | Receive | S&P 500 Total Return Index  | 568 | 5.090% (FEDL01 plus a specified spread) | Monthly | 01/07/2026 | 7021 | 0 | (30) | 0 | (30) |
|  | Receive | S&P 500 Total Return Index  | 473 | 5.010% (FEDL01 plus a specified spread) | Monthly | 02/18/2026 | 5846 | 0 | (25) | 0 | (25) |
|  FAR | Pay | DJITR Index  | 320 | 5.110 | Monthly | 06/20/2025 | 33775 | 0 | 25 | 25 | 0 |
|  | Receive | S&P 500 Total Return Index  | 11401 | 5.070% (FEDL01 plus a specified spread) | Maturity | 08/13/2025 | 139664 | 0 | (4317) | 0 | (4317) |
|  MBC | Receive | S&P 500 Total Return Index  | 14910 | 5.090% (FEDL01 plus a specified spread) | Maturity | 08/20/2025 | 176570 | 0 | 960 | 960 | 0 |
|  RBC | Receive | S&P 500 Total Return Index  | 1154 | 4.970% (FEDL01 plus a specified spread) | Monthly | 04/09/2025 | 14264 | 0 | (61) | 0 | (61) |
|  | Receive | S&P 500 Total Return Index  | 685 | 4.980% (FEDL01 plus a specified spread) | Monthly | 04/16/2025 | 8467 | 0 | (36) | 0 | (36) |
|  | Receive | S&P 500 Total Return Index  | 1144 | 5.030% (FEDL01 plus a specified spread) | Monthly | 07/09/2025 | 14140 | 0 | (59) | 0 | (59) |
|  | Receive | S&P 500 Total Return Index  | 809 | 5.050% (FEDL01 plus a specified spread) | Monthly | 08/06/2025 | 9999 | 0 | (42) | 0 | (42) |
|  | Receive | S&P 500 Total Return Index  | 7503 | 5.040% (FEDL01 plus a specified spread) | Monthly | 09/03/2025 | 92739 | 0 | (386) | 0 | (386) |
|  | Receive | S&P 500 Total Return Index  | 685 | 5.070% (FEDL01 plus a specified spread) | Monthly | 09/24/2025 | 8467 | 0 | (35) | 0 | (35) |
|  | Receive | S&P 500 Total Return Index  | 5144 | 5.140% (FEDL01 plus a specified spread) | Monthly | 10/15/2025 | 63581 | 0 | (270) | 0 | (270) |
|  | Receive | S&P 500 Total Return Index  | 16802 | 5.150% (FEDL01 plus a specified spread) | Maturity | 02/18/2026 | 224632 | 0 | (19148) | 0 | (19148) |
|  TOR | Receive | S&P 500 Total Return Index  | 460 | 4.930% (FEDL01 plus a specified spread) | Monthly | 05/21/2025 | 5686 | 0 | (24) | 0 | (24) |
|  | Receive | S&P 500 Total Return Index  | 25632 | 5.040% (FEDL01 plus a specified spread) | Maturity | 07/16/2025 | 302795 | 0 | 331 | 331 | 0 |
|  | Receive | S&P 500 Total Return Index  | 461 | 4.970% (FEDL01 plus a specified spread) | Monthly | 08/20/2025 | 5698 | 0 | (24) | 0 | (24) |
|  | Receive | S&P 500 Total Return Index  | 29865 | 5.040% (FEDL01 plus a specified spread) | Maturity | 10/01/2025 | 362676 | 0 | (4242) | 0 | (4242) |
|  |  |  |  |  |  |  |  | $0 | $(28457) | $1316 | $(29773) |
|  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;22264 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29008) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23029 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29773) |

---

156 PIMCO EQUITY-RELATED STRATEGY FUNDS See Accompanying Notes

------

March 31, 2025

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of March 31, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(6)</sup> |
|  AZD | $120 | $0 | $0 | $120 | $(161) | $0 | $0 | $(161) | $(41) | $0 | $(41) |
|  BOA | 7 | 0 | 0 | 7 | (67) | 0 | 0 | (67) | (60) | 0 | (60) |
|  BPS | 199 | 0 | 8257 | 8456 | (2396) | 0 | 0 | (2396) | 6060 | (6070) | (10) |
|  BRC | 13 | 0 | 0 | 13 | (19) | 0 | 0 | (19) | (6) | 0 | (6) |
|  BSH | 128 | 0 | 0 | 128 | (8) | 0 | 0 | (8) | 120 | 0 | 120 |
|  CBK | 489 | 0 | 0 | 489 | (274) | 0 | 0 | (274) | 215 | 0 | 215 |
|  CIB | 0 | 0 | 0 | 0 | 0 | 0 | (1129) | (1129) | (1129) | 18432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17303 |
|  DUB | 974 | 0 | 0 | 974 | (15) | 0 | 0 | (15) | 959 | (1040) | (81) |
|  FAR | 89 | 0 | 25 | 114 | (121) | 0 | (4317) | (4438) | (4324) | 4839 | 515 |
|  GLM | 628 | 0 | 0 | 628 | (812) | 0 | 0 | (812) | (184) | 266 | 82 |
|  JPM | 409 | 0 | 13456 | 13865 | (326) | 0 | 0 | (326) | 13539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13770) | (231) |
|  MBC | 137 | 0 | 960 | 1097 | (51) | 0 | 0 | (51) | 1046 | (220) | 826 |
|  MYI | 244 | 0 | 0 | 244 | (1730) | 0 | 0 | (1730) | (1486) | 1569 | 83 |
|  NGF | 50 | 0 | 0 | 50 | 0 | 0 | 0 | 0 | 50 | 0 | 50 |
|  RBC | 0 | 0 | 0 | 0 | 0 | 0 | (20037) | (20037) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20037) | 35005 | 14968 |
|  SCX | 207 | 0 | 0 | 207 | (167) | 0 | 0 | (167) | 40 | 0 | 40 |
|  SSB | 22 | 0 | 0 | 22 | (23) | 0 | 0 | (23) | (1) | 0 | (1) |
|  TOR | 0 | 0 | 331 | 331 | 0 | 0 | (4290) | (4290) | (3959) | 8341 | 4382 |
|  UAG | 102 | 0 | 0 | 102 | (13) | 0 | 0 | (13) | 89 | (40) | 49 |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3818 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23029 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26847 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6183) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29773) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35956) |  |  |  |

---

(k) Securities with an aggregate market value of $68,452 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> 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> Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference. 

<sup>(6)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **157** |

---

------

Schedule of Investments PIMCO StocksPLUS<sup>®</sup><sup></sup>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 | $3957 | $0 | $38 | $3995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 12 | 0 | 0 | 55 | 67 |
|  | $0 | $12 | $3957 | $0 | $93 | $4062 |
|  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 | $3818 | $0 | $3818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 21713 | 1316 | 0 | 0 | 23029 |
|  | $0 | $21713 | $1316 | $3818 | $0 | $26847 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21725 | $5273 | $3818 | $93 | $30909 |
|  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 | $81 | $81 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 14 | 0 | 0 | 474 | 488 |
|  | $0 | $14 | $0 | $0 | $555 | $569 |
|  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 | $6183 | $0 | $6183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 29773 | 0 | 0 | 29773 |
|  | $0 | $0 | $29773 | $6183 | $0 | $35956 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $14 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29773 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6183 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36525 |

---

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 | $36178 | $0 | $(649) | $35529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 2245 | 0 | 0 | 19153 | 21398 |
|  | $0 | $2245 | $36178 | $0 | $18504 | $56927 |
|  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 | $25720 | $0 | $25720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1185 | 259167 | 0 | 0 | 260352 |
|  | $0 | $1185 | $259167 | $25720 | $0 | $286072 |
|  | $0 | $3430 | $295345 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25720 | $18504 | $342999 |
|  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 | $(21148) | $0 | $(1238) | $(22386) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (897) | 0 | 0 | (21022) | (21919) |
|  | $0 | $(897) | $(21148) | $0 | $(22260) | $(44305) |
|  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 | $(7778) | $0 | $(7778) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (551) | (207626) | 0 | 0 | (208177) |
|  | $0 | $(551) | $(207626) | $(7778) | $0 | $(215955) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1448) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(228774) | $(7778) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22260) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(260260) |

---

158 PIMCO EQUITY-RELATED 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 |
|  Loan Participations and Assignments | $0 | $3757 | $0 | $3757 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202467 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202467 |
| &nbsp;&nbsp; Industrials | 0 | 32395 | 0 | 32395 |
| &nbsp;&nbsp; Utilities | 0 | 45047 | 0 | 45047 |
|  U.S. Government Agencies | 0 | 711360 | 0 | 711360 |
|  U.S. Treasury Obligations | 0 | 115915 | 0 | 115915 |
|  Non-Agency Mortgage-Backed Securities | 0 | 244731 | 0 | 244731 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile ABS Other | 0 | 2458 | 0 | 2458 |
| &nbsp;&nbsp; Automobile Sequential | 0 | 218580 | 0 | 218580 |
| &nbsp;&nbsp; CMBS Other | 0 | 23943 | 0 | 23943 |
| &nbsp;&nbsp; Credit Card Bullet | 0 | 61531 | 0 | 61531 |
| &nbsp;&nbsp; Credit Card Other | 0 | 14827 | 0 | 14827 |
| &nbsp;&nbsp; Home Equity Other | 0 | 61767 | 0 | 61767 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 25182 | 0 | 25182 |
| &nbsp;&nbsp; Other ABS | 0 | 239588 | 0 | 239588 |
|  Sovereign Issues | 0 | 46054 | 0 | 46054 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Communication Services | 712 | 0 | 0 | 712 |
| &nbsp;&nbsp; Consumer Discretionary | 4612 | 0 | 0 | 4612 |
| &nbsp;&nbsp; Consumer Staples | 1631 | 0 | 0 | 1631 |
| &nbsp;&nbsp; Energy | 827 | 0 | 0 | 827 |
| &nbsp;&nbsp; Financials | 8286 | 0 | 0 | 8286 |
| &nbsp;&nbsp; Health Care | 5394 | 0 | 0 | 5394 |
| &nbsp;&nbsp; Industrials | 4248 | 0 | 0 | 4248 |
| &nbsp;&nbsp; Information Technology | 6352 | 0 | 0 | 6352 |
| &nbsp;&nbsp; Materials | 1727 | 0 | 0 | 1727 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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; Commercial Paper | $0 | $101933 | $0 | $101933 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 839902 | 0 | 839902 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 55409 | 0 | 55409 |
|  | $33789 | $3046846 | $0 | $3080635 |
|  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 | $200365 | $0 | $0 | $200365 |
|  Total Investments | $234154 | $3046846 | $0 | $3281000 |
|  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 | 3957 | 105 | 0 | 4062 |
|  Over the counter | 0 | 26847 | 0 | 26847 |
|  | $3957 | $26952 | $0 | $30909 |
|  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 | (3) | (562) | 0 | (565) |
|  Over the counter | 0 | (35956) | 0 | (35956) |
|  | $(3) | $(36518) | $0 | $(36521) |
|  Total Financial Derivative Instruments | $3954 | $(9566) | $0 | $(5612) |
|  Totals | $238108 | $3037280 | $0 | $3275388 |

---

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 | **159** |

---

------

Schedule of Investments PIMCO StocksPLUS<sup>®</sup><sup></sup>International 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 151.4% | INVESTMENTS IN SECURITIES 151.4% | INVESTMENTS IN SECURITIES 151.4% |
| 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 | 4400 | 4723 |
|  Republic of Panama | Republic of Panama | Republic of Panama |
|  TBD% due 04/01/2027 « | 2900 | 3136 |
|  Total Loan Participations and Assignments<br>(Cost $7,726) | Total Loan Participations and Assignments<br>(Cost $7,726) | 7859 |
| CORPORATE BONDS & NOTES 6.0% | CORPORATE BONDS & NOTES 6.0% | CORPORATE BONDS & NOTES 6.0% |
| BANKING & FINANCE 3.5% | BANKING & FINANCE 3.5% | BANKING & FINANCE 3.5% |
|  AerCap Ireland Capital DAC | AerCap Ireland Capital DAC | AerCap Ireland Capital DAC |
|  3.000% due 10/29/2028 | 1000 | 940 |
|  3.300% due 01/30/2032 | 1000 | 886 |
|  American Express Co. | American Express Co. | American Express Co. |
|  5.284% due 07/26/2035 •  | 500 | 500 |
|  Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia |
|  5.450% due 08/01/2029 | 9300 | 9558 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  4.837% due 09/10/2028 •  | 200 | 200 |
|  4.972% due 05/16/2029 •  | 1400 | 1405 |
|  5.501% due 08/09/2028 •  | 200 | 203 |
|  7.437% due 11/02/2033 •  | 4400 | 4913 |
|  BPCE SA | BPCE SA | BPCE SA |
|  5.203% due 01/18/2027 | 250 | 253 |
|  Citibank NA | Citibank NA | Citibank NA |
|  4.838% due 08/06/2029 | 3900 | 3942 |
|  Credit Suisse AG AT1 Claim | 11100 | 1332 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  1.375% due 09/03/2026 ~ | 100 | 107 |
|  Equitable Holdings, Inc. | Equitable Holdings, Inc. | Equitable Holdings, Inc. |
|  4.350% due 04/20/2028 | 2235 | 2217 |
|  Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP |
|  5.350% due 01/15/2035 | 500 | 496 |
|  F&G Global Funding | F&G Global Funding | F&G Global Funding |
|  5.875% due 01/16/2030 | 600 | 611 |
|  Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. |
|  2.750% due 03/29/2028 | 2000 | 2130 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  2.900% due 02/16/2028 | 200 | 185 |
|  3.375% due 11/13/2025 | 500 | 494 |
|  3.815% due 11/02/2027 | 200 | 191 |
|  4.125% due 08/17/2027 | 600 | 580 |
|  4.271% due 01/09/2027 | 200 | 196 |
|  4.542% due 08/01/2026 | 400 | 395 |
|  5.800% due 03/05/2027 | 1800 | 1809 |
|  5.800% due 03/08/2029 | 1300 | 1288 |
|  6.950% due 06/10/2026 | 200 | 203 |
|  GLP Capital LP | GLP Capital LP | GLP Capital LP |
|  5.625% due 09/15/2034 | 600 | 591 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  5.016% due 10/23/2035 •  | 2100 | 2043 |
|  5.330% due 07/23/2035 •  | 1700 | 1692 |
|  6.208% due 03/15/2028 •  | 5500 | 5617 |
|  HPS Corporate Lending Fund | HPS Corporate Lending Fund | HPS Corporate Lending Fund |
|  5.950% due 04/14/2032 | 2000 | 1974 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  2.848% due 06/04/2031 •  | 600 | 539 |
|  5.887% due 08/14/2027 •  | 600 | 610 |
|  Jackson National Life Global Funding | Jackson National Life Global Funding | Jackson National Life Global Funding |
|  5.324% due 01/14/2028 •  | 400 | 403 |
|  5.350% due 01/13/2030 | 1500 | 1532 |
|  5.600% due 04/10/2026 | 5550 | 5603 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  3.782% due 02/01/2028 •  | 900 | 888 |
|  4.946% due 10/22/2035 •  | 1900 | 1860 |
|  5.040% due 01/23/2028 •  | 2500 | 2522 |
|  5.581% due 04/22/2030 •  | 200 | 206 |
|  Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. |
|  5.594% due 07/10/2035 •  | 3000 | 3072 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  1.512% due 07/20/2027 •  | 3700 | 3558 |
|  2.188% due 04/28/2026 •  | 2400 | 2395 |
|  4.654% due 10/18/2030 •  | 1600 | 1588 |
|  5.320% due 07/19/2035 •  | 400 | 400 |
|  5.656% due 04/18/2030 •  | 1100 | 1134 |
|  6.296% due 10/18/2028 •  | 1000 | 1040 |
|  Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA |
|  5.504% due 05/26/2028 •  | 2000 | 2037 |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
|  4.445% due 05/08/2030 •  | 400 | 392 |
|  4.892% due 05/18/2029 •  | 2600 | 2606 |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
|  2.679% due 07/16/2030 | 1900 | 1695 |
|  Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC |
|  0.000% due 04/05/2032 (d) | 3990 | 2814 |
|  Prologis LP | Prologis LP | Prologis LP |
|  4.200% due 02/15/2033 | 1500 | 1048 |
|  5.000% due 01/31/2035 | 1800 | 1787 |
|  Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
|  4.969% due 08/02/2030 •  | 1100 | 1108 |
|  Stellantis Finance U.S., Inc. | Stellantis Finance U.S., Inc. | Stellantis Finance U.S., Inc. |
|  2.691% due 09/15/2031 | 4600 | 3835 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  5.558% due 07/09/2034 | 1100 | 1129 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  4.751% due 05/12/2028 •  | 6800 | 6805 |
|  VICI Properties LP | VICI Properties LP | VICI Properties LP |
|  5.125% due 11/15/2031 | 1000 | 987 |
|  5.625% due 04/01/2035 (a) | 1000 | 995 |
|  5.750% due 04/01/2034 | 200 | 201 |
|  Vitality Re Ltd. | Vitality Re Ltd. | Vitality Re Ltd. |
|  8.032% due 01/08/2030 ~ | 250 | 251 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  2.393% due 06/02/2028 •  | 2595 | 2477 |
|  5.707% due 04/22/2028 •  | 100 | 102 |
|  Weyerhaeuser Co. | Weyerhaeuser Co. | Weyerhaeuser Co. |
|  4.000% due 04/15/2030 | 3886 | 3746 |
|  |  | 108316 |
| INDUSTRIALS 1.1% | INDUSTRIALS 1.1% | INDUSTRIALS 1.1% |
|  AngloGold Ashanti Holdings PLC | AngloGold Ashanti Holdings PLC | AngloGold Ashanti Holdings PLC |
|  3.375% due 11/01/2028 | 2000 | 1888 |
|  Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC |
|  6.125% due 11/21/2026 | 400 | 408 |
|  6.250% due 01/21/2029 | 200 | 207 |
|  6.375% due 11/21/2030 | 400 | 419 |
|  6.500% due 11/21/2033 | 200 | 210 |
|  6.875% due 11/21/2053 | 400 | 414 |
|  Cheniere Corpus Christi Holdings LLC | Cheniere Corpus Christi Holdings LLC | Cheniere Corpus Christi Holdings LLC |
|  3.700% due 11/15/2029 | 1200 | 1146 |
|  CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
|  3.750% due 04/01/2030 | 2332 | 2201 |
|  DAE Funding LLC | DAE Funding LLC | DAE Funding LLC |
|  3.375% due 03/20/2028 | 1100 | 1049 |
|  Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. |
|  5.750% due 03/30/2032 | 100 | 101 |
|  Hyundai Capital America | Hyundai Capital America | Hyundai Capital America |
|  5.450% due 06/24/2026 | 1600 | 1614 |
|  Imperial Brands Finance PLC | Imperial Brands Finance PLC | Imperial Brands Finance PLC |
|  3.500% due 07/26/2026 | 400 | 394 |
|  InterContinental Hotels Group PLC | InterContinental Hotels Group PLC | InterContinental Hotels Group PLC |
|  2.125% due 05/15/2027 | 800 | 855 |
|  Mars, Inc. | Mars, Inc. | Mars, Inc. |
|  5.200% due 03/01/2035 | 900 | 905 |
|  MPLX LP | MPLX LP | MPLX LP |
|  2.650% due 08/15/2030 | 1500 | 1336 |
|  Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. |
|  3.522% due 09/17/2025 | 2200 | 2177 |
|  Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. |
|  5.550% due 10/01/2034 | 2200 | 2151 |
|  Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. |
|  4.900% due 06/15/2030 | 1500 | 1434 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Sands China Ltd. | Sands China Ltd. | Sands China Ltd. |
|  5.125% due 08/08/2025 | 5000 | 4999 |
|  5.400% due 08/08/2028 | 3600 | 3607 |
|  Southern Co. | Southern Co. | Southern Co. |
|  3.700% due 04/30/2030 | 3595 | 3427 |
|  T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
|  2.700% due 03/15/2032 | 1500 | 1298 |
|  United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust |
|  5.450% due 08/15/2038 | 991 | 1003 |
|  Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC |
|  5.050% due 03/27/2028 | 2200 | 2200 |
|  |  | 35443 |
| UTILITIES 1.4% | UTILITIES 1.4% | UTILITIES 1.4% |
|  Edison International | Edison International | Edison International |
|  6.250% due 03/15/2030 | 1200 | 1216 |
|  Electricite de France SA | Electricite de France SA | Electricite de France SA |
|  5.700% due 05/23/2028 | 1800 | 1848 |
|  Eversource Energy | Eversource Energy | Eversource Energy |
|  5.850% due 04/15/2031 | 6700 | 6969 |
|  ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |
|  5.050% due 11/01/2034 | 10000 | 9658 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  3.000% due 06/15/2028 | 1000 | 941 |
|  4.550% due 07/01/2030 | 1400 | 1356 |
|  5.282% due 09/04/2025 •  | 9400 | 9401 |
|  6.150% due 03/01/2055 | 800 | 784 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  4.650% due 10/01/2043 | 2000 | 1676 |
|  4.875% due 02/01/2027 | 2200 | 2208 |
|  5.150% due 06/01/2029 | 3600 | 3624 |
|  5.350% due 03/01/2026 | 2300 | 2310 |
|  5.850% due 11/01/2027 | 914 | 937 |
|  5.900% due 03/01/2055 | 200 | 193 |
|  |  | 43121 |
|  Total Corporate Bonds & Notes<br>(Cost $186,878) | Total Corporate Bonds & Notes<br>(Cost $186,878) | 186880 |
| MUNICIPAL BONDS & NOTES 0.2% | MUNICIPAL BONDS & NOTES 0.2% | MUNICIPAL BONDS & NOTES 0.2% |
| CALIFORNIA 0.1% | CALIFORNIA 0.1% | CALIFORNIA 0.1% |
|  California State Public Works Board Revenue Bonds, (BABs), Series 2010 | California State Public Works Board Revenue Bonds, (BABs), Series 2010 | California State Public Works Board Revenue Bonds, (BABs), Series 2010 |
|  7.804% due 03/01/2035 | 1265 | 1426 |
|  Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 |
|  3.000% due 06/01/2046 | 635 | 566 |
|  |  | 1992 |
| ILLINOIS 0.1% | ILLINOIS 0.1% | ILLINOIS 0.1% |
|  Illinois State General Obligation Bonds, (BABs), Series 2010 | Illinois State General Obligation Bonds, (BABs), Series 2010 | Illinois State General Obligation Bonds, (BABs), Series 2010 |
|  7.350% due 07/01/2035 | 2750 | 2984 |
| PENNSYLVANIA 0.0% | PENNSYLVANIA 0.0% | PENNSYLVANIA 0.0% |
|  Pennsylvania Economic Development Financing Authority Revenue Bonds, (BABs), Series 2010 | Pennsylvania Economic Development Financing Authority Revenue Bonds, (BABs), Series 2010 | Pennsylvania Economic Development Financing Authority Revenue Bonds, (BABs), Series 2010 |
|  6.532% due 06/15/2039 | 95 | 103 |
|  Total Municipal Bonds & Notes (Cost $4,803) | Total Municipal Bonds & Notes (Cost $4,803) | 5079 |
| U.S. GOVERNMENT AGENCIES 51.9% | U.S. GOVERNMENT AGENCIES 51.9% | U.S. GOVERNMENT AGENCIES 51.9% |
|  Fannie Mae | Fannie Mae | Fannie Mae |
|  4.202% due 10/01/2029 ~ | 13952 | 13870 |
|  4.300% due 12/01/2029 | 9321 | 9295 |
|  4.540% due 07/01/2030 | 2971 | 2990 |
|  4.596% due 03/25/2036 •  | 26 | 25 |
|  4.705% due 09/01/2031 •  | 25571 | 25846 |
|  4.720% due 10/01/2028 - 08/01/2030 | 9388 | 9532 |
|  4.770% due 10/01/2028 | 3996 | 4064 |
|  4.804% due 09/25/2042 •  | 55 | 55 |

---

---

| | | |
|:---|:---|:---|
| **160** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.850% due 05/01/2029 | 2326 | 2373 |
|  4.860% due 08/01/2030 | 4388 | 4493 |
|  4.930% due 06/01/2029 | 6254 | 6399 |
|  5.290% due 11/25/2054 •  | 11257 | 11245 |
|  5.300% due 11/01/2030 | 12480 | 12958 |
|  6.452% due 02/01/2034 •  | 7 | 7 |
|  6.534% due 10/01/2035 •  | 28 | 28 |
|  6.675% due 02/01/2035 •  | 9 | 9 |
|  6.703% due 07/01/2035 •  | 7 | 7 |
|  6.797% due 03/01/2036 •  | 30 | 31 |
|  6.904% due 08/01/2035 •  | 58 | 59 |
|  7.041% due 11/01/2034 •  | 17 | 18 |
|  7.175% due 10/01/2035 •  | 13 | 14 |
|  Freddie Mac | Freddie Mac | Freddie Mac |
|  4.000% due 01/01/2048 | 36 | 34 |
|  4.863% due 11/15/2043 •  | 567 | 562 |
|  5.280% due 11/25/2054 •  | 12499 | 12515 |
|  5.835% due 10/25/2044 •  | 14 | 13 |
|  6.035% due 07/25/2044 •  | 60 | 58 |
|  7.068% due 09/01/2035 •  | 7 | 7 |
|  Ginnie Mae | Ginnie Mae | Ginnie Mae |
|  3.500% due 02/15/2045 - 03/15/2045 | 1362 | 1278 |
|  4.943% due 08/20/2062 •  | 159 | 159 |
|  Ginnie Mae, TBA | Ginnie Mae, TBA | Ginnie Mae, TBA |
|  5.000% due 05/01/2055 | 47660 | 46855 |
|  U.S. International Development Finance Corp. | U.S. International Development Finance Corp. | U.S. International Development Finance Corp. |
|  4.140% due 05/15/2030 | 525 | 521 |
|  Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security |
|  3.000% due 12/01/2026 - 12/01/2032 | 5579 | 5368 |
|  3.500% due 04/01/2048 | 1466 | 1340 |
|  4.000% due 10/01/2030 | 20 | 20 |
|  4.500% due 02/01/2051 - 09/01/2053 | 82843 | 79416 |
|  5.000% due 02/01/2053 - 12/01/2053 | 32852 | 32284 |
|  5.500% due 09/01/2027 - 10/01/2054 | 57384 | 57337 |
|  6.000% due 01/01/2053 | 5711 | 5805 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  3.000% due 05/01/2055 | 58000 | 50261 |
|  4.000% due 04/01/2055 - 05/01/2055 | 219750 | 204462 |
|  4.500% due 05/01/2055 - 06/01/2055 | 54700 | 52283 |
|  5.000% due 04/01/2055 - 05/01/2055 | 92200 | 90296 |
|  5.500% due 05/01/2055 | 22800 | 22752 |
|  6.000% due 05/01/2055 - 06/01/2055 | 298230 | 302346 |
|  6.500% due 05/01/2055 - 06/01/2055 | 523910 | 539462 |
|  Total U.S. Government Agencies<br>(Cost $1,600,594) | Total U.S. Government Agencies<br>(Cost $1,600,594) | 1608752 |
| U.S. TREASURY OBLIGATIONS 6.5% | U.S. TREASURY OBLIGATIONS 6.5% | U.S. TREASURY OBLIGATIONS 6.5% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  3.000% due 08/15/2048 | 874 | 664 |
|  4.625% due 05/15/2044 | 32400 | 32515 |
|  U.S. Treasury Inflation Protected Securities (e) | U.S. Treasury Inflation Protected Securities (e) | U.S. Treasury Inflation Protected Securities (e) |
|  0.625% due 07/15/2032 (h) | 10275 | 9596 |
|  0.625% due 02/15/2043 (h) | 1745 | 1343 |
|  0.750% due 02/15/2045 (j) | 2832 | 2152 |
|  1.000% due 02/15/2046 (h)(j) | 7477 | 5904 |
|  1.000% due 02/15/2048 (j) | 496 | 382 |
|  1.875% due 07/15/2034 | 70549 | 71228 |
|  2.125% due 04/15/2029 | 31523 | 32465 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  0.375% due 12/31/2025 (h)(j) | 5400 | 5253 |
|  0.500% due 02/28/2026 (h) | 22100 | 21393 |
|  2.625% due 12/31/2025 (h) | 3058 | 3024 |
|  3.000% due 10/31/2025 (h)(j) | 15086 | 14984 |
|  Total U.S. Treasury Obligations<br>(Cost $205,159) | Total U.S. Treasury Obligations<br>(Cost $205,159) | 200903 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 8.7% | NON-AGENCY MORTGAGE-BACKED SECURITIES 8.7% | NON-AGENCY MORTGAGE-BACKED SECURITIES 8.7% |
|  American Home Mortgage Assets Trust | American Home Mortgage Assets Trust | American Home Mortgage Assets Trust |
|  4.625% due 05/25/2046 ~ | 273 | 235 |
|  4.645% due 10/25/2046 •  | 141 | 72 |
|  Angel Oak Mortgage Trust | Angel Oak Mortgage Trust | Angel Oak Mortgage Trust |
|  5.985% due 01/25/2069 þ | 2431 | 2444 |
|  ATLX Trust | ATLX Trust | ATLX Trust |
|  3.850% due 04/25/2064 þ | 3898 | 3754 |
|  Avon Finance PLC | Avon Finance PLC | Avon Finance PLC |
|  5.357% due 12/28/2049 •  | 6367 | 8243 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  4.814% due 10/20/2036 ~ | 161 | 124 |
|  5.109% due 01/20/2047 ~ | 8 | 7 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  4.259% due 08/25/2036 ~ | 314 | 212 |
|  5.564% due 05/25/2035 ~ | 23 | 22 |
|  5.588% due 07/25/2035 •  | 1466 | 937 |
|  BINOM Securitization Trust | BINOM Securitization Trust | BINOM Securitization Trust |
|  3.000% due 02/25/2061 •  | 2081 | 1926 |
|  4.441% due 08/25/2057 ~ | 4799 | 4657 |
|  Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust |
|  3.250% due 03/25/2063 •  | 5211 | 4699 |
|  3.250% due 09/25/2063 ~ | 4588 | 4120 |
|  3.250% due 03/25/2064 •  | 4250 | 3812 |
|  5.590% due 05/25/2055 ~ | 5183 | 5199 |
|  CIM Trust | CIM Trust | CIM Trust |
|  4.750% due 06/25/2064 •  | 2986 | 2939 |
|  5.500% due 08/25/2064 ~ | 8249 | 8282 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  4.755% due 01/25/2037 •  | 2574 | 2232 |
|  4.821% due 09/25/2037 •  | 1354 | 1251 |
|  5.690% due 07/25/2054 ~ | 2579 | 2587 |
|  6.170% due 09/25/2062 þ | 7156 | 7163 |
|  COLT Mortgage Loan Trust | COLT Mortgage Loan Trust | COLT Mortgage Loan Trust |
|  6.393% due 06/25/2069 þ | 3259 | 3296 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  3.158% due 06/25/2037 •  | 165 | 133 |
|  4.854% due 03/20/2046 ~ | 369 | 319 |
|  4.854% due 07/20/2046 ~ | 198 | 166 |
|  4.855% due 05/25/2036 •  | 548 | 511 |
|  4.985% due 05/25/2035 •  | 721 | 546 |
|  6.685% due 10/20/2035 •  | 135 | 97 |
|  Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust |
|  5.015% due 04/25/2035 •  | 31 | 30 |
|  5.075% due 03/25/2035 ~ | 21 | 20 |
|  Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. |
|  5.994% due 06/25/2033 ~ | 10 | 9 |
|  Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust |
|  2.000% due 01/25/2060 ~ | 6039 | 5317 |
|  3.904% due 04/25/2062 ~ | 1559 | 1485 |
|  4.193% due 07/27/2061 •  | 3003 | 2994 |
|  4.735% due 01/27/2037 •  | 660 | 441 |
|  Cross Mortgage Trust | Cross Mortgage Trust | Cross Mortgage Trust |
|  6.093% due 04/25/2069 þ | 2575 | 2597 |
|  Deutsche ALT-A Securities, Inc. Mortgage Loan Trust | Deutsche ALT-A Securities, Inc. Mortgage Loan Trust | Deutsche ALT-A Securities, Inc. Mortgage Loan Trust |
|  4.935% due 02/25/2035 •  | 129 | 127 |
|  Downey Savings & Loan Association Mortgage Loan Trust | Downey Savings & Loan Association Mortgage Loan Trust | Downey Savings & Loan Association Mortgage Loan Trust |
|  4.951% due 08/19/2045 ~ | 101 | 90 |
|  5.443% due 07/19/2044 ~ | 7 | 7 |
|  First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust |
|  4.655% due 03/25/2035 •  | 26 | 15 |
|  GCAT Trust | GCAT Trust | GCAT Trust |
|  6.085% due 06/25/2059 þ | 2394 | 2410 |
|  GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust |
|  4.795% due 01/25/2037 •  | 3907 | 3557 |
|  GSMSC Pass-Through Trust | GSMSC Pass-Through Trust | GSMSC Pass-Through Trust |
|  4.884% due 12/26/2036 •  | 2202 | 1578 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  5.328% due 09/25/2035 ~ | 10 | 10 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.651% due 07/19/2047 •  | 4293 | 4087 |
|  4.911% due 12/19/2036 •  | 3820 | 3610 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  HomeBanc Mortgage Trust | HomeBanc Mortgage Trust | HomeBanc Mortgage Trust |
|  4.726% due 04/25/2037 •  | 209 | 188 |
|  IndyMac IMSC Mortgage Loan Trust | IndyMac IMSC Mortgage Loan Trust | IndyMac IMSC Mortgage Loan Trust |
|  4.585% due 03/25/2047 •  | 11034 | 7197 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  4.720% due 12/25/2034 ~ | 4 | 4 |
|  4.735% due 06/25/2037 •  | 147 | 52 |
|  4.855% due 05/25/2046 •  | 360 | 326 |
|  5.215% due 05/25/2034 •  | 2 | 2 |
|  JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust |
|  6.000% due 12/27/2036 | 1768 | 890 |
|  JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
|  5.817% due 12/15/2031 ~ | 943 | 923 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  6.000% due 01/25/2036 | 250 | 114 |
|  6.057% due 02/25/2035 ~ | 5 | 5 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.835% due 09/25/2046 •  | 4897 | 4575 |
|  Ludgate Funding PLC | Ludgate Funding PLC | Ludgate Funding PLC |
|  3.521% due 05/26/2066 •  | 8028 | 8684 |
|  MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust |
|  5.435% due 12/25/2046 •  | 5159 | 3980 |
|  Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust |
|  4.815% due 07/25/2047 •  | 1931 | 1776 |
|  Merrion Square Residential | Merrion Square Residential | Merrion Square Residential |
|  3.473% due 03/24/2081 •  | 9330 | 10009 |
|  MFA Trust | MFA Trust | MFA Trust |
|  1.131% due 07/25/2060 ~ | 3596 | 3258 |
|  4.400% due 03/25/2068 þ | 3271 | 3223 |
|  Mill City Mortgage Loan Trust | Mill City Mortgage Loan Trust | Mill City Mortgage Loan Trust |
|  2.750% due 08/25/2059 ~ | 1220 | 1175 |
|  Morgan Stanley Residential Mortgage Loan Trust | Morgan Stanley Residential Mortgage Loan Trust | Morgan Stanley Residential Mortgage Loan Trust |
|  4.000% due 06/25/2064 þ | 951 | 925 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  2.750% due 07/25/2059 •  | 2556 | 2451 |
|  6.864% due 10/25/2063 þ | 6621 | 6699 |
|  OBX Trust | OBX Trust | OBX Trust |
|  3.665% due 04/25/2053 ~ | 4974 | 4915 |
|  5.949% due 02/25/2063 þ | 3212 | 3220 |
|  6.030% due 01/25/2064 þ | 3353 | 3378 |
|  6.113% due 03/25/2063 þ | 2313 | 2323 |
|  6.233% due 05/25/2064 þ | 2200 | 2228 |
|  6.567% due 06/25/2063 þ | 2536 | 2566 |
|  PRET LLC | PRET LLC | PRET LLC |
|  3.900% due 10/25/2063 ~ | 686 | 656 |
|  5.925% due 10/25/2054 þ | 6118 | 6113 |
|  PRKCM Trust | PRKCM Trust | PRKCM Trust |
|  6.333% due 03/25/2059 þ | 2498 | 2518 |
|  6.431% due 05/25/2059 þ | 2923 | 2953 |
|  PRPM LLC | PRPM LLC | PRPM LLC |
|  4.000% due 11/25/2054 þ | 1836 | 1776 |
|  4.200% due 12/25/2064 þ | 2243 | 2195 |
|  4.500% due 02/25/2055 þ | 2946 | 2907 |
|  6.959% due 02/25/2029 þ | 3422 | 3432 |
|  Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust |
|  4.735% due 02/25/2047 •  | 5735 | 5147 |
|  4.755% due 01/25/2037 •  | 3278 | 2933 |
|  4.775% due 01/25/2037 ~ | 1920 | 1676 |
|  4.805% due 12/25/2036 •  | 50 | 44 |
|  5.000% due 09/25/2036 | 110 | 81 |
|  6.000% due 03/25/2037 | 1253 | 1063 |
|  6.192% due 11/25/2037 ~ | 3700 | 3166 |
|  6.977% due 09/25/2034 ~ | 1070 | 1084 |
|  Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust |
|  4.785% due 10/25/2048 | 3 | 3 |
|  5.500% due 09/25/2035 | 2581 | 1191 |
|  Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust |
|  4.554% due 11/25/2063 ~ | 7263 | 7186 |
|  Stratton Mortgage Funding PLC | Stratton Mortgage Funding PLC | Stratton Mortgage Funding PLC |
|  5.608% due 06/20/2060 •  | 1808 | 2342 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  6.035% due 01/25/2035 ~ | 41 | 37 |
|  Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust |
|  4.555% due 08/25/2036 ~ | 3856 | 3396 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **161** |

---

------

Schedule of Investments PIMCO StocksPLUS<sup>®</sup><sup></sup>International Fund (U.S. Dollar-Hedged) (Cont.)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.815% due 07/25/2046 ~ | $| 1364 | 1099 |
|  4.875% due 05/25/2036 •  |  | 56 | 46 |
|  4.875% due 05/25/2046 •  |  | 319 | 113 |
|  4.931% due 07/19/2035 ~ |  | 4 | 4 |
|  4.931% due 07/19/2035 •  |  | 14 | 14 |
|  4.995% due 02/25/2036 ~ |  | 75 | 63 |
|  6.226% due 02/25/2036 •  |  | 314 | 268 |
|  Structured Asset Securities Corp. Mortgage Pass-Through Certificates | Structured Asset Securities Corp. Mortgage Pass-Through Certificates | Structured Asset Securities Corp. Mortgage Pass-Through Certificates | Structured Asset Securities Corp. Mortgage Pass-Through Certificates |
|  6.554% due 06/25/2033 ~ |  | 2 | 2 |
|  Taurus U.K. DAC | Taurus U.K. DAC | Taurus U.K. DAC | Taurus U.K. DAC |
|  5.316% due 05/17/2031 •  | GBP | 695 | 895 |
|  Towd Point Mortgage Funding | Towd Point Mortgage Funding | Towd Point Mortgage Funding | Towd Point Mortgage Funding |
|  5.483% due 07/20/2053 •  |  | 5444 | 7051 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  5.435% due 10/25/2059 ~ | $| 1090 | 1103 |
|  Trinity Square PLC | Trinity Square PLC | Trinity Square PLC | Trinity Square PLC |
|  5.470% due 07/15/2059 ~ | GBP | 2528 | 3272 |
|  Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust |
|  5.218% due 09/25/2069 ~ | $| 1879 | 1877 |
|  5.811% due 05/25/2068 þ |  | 1041 | 1043 |
|  6.116% due 03/25/2069 þ |  | 7035 | 7098 |
|  6.192% due 06/25/2069 þ |  | 3388 | 3420 |
|  6.218% due 06/25/2069 þ |  | 1360 | 1377 |
|  6.665% due 09/25/2068 þ |  | 3829 | 3869 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  5.015% due 10/25/2045 •  |  | 250 | 248 |
|  5.015% due 12/25/2045 •  |  | 4998 | 4560 |
|  5.055% due 01/25/2045 ~ |  | 10 | 10 |
|  5.075% due 01/25/2045 ~ |  | 15 | 15 |
|  5.635% due 02/25/2046 ~ |  | 3337 | 3032 |
|  Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust |
|  5.465% due 11/25/2046 ~ |  | 1725 | 1451 |
|  5.485% due 10/25/2046 •  |  | 2680 | 2304 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $269,561) | Total Non-Agency Mortgage-Backed Securities (Cost $269,561) | Total Non-Agency Mortgage-Backed Securities (Cost $269,561) | 269588 |
| ASSET-BACKED SECURITIES 27.5% | ASSET-BACKED SECURITIES 27.5% | ASSET-BACKED SECURITIES 27.5% | ASSET-BACKED SECURITIES 27.5% |
| AUTOMOBILE ABS OTHER 0.2% | AUTOMOBILE ABS OTHER 0.2% | AUTOMOBILE ABS OTHER 0.2% | AUTOMOBILE ABS OTHER 0.2% |
|  Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
|  5.050% due 05/12/2031 |  | 4363 | 4378 |
|  Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust |
|  4.917% due 03/15/2027 •  |  | 421 | 421 |
|  5.019% due 10/15/2026 •  |  | 492 | 492 |
|  |  |  | 5291 |
| AUTOMOBILE SEQUENTIAL 6.5% | AUTOMOBILE SEQUENTIAL 6.5% | AUTOMOBILE SEQUENTIAL 6.5% | AUTOMOBILE SEQUENTIAL 6.5% |
|  AmeriCredit Automobile Receivables Trust | AmeriCredit Automobile Receivables Trust | AmeriCredit Automobile Receivables Trust | AmeriCredit Automobile Receivables Trust |
|  5.750% due 02/18/2028 |  | 2940 | 2950 |
|  6.190% due 04/19/2027 |  | 2657 | 2665 |
|  Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC |
|  5.900% due 08/21/2028 |  | 4300 | 4414 |
|  6.120% due 04/20/2027 |  | 10800 | 10931 |
|  Bayview Opportunity Master Fund Trust | Bayview Opportunity Master Fund Trust | Bayview Opportunity Master Fund Trust | Bayview Opportunity Master Fund Trust |
|  5.660% due 03/15/2028 |  | 1100 | 1108 |
|  5.670% due 04/15/2027 |  | 778 | 779 |
|  BofA Auto Trust | BofA Auto Trust | BofA Auto Trust | BofA Auto Trust |
|  5.350% due 11/15/2028 |  | 500 | 506 |
|  Bridgecrest Lending Auto Securitization Trust | Bridgecrest Lending Auto Securitization Trust | Bridgecrest Lending Auto Securitization Trust | Bridgecrest Lending Auto Securitization Trust |
|  5.530% due 01/18/2028 |  | 457 | 458 |
|  CarMax Auto Owner Trust | CarMax Auto Owner Trust | CarMax Auto Owner Trust | CarMax Auto Owner Trust |
|  3.490% due 02/16/2027 |  | 703 | 700 |
|  4.890% due 07/16/2029 |  | 9600 | 9700 |
|  5.210% due 09/15/2027 |  | 9545 | 9574 |
|  5.300% due 03/15/2027 |  | 3977 | 3986 |
|  Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
|  5.380% due 03/12/2029 |  | 2120 | 2152 |
|  5.420% due 04/10/2028 |  | 4190 | 4210 |
|  5.760% due 04/12/2027 |  | 318 | 318 |
|  5.770% due 04/12/2027 |  | 113 | 113 |
|  5.980% due 12/10/2027 |  | 1532 | 1541 |
|  6.360% due 04/12/2027 |  | 253 | 253 |
|  6.410% due 09/10/2027 |  | 983 | 986 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Chase Auto Owner Trust | Chase Auto Owner Trust | Chase Auto Owner Trust |
|  5.480% due 04/26/2027 | 2811 | 2818 |
|  Citizens Auto Receivables Trust | Citizens Auto Receivables Trust | Citizens Auto Receivables Trust |
|  5.110% due 04/17/2028 | 1300 | 1310 |
|  5.430% due 10/15/2026 | 730 | 731 |
|  5.540% due 11/16/2026 | 3916 | 3925 |
|  CPS Auto Receivables Trust | CPS Auto Receivables Trust | CPS Auto Receivables Trust |
|  5.710% due 09/15/2027 | 571 | 572 |
|  Drive Auto Receivables Trust | Drive Auto Receivables Trust | Drive Auto Receivables Trust |
|  5.830% due 12/15/2026 | 351 | 351 |
|  DT Auto Owner Trust | DT Auto Owner Trust | DT Auto Owner Trust |
|  6.290% due 08/16/2027 | 1321 | 1324 |
|  Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC |
|  3.030% due 01/20/2028 | 281 | 280 |
|  Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust |
|  5.310% due 08/16/2027 | 821 | 822 |
|  5.630% due 10/15/2026 | 341 | 341 |
|  5.650% due 12/15/2027 | 2100 | 2110 |
|  5.820% due 02/15/2027 | 337 | 338 |
|  6.320% due 03/15/2027 | 1334 | 1335 |
|  Fifth Third Auto Trust | Fifth Third Auto Trust | Fifth Third Auto Trust |
|  5.800% due 11/16/2026 | 348 | 348 |
|  FIRST HELP FINANCIAL LLC | FIRST HELP FINANCIAL LLC | FIRST HELP FINANCIAL LLC |
|  4.430% due 01/18/2028 | 304 | 303 |
|  4.940% due 11/15/2030 | 2000 | 2005 |
|  6.570% due 06/15/2028 | 2390 | 2416 |
|  Ford Credit Auto Lease Trust | Ford Credit Auto Lease Trust | Ford Credit Auto Lease Trust |
|  5.240% due 07/15/2026 | 6325 | 6331 |
|  Foursight Capital Automobile Receivables Trust | Foursight Capital Automobile Receivables Trust | Foursight Capital Automobile Receivables Trust |
|  5.990% due 05/15/2028 | 1962 | 1975 |
|  GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust |
|  5.570% due 02/16/2027 | 1541 | 1542 |
|  5.770% due 06/15/2027 | 659 | 661 |
|  6.040% due 03/15/2027 | 476 | 476 |
|  GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust |
|  5.240% due 03/15/2030 | 387 | 389 |
|  5.960% due 10/16/2028 | 3030 | 3071 |
|  6.270% due 08/16/2027 | 1527 | 1532 |
|  GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust |
|  4.850% due 12/18/2028 | 3600 | 3622 |
|  5.120% due 02/16/2027 | 2580 | 2583 |
|  Harley Davidson Motorcycle Trust | Harley Davidson Motorcycle Trust | Harley Davidson Motorcycle Trust |
|  5.650% due 02/16/2027 | 877 | 880 |
|  Hertz Vehicle Financing LLC | Hertz Vehicle Financing LLC | Hertz Vehicle Financing LLC |
|  1.990% due 06/25/2026 | 1250 | 1245 |
|  5.440% due 01/25/2029 | 12400 | 12578 |
|  5.490% due 06/25/2027 | 1500 | 1510 |
|  Honda Auto Receivables Owner Trust | Honda Auto Receivables Owner Trust | Honda Auto Receivables Owner Trust |
|  5.710% due 03/18/2026 | 410 | 410 |
|  Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust |
|  4.990% due 02/15/2029 | 4700 | 4745 |
|  5.290% due 04/15/2027 | 2603 | 2610 |
|  M&T Bank Auto Receivables Trust | M&T Bank Auto Receivables Trust | M&T Bank Auto Receivables Trust |
|  5.590% due 02/17/2032 | 779 | 782 |
|  Nissan Auto Lease Trust | Nissan Auto Lease Trust | Nissan Auto Lease Trust |
|  4.920% due 11/15/2027 | 13800 | 13923 |
|  5.050% due 06/15/2027 | 12766 | 12822 |
|  Prestige Auto Receivables Trust | Prestige Auto Receivables Trust | Prestige Auto Receivables Trust |
|  5.690% due 05/17/2027 | 1689 | 1692 |
|  Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust |
|  2.650% due 03/25/2030 | 610 | 596 |
|  5.320% due 09/25/2030 | 538 | 539 |
|  5.380% due 11/25/2030 | 981 | 982 |
|  Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust |
|  5.250% due 04/17/2028 | 500 | 501 |
|  5.630% due 01/16/2029 | 5500 | 5555 |
|  5.710% due 02/16/2027 | 110 | 110 |
|  5.930% due 07/17/2028 | 2500 | 2518 |
|  SBNA Auto Lease Trust | SBNA Auto Lease Trust | SBNA Auto Lease Trust |
|  5.670% due 11/20/2026 | 1263 | 1265 |
|  6.520% due 04/20/2028 | 1500 | 1528 |
|  SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust |
|  4.950% due 05/21/2029 | 500 | 503 |
|  5.350% due 06/21/2027 | 750 | 751 |
|  5.710% due 10/20/2027 | 1241 | 1245 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Toyota Auto Receivables Owner Trust | Toyota Auto Receivables Owner Trust | Toyota Auto Receivables Owner Trust |
|  4.880% due 03/15/2029 | 11550 | 11651 |
|  5.160% due 05/17/2027 | 2750 | 2756 |
|  5.600% due 08/17/2026 | 725 | 725 |
|  Tricolor Auto Securitization Trust | Tricolor Auto Securitization Trust | Tricolor Auto Securitization Trust |
|  6.610% due 10/15/2027 | 828 | 834 |
|  Veros Auto Receivables Trust | Veros Auto Receivables Trust | Veros Auto Receivables Trust |
|  7.120% due 11/15/2028 | 1137 | 1140 |
|  Volkswagen Auto Lease Trust | Volkswagen Auto Lease Trust | Volkswagen Auto Lease Trust |
|  5.400% due 12/21/2026 | 9169 | 9202 |
|  Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust |
|  5.440% due 05/17/2027 | 900 | 903 |
|  5.620% due 03/15/2027 | 880 | 881 |
|  5.960% due 10/15/2026 | 496 | 496 |
|  6.230% due 01/15/2027 | 3659 | 3671 |
|  World Omni Auto Receivables Trust | World Omni Auto Receivables Trust | World Omni Auto Receivables Trust |
|  5.570% due 12/15/2026 | 201 | 201 |
|  |  | 202605 |
| CMBS OTHER 1.4% | CMBS OTHER 1.4% | CMBS OTHER 1.4% |
|  AREIT Trust | AREIT Trust | AREIT Trust |
|  6.561% due 06/17/2039 ~ | 7759 | 7775 |
|  7.113% due 06/17/2039 •  | 7461 | 7479 |
|  Fortress Credit Investments Ltd. | Fortress Credit Investments Ltd. | Fortress Credit Investments Ltd. |
|  6.192% due 02/23/2039 •  | 1881 | 1845 |
|  KREF Ltd. | KREF Ltd. | KREF Ltd. |
|  5.767% due 02/17/2039 •  | 2319 | 2315 |
|  LoanCore Issuer Ltd. | LoanCore Issuer Ltd. | LoanCore Issuer Ltd. |
|  5.899% due 01/17/2037 •  | 869 | 868 |
|  M360 Ltd. | M360 Ltd. | M360 Ltd. |
|  6.684% due 11/22/2038 •  | 3100 | 3051 |
|  MF1 LLC | MF1 LLC | MF1 LLC |
|  6.054% due 03/19/2039 •  | 1000 | 1002 |
|  MF1 Ltd. | MF1 Ltd. | MF1 Ltd. |
|  6.067% due 02/19/2037 •  | 7000 | 7028 |
|  Ready Capital Mortgage Financing LLC | Ready Capital Mortgage Financing LLC | Ready Capital Mortgage Financing LLC |
|  6.787% due 06/25/2037 •  | 1020 | 1023 |
|  Starwood Commercial Mortgage Trust | Starwood Commercial Mortgage Trust | Starwood Commercial Mortgage Trust |
|  6.149% due 11/15/2038 •  | 10800 | 10743 |
|  |  | 43129 |
| CMBS SUBORDINATED 0.2% | CMBS SUBORDINATED 0.2% | CMBS SUBORDINATED 0.2% |
|  Ready Capital Mortgage Financing LLC | Ready Capital Mortgage Financing LLC | Ready Capital Mortgage Financing LLC |
|  7.431% due 06/25/2037 •  | 7200 | 7234 |
| CREDIT CARD BULLET 2.3% | CREDIT CARD BULLET 2.3% | CREDIT CARD BULLET 2.3% |
|  American Express Credit Account Master Trust | American Express Credit Account Master Trust | American Express Credit Account Master Trust |
|  4.650% due 07/15/2029 | 13600 | 13723 |
|  4.870% due 05/15/2028 | 5200 | 5231 |
|  Bank of America Credit Card Trust | Bank of America Credit Card Trust | Bank of America Credit Card Trust |
|  4.790% due 05/15/2028 | 5400 | 5426 |
|  4.980% due 11/15/2028 | 11000 | 11120 |
|  Chase Issuance Trust | Chase Issuance Trust | Chase Issuance Trust |
|  4.630% due 01/15/2031 | 11100 | 11220 |
|  Master Credit Card Trust | Master Credit Card Trust | Master Credit Card Trust |
|  5.197% due 01/21/2027 ~ | 10300 | 10315 |
|  Synchrony Card Funding LLC | Synchrony Card Funding LLC | Synchrony Card Funding LLC |
|  4.930% due 07/15/2030 | 12900 | 13075 |
|  |  | 70110 |
| HOME EQUITY OTHER 6.8% | HOME EQUITY OTHER 6.8% | HOME EQUITY OTHER 6.8% |
|  Aames Mortgage Investment Trust | Aames Mortgage Investment Trust | Aames Mortgage Investment Trust |
|  6.460% due 01/25/2035 •  | 843 | 815 |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  4.675% due 12/25/2036 •  | 9821 | 5118 |
|  4.755% due 03/25/2037 •  | 3520 | 1503 |
|  Aegis Asset-Backed Securities Trust Mortgage Pass-Through Certificates | Aegis Asset-Backed Securities Trust Mortgage Pass-Through Certificates | Aegis Asset-Backed Securities Trust Mortgage Pass-Through Certificates |
|  5.140% due 10/25/2035 •  | 6405 | 6103 |

---

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| | | |
|:---|:---|:---|
| **162** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  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 |
|  5.455% due 10/25/2034 •  | 153 | 152 |
|  5.560% due 11/25/2034 ~ | 2887 | 2779 |
|  Argent Mortgage Loan Trust | Argent Mortgage Loan Trust | Argent Mortgage Loan Trust |
|  4.915% due 05/25/2035 •  | 1720 | 1529 |
|  Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust |
|  5.530% due 02/25/2035 •  | 338 | 340 |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  5.110% due 08/25/2036 ~ | 385 | 385 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.635% due 06/25/2047 ~ | 1950 | 1719 |
|  4.685% due 06/25/2047 •  | 1380 | 1331 |
|  4.715% due 06/25/2035 ~ | 2511 | 2277 |
|  4.715% due 03/25/2037 •  | 1712 | 1570 |
|  4.795% due 11/25/2047 ~ | 969 | 924 |
|  4.855% due 05/25/2047 •  | 3020 | 2657 |
|  4.875% due 09/25/2037 •  | 381 | 395 |
|  5.470% due 12/25/2035 •  | 4948 | 4894 |
|  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 | 6021 | 5102 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  4.705% due 10/25/2036 •  | 1690 | 1529 |
|  5.095% due 01/25/2036 ~ | 161 | 155 |
|  GE-WMC Mortgage Securities Trust | GE-WMC Mortgage Securities Trust | GE-WMC Mortgage Securities Trust |
|  4.515% due 08/25/2036 ~ | 6 | 2 |
|  GSAA Home Equity Trust | GSAA Home Equity Trust | GSAA Home Equity Trust |
|  5.500% due 06/25/2035 •  | 1507 | 1486 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  4.615% due 11/25/2035 ~ | 44 | 3 |
|  4.915% due 03/25/2046 •  | 1675 | 1650 |
|  4.935% due 05/25/2046 •  | 8691 | 8306 |
|  6.235% due 06/25/2035 ~ | 6018 | 5851 |
|  Home Equity Loan Trust | Home Equity Loan Trust | Home Equity Loan Trust |
|  4.775% due 04/25/2037 •  | 10740 | 9451 |
|  HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust |
|  4.575% due 12/25/2036 •  | 7706 | 6664 |
|  4.635% due 07/25/2036 ~ | 3665 | 1598 |
|  4.900% due 03/25/2036 •  | 11912 | 10603 |
|  JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. |
|  4.407% due 07/25/2036 ~ | 7512 | 7131 |
|  4.840% due 05/25/2036 •  | 772 | 761 |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  4.775% due 12/25/2036 •  | 8575 | 2960 |
|  4.955% due 08/25/2045 ~ | 585 | 573 |
|  5.350% due 08/25/2035 •  | 1800 | 1655 |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  4.655% due 11/25/2036 •  | 16235 | 4905 |
|  5.185% due 10/25/2035 ~ | 7413 | 7076 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.655% due 07/25/2037 •  | 11854 | 5134 |
|  4.655% due 08/25/2037 ~ | 4337 | 2130 |
|  Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust |
|  4.565% due 10/25/2036 •  | 595 | 531 |
|  4.565% due 02/25/2037 •  | 2349 | 2066 |
|  4.755% due 09/25/2036 •  | 839 | 369 |
|  5.005% due 12/25/2035 •  | 3684 | 3175 |
|  5.140% due 12/25/2034 ~ | 650 | 633 |
|  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 |
|  4.930% due 03/25/2036 ~ | 3955 | 3685 |
|  NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust |
|  5.515% due 06/25/2035 •  | 193 | 192 |
|  Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust |
|  4.975% due 01/25/2036 •  | 7572 | 7102 |
|  Park Place Securities, Inc. Asset-Backed Pass-Through Certificates | Park Place Securities, Inc. Asset-Backed Pass-Through Certificates | Park Place Securities, Inc. Asset-Backed Pass-Through Certificates |
|  5.485% due 10/25/2034 ~ | 538 | 531 |
|  6.235% due 09/25/2034 •  | 3625 | 3489 |
|  6.235% due 12/25/2034 •  | 635 | 625 |
|  6.610% due 09/25/2034 •  | 15000 | 13658 |
|  RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust |
|  6.025% due 02/25/2044 ~ | 759 | 763 |
|  6.147% due 06/25/2044 þ | 1932 | 1951 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  5.612% due 04/25/2037 þ | 12593 | 3282 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  4.875% due 12/25/2035 ~ | 460 | 417 |
|  5.125% due 10/25/2035 ~ | 629 | 625 |
|  Residential Asset Securities Corp. Trust | Residential Asset Securities Corp. Trust | Residential Asset Securities Corp. Trust |
|  4.705% due 08/25/2036 ~ | 8925 | 8803 |
|  5.140% due 11/25/2035 •  | 3879 | 3770 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.915% due 07/25/2036 •  | 5192 | 2035 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  4.795% due 02/25/2037 ~ | 602 | 162 |
|  4.900% due 02/25/2036 •  | 3507 | 3281 |
|  5.035% due 01/25/2037 •  | 11961 | 11558 |
|  Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust |
|  4.585% due 09/25/2036 ~ | 134 | 133 |
|  4.695% due 07/25/2036 ~ | 831 | 609 |
|  5.365% due 06/25/2035 •  | 6956 | 6701 |
|  5.385% due 08/25/2033 •  | 4240 | 4183 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  4.595% due 03/25/2036 •  | 233 | 226 |
|  5.937% due 04/25/2035 •  | 11 | 11 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  6.125% due 02/25/2064 •  | 1508 | 1518 |
|  6.290% due 05/25/2064 •  | 3889 | 3927 |
|  WaMu Asset-Backed Certificates WaMu Trust | WaMu Asset-Backed Certificates WaMu Trust | WaMu Asset-Backed Certificates WaMu Trust |
|  4.660% due 05/25/2037 •  | 2906 | 2714 |
|  |  | 211941 |
| HOME EQUITY SEQUENTIAL 0.0% | HOME EQUITY SEQUENTIAL 0.0% | HOME EQUITY SEQUENTIAL 0.0% |
|  JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. |
|  4.695% due 03/25/2037 ~ | 122 | 121 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  4.775% due 12/25/2036 •  | 127 | 126 |
|  |  | 247 |
| WHOLE LOAN COLLATERAL 0.7% | WHOLE LOAN COLLATERAL 0.7% | WHOLE LOAN COLLATERAL 0.7% |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  6.421% due 10/25/2036 •  | 95 | 95 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  4.855% due 08/25/2036 ~ | 9115 | 8981 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.755% due 05/25/2036 •  | 1851 | 1599 |
|  PRET LLC | PRET LLC | PRET LLC |
|  4.744% due 07/25/2051 þ | 1145 | 1141 |
|  4.843% due 09/25/2051 þ | 3518 | 3505 |
|  5.487% due 10/25/2051 þ | 2367 | 2368 |
|  7.125% due 04/25/2054 þ | 1932 | 1942 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.775% due 08/25/2036 •  | 567 | 185 |
|  5.095% due 08/25/2035 ~ | 1124 | 859 |
|  5.485% due 03/25/2035 •  | 1094 | 1086 |
|  |  | 21761 |
| OTHER ABS 9.4% | OTHER ABS 9.4% | OTHER ABS 9.4% |
|  37 Capital CLO Ltd. | 37 Capital CLO Ltd. | 37 Capital CLO Ltd. |
|  5.582% due 10/15/2034 ~ | 3700 | 3699 |
|  5.592% due 07/15/2034 ~ | 1500 | 1500 |
|  ACHV ABS Trust | ACHV ABS Trust | ACHV ABS Trust |
|  5.040% due 04/26/2032 | 1000 | 999 |
|  AIMCO CLO | AIMCO CLO | AIMCO CLO |
|  5.553% due 10/17/2034 ~ | 4900 | 4901 |
|  Albacore Euro CLO Ltd. | Albacore Euro CLO Ltd. | Albacore Euro CLO Ltd. |
|  3.775% due 07/15/2035 •  | 2600 | 2810 |
|  3.824% due 10/18/2034 •  | 8400 | 9080 |
|  Anchorage Credit Funding Ltd. | Anchorage Credit Funding Ltd. | Anchorage Credit Funding Ltd. |
|  2.723% due 04/27/2039 | 1100 | 1020 |
|  2.875% due 07/27/2039 | 800 | 742 |
|  3.000% due 01/21/2040 | 700 | 654 |
|  3.177% due 10/25/2038 | 1200 | 1154 |
|  3.619% due 04/25/2038 | 4000 | 3895 |
|  3.793% due 10/25/2037 | 1800 | 1771 |
|  4.300% due 07/25/2036 | 917 | 906 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Ares CLO Ltd. | Ares CLO Ltd. | Ares CLO Ltd. |
|  5.450% due 10/28/2034 •  | 5300 | 5283 |
|  5.623% due 04/17/2033 •  | 6800 | 6810 |
|  Ares European CLO DAC | Ares European CLO DAC | Ares European CLO DAC |
|  3.594% due 04/20/2032 •  | 4329 | 4682 |
|  Atlas Senior Loan Fund Ltd. | Atlas Senior Loan Fund Ltd. | Atlas Senior Loan Fund Ltd. |
|  5.510% due 10/23/2032 ~ | 6384 | 6383 |
|  Aurium CLO DAC | Aurium CLO DAC | Aurium CLO DAC |
|  3.491% due 01/16/2031 •  | 9052 | 9773 |
|  Avoca Static CLO DAC | Avoca Static CLO DAC | Avoca Static CLO DAC |
|  3.811% due 01/15/2035 •  | 2800 | 3032 |
|  Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. |
|  5.538% due 07/16/2034 •  | 5200 | 5192 |
|  Birch Grove CLO Ltd. | Birch Grove CLO Ltd. | Birch Grove CLO Ltd. |
|  5.893% due 07/17/2037 ~ | 13400 | 13410 |
|  BNPP AM Euro CLO DAC | BNPP AM Euro CLO DAC | BNPP AM Euro CLO DAC |
|  3.497% due 07/22/2032 •  | 5994 | 6476 |
|  Capital Four U.S. CLO Ltd. | Capital Four U.S. CLO Ltd. | Capital Four U.S. CLO Ltd. |
|  6.193% due 01/20/2037 •  | 8000 | 8036 |
|  Carlyle Euro CLO DAC | Carlyle Euro CLO DAC | Carlyle Euro CLO DAC |
|  2.200% due 08/15/2032 | 2000 | 2076 |
|  3.446% due 08/15/2032 •  | 3370 | 3645 |
|  Carlyle Global Market Strategies Euro CLO DAC | Carlyle Global Market Strategies Euro CLO DAC | Carlyle Global Market Strategies Euro CLO DAC |
|  3.485% due 01/15/2031 •  | 2584 | 2781 |
|  CBAM Ltd. | CBAM Ltd. | CBAM Ltd. |
|  5.584% due 04/17/2031 •  | 2409 | 2411 |
|  College Avenue Student Loans LLC | College Avenue Student Loans LLC | College Avenue Student Loans LLC |
|  2.320% due 07/26/2055 | 4396 | 3967 |
|  CRB Securitization Trust | CRB Securitization Trust | CRB Securitization Trust |
|  6.960% due 10/20/2033 | 1073 | 1080 |
|  Crown Point CLO Ltd. | Crown Point CLO Ltd. | Crown Point CLO Ltd. |
|  6.255% due 07/20/2034 •  | 2150 | 2149 |
|  CVC Cordatus Loan Fund DAC | CVC Cordatus Loan Fund DAC | CVC Cordatus Loan Fund DAC |
|  3.871% due 10/23/2034 •  | 5659 | 6127 |
|  CVC Cordatus Opportunity Loan Fund-R DAC | CVC Cordatus Opportunity Loan Fund-R DAC | CVC Cordatus Opportunity Loan Fund-R DAC |
|  4.041% due 08/15/2033 «•  | 3950 | 4271 |
|  Diameter Capital CLO Ltd. | Diameter Capital CLO Ltd. | Diameter Capital CLO Ltd. |
|  5.912% due 04/15/2037 •  | 5000 | 5007 |
|  DLLAA LLC | DLLAA LLC | DLLAA LLC |
|  5.930% due 07/20/2026 | 278 | 279 |
|  Gallatin CLO Ltd. | Gallatin CLO Ltd. | Gallatin CLO Ltd. |
|  6.214% due 07/15/2031 •  | 3100 | 3108 |
|  Griffith Park CLO DAC | Griffith Park CLO DAC | Griffith Park CLO DAC |
|  3.249% due 11/21/2031 •  | 3866 | 4161 |
|  Harvest CLO DAC | Harvest CLO DAC | Harvest CLO DAC |
|  3.425% due 10/15/2031 •  | 1335 | 1442 |
|  Henley CLO DAC | Henley CLO DAC | Henley CLO DAC |
|  3.663% due 04/25/2034 •  | 3200 | 3463 |
|  Home Partners of America Trust | Home Partners of America Trust | Home Partners of America Trust |
|  1.901% due 12/17/2026 | 851 | 815 |
|  Invesco CLO Ltd. | Invesco CLO Ltd. | Invesco CLO Ltd. |
|  5.684% due 07/15/2034 •  | 4300 | 4303 |
|  Invesco Euro CLO DAC | Invesco Euro CLO DAC | Invesco Euro CLO DAC |
|  3.725% due 10/30/2038 •  | 3850 | 4159 |
|  Jamestown CLO Ltd. | Jamestown CLO Ltd. | Jamestown CLO Ltd. |
|  5.570% due 07/25/2035 •  | 7200 | 7202 |
|  KKR CLO Ltd. | KKR CLO Ltd. | KKR CLO Ltd. |
|  5.495% due 07/18/2030 •  | 521 | 521 |
|  6.155% due 07/18/2030 •  | 4300 | 4307 |
|  LCM Ltd. | LCM Ltd. | LCM Ltd. |
|  5.386% due 01/15/2034 •  | 4000 | 3981 |
|  5.573% due 07/20/2034 •  | 3000 | 2997 |
|  LendingPoint Pass-Through Trust | LendingPoint Pass-Through Trust | LendingPoint Pass-Through Trust |
|  3.250% due 04/15/2028 | 584 | 572 |
|  Lendmark Funding Trust | Lendmark Funding Trust | Lendmark Funding Trust |
|  1.900% due 11/20/2031 | 6326 | 6031 |
|  Madison Park Euro Funding DAC | Madison Park Euro Funding DAC | Madison Park Euro Funding DAC |
|  3.413% due 10/25/2030 | 1976 | 2131 |
|  Man GLG Euro CLO DAC | Man GLG Euro CLO DAC | Man GLG Euro CLO DAC |
|  1.970% due 10/15/2032 | 2500 | 2613 |
|  4.485% due 10/15/2032 •  | 5500 | 5955 |
|  Marlette Funding Trust | Marlette Funding Trust | Marlette Funding Trust |
|  5.950% due 11/15/2032 | 423 | 423 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **163** |

---

------

Schedule of Investments PIMCO StocksPLUS<sup>®</sup><sup></sup>International Fund (U.S. Dollar-Hedged) (Cont.)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Mountain View CLO Ltd. | Mountain View CLO Ltd. | Mountain View CLO Ltd. | Mountain View CLO Ltd. |
|  5.762% due 04/15/2034 ~ | $| 3200 | 3203 |
|  Nelnet Student Loan Trust | Nelnet Student Loan Trust | Nelnet Student Loan Trust | Nelnet Student Loan Trust |
|  6.544% due 02/20/2041 •  |  | 658 | 674 |
|  6.640% due 02/20/2041 |  | 599 | 620 |
|  Ocean Trails CLO | Ocean Trails CLO | Ocean Trails CLO | Ocean Trails CLO |
|  5.592% due 07/15/2034 •  |  | 6900 | 6898 |
|  OZLM Ltd. | OZLM Ltd. | OZLM Ltd. | OZLM Ltd. |
|  5.493% due 10/20/2031 ~ |  | 4222 | 4225 |
|  OZLME DAC | OZLME DAC | OZLME DAC | OZLME DAC |
|  3.556% due 01/14/2032 •  | EUR | 8121 | 8765 |
|  Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust |
|  6.319% due 08/15/2031 | $| 1180 | 1190 |
|  6.660% due 07/15/2031 |  | 187 | 189 |
|  7.600% due 12/16/2030 |  | 220 | 220 |
|  8.491% due 06/16/2031 |  | 2869 | 2908 |
|  Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC |
|  1.000% due 10/15/2034 •(a) | EUR | 3000 | 3244 |
|  4.069% due 08/15/2033 «•(a) |  | 2000 | 2163 |
|  4.446% due 05/15/2034 •  |  | 1400 | 1519 |
|  Progress Residential Trust | Progress Residential Trust | Progress Residential Trust | Progress Residential Trust |
|  2.013% due 11/17/2040 | $| 2172 | 1984 |
|  Rad CLO Ltd. | Rad CLO Ltd. | Rad CLO Ltd. | Rad CLO Ltd. |
|  5.530% due 04/25/2032 •  |  | 2760 | 2762 |
|  Reach ABS Trust | Reach ABS Trust | Reach ABS Trust | Reach ABS Trust |
|  6.300% due 02/18/2031 |  | 1763 | 1770 |
|  SLM Private Education Loan Trust | SLM Private Education Loan Trust | SLM Private Education Loan Trust | SLM Private Education Loan Trust |
|  9.184% due 10/15/2041 •  |  | 4470 | 4704 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  5.060% due 03/16/2054 |  | 3022 | 3043 |
|  5.897% due 11/15/2052 •  |  | 932 | 943 |
|  6.199% due 05/16/2050 •  |  | 1477 | 1494 |
|  SoFi Professional Loan Program Trust | SoFi Professional Loan Program Trust | SoFi Professional Loan Program Trust | SoFi Professional Loan Program Trust |
|  2.540% due 05/15/2046 |  | 2607 | 2503 |
|  Symphony CLO Ltd. | Symphony CLO Ltd. | Symphony CLO Ltd. | Symphony CLO Ltd. |
|  5.473% due 04/18/2033 •  |  | 3700 | 3706 |
|  TCI-Symphony CLO Ltd. | TCI-Symphony CLO Ltd. | TCI-Symphony CLO Ltd. | TCI-Symphony CLO Ltd. |
|  6.101% due 10/13/2032 •  |  | 5000 | 5008 |
|  TCW CLO Ltd. | TCW CLO Ltd. | TCW CLO Ltd. | TCW CLO Ltd. |
|  5.622% due 08/16/2034 •  |  | 4500 | 4496 |
|  Theorem Funding Trust | Theorem Funding Trust | Theorem Funding Trust | Theorem Funding Trust |
|  7.580% due 04/15/2029 |  | 269 | 270 |
|  Tralee CLO Ltd. | Tralee CLO Ltd. | Tralee CLO Ltd. | Tralee CLO Ltd. |
|  5.520% due 10/25/2032 •  |  | 1670 | 1668 |
|  6.062% due 10/25/2032 •  |  | 2100 | 2104 |
|  Turkeys First National Bank | Turkeys First National Bank | Turkeys First National Bank | Turkeys First National Bank |
|  4.039% due 01/20/2037 •  | EUR | 4200 | 4546 |
|  Upstart Pass-Through Trust | Upstart Pass-Through Trust | Upstart Pass-Through Trust | Upstart Pass-Through Trust |
|  4.300% due 05/20/2030 | $| 560 | 554 |
|  Upstart Structured Pass-Through Trust | Upstart Structured Pass-Through Trust | Upstart Structured Pass-Through Trust | Upstart Structured Pass-Through Trust |
|  4.250% due 06/17/2030 |  | 362 | 358 |
|  Verdelite Static CLO Ltd. | Verdelite Static CLO Ltd. | Verdelite Static CLO Ltd. | Verdelite Static CLO Ltd. |
|  5.423% due 07/20/2032 ~ |  | 4463 | 4463 |
|  5.943% due 07/20/2032 •  |  | 6600 | 6612 |
|  Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. |
|  5.493% due 07/20/2032 •  |  | 4029 | 4029 |
|  Wise CLO Ltd. | Wise CLO Ltd. | Wise CLO Ltd. | Wise CLO Ltd. |
|  6.105% due 04/20/2038 •  |  | 3120 | 3120 |
|  |  |  | 290140 |
|  Total Asset-Backed Securities (Cost $863,263) | Total Asset-Backed Securities (Cost $863,263) | Total Asset-Backed Securities (Cost $863,263) | 852458 |
| SOVEREIGN ISSUES 7.1% | SOVEREIGN ISSUES 7.1% | SOVEREIGN ISSUES 7.1% | SOVEREIGN ISSUES 7.1% |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 07/01/2025 (d) | BRL | 165000 | 27995 |
|  0.000% due 10/01/2025 (d) |  | 57100 | 9337 |
|  CPPIB Capital, Inc. | CPPIB Capital, Inc. | CPPIB Capital, Inc. | CPPIB Capital, Inc. |
|  4.300% due 06/02/2034 | CAD | 5700 | 4196 |
|  Czech Republic Government International Bond | Czech Republic Government International Bond | Czech Republic Government International Bond | Czech Republic Government International Bond |
|  4.200% due 12/04/2036 | CZK | 48200 | 2060 |
|  Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond |
|  2.750% due 11/27/2031 (e) | MXN | 71839 | 3068 |
|  3.000% due 12/03/2026 (e) |  | 122118 | 5744 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.000% due 11/30/2028 (e) | MXN | 16591 | 786 |
|  4.000% due 08/24/2034 (e) |  | 322476 | 14688 |
|  6.000% due 05/13/2030 | $| 1000 | 1021 |
|  6.875% due 05/13/2037 |  | 2000 | 2051 |
|  7.375% due 05/13/2055 |  | 700 | 717 |
|  8.000% due 11/07/2047 | MXN | 85400 | 3448 |
|  8.500% due 03/01/2029 |  | 70300 | 3399 |
|  Peru Government International Bond | Peru Government International Bond | Peru Government International Bond | Peru Government International Bond |
|  5.400% due 08/12/2034 | PEN | 54200 | 13461 |
|  6.150% due 08/12/2032 |  | 156800 | 42881 |
|  6.900% due 08/12/2037 |  | 17600 | 4731 |
|  6.950% due 08/12/2031 |  | 9300 | 2707 |
|  7.300% due 08/12/2033 |  | 17800 | 5117 |
|  7.600% due 08/12/2039 |  | 3600 | 1015 |
|  Province of Quebec | Province of Quebec | Province of Quebec | Province of Quebec |
|  4.450% due 09/01/2034 | CAD | 38450 | 28534 |
|  Republic of South Africa Government International Bond | Republic of South Africa Government International Bond | Republic of South Africa Government International Bond | Republic of South Africa Government International Bond |
|  7.000% due 02/28/2031 | ZAR | 58900 | 2853 |
|  8.000% due 01/31/2030 |  | 96700 | 5054 |
|  8.250% due 03/31/2032 |  | 37900 | 1901 |
|  8.500% due 01/31/2037 |  | 51900 | 2354 |
|  9.000% due 01/31/2040 |  | 235100 | 10604 |
|  Saudi Government International Bond | Saudi Government International Bond | Saudi Government International Bond | Saudi Government International Bond |
|  5.625% due 01/13/2035 | $| 15600 | 16047 |
|  Turkey Government International Bond | Turkey Government International Bond | Turkey Government International Bond | Turkey Government International Bond |
|  44.165% due 09/06/2028 ~ | TRY | 106900 | 2650 |
|  45.031% due 05/20/2026 ~ |  | 1000 | 26 |
|  45.031% due 08/19/2026 ~ |  | 800 | 21 |
|  45.031% due 05/17/2028 ~ |  | 103000 | 2568 |
|  Total Sovereign Issues (Cost $219,545) | Total Sovereign Issues (Cost $219,545) | Total Sovereign Issues (Cost $219,545) | 221034 |
|  |  | **SHARES** |  |
| COMMON STOCKS 1.4% | COMMON STOCKS 1.4% | COMMON STOCKS 1.4% | COMMON STOCKS 1.4% |
| COMMUNICATION SERVICES 0.0% | COMMUNICATION SERVICES 0.0% | COMMUNICATION SERVICES 0.0% | COMMUNICATION SERVICES 0.0% |
|  Verizon Communications, Inc. |  | 6382 | 289 |
|  Walt Disney Co. |  | 6382 | 630 |
|  |  |  | 919 |
| CONSUMER DISCRETIONARY 0.2% | CONSUMER DISCRETIONARY 0.2% | CONSUMER DISCRETIONARY 0.2% | CONSUMER DISCRETIONARY 0.2% |
|  Amazon.com, Inc. (b) |  | 6382 | 1214 |
|  Home Depot, Inc. |  | 6382 | 2339 |
|  McDonald's Corp. |  | 6382 | 1994 |
|  NIKE, Inc. 'B' |  | 6382 | 405 |
|  |  |  | 5952 |
| CONSUMER STAPLES 0.1% | CONSUMER STAPLES 0.1% | CONSUMER STAPLES 0.1% | CONSUMER STAPLES 0.1% |
|  Coca-Cola Co. |  | 6382 | 457 |
|  Procter & Gamble Co. |  | 6382 | 1088 |
|  Walmart, Inc. |  | 6382 | 560 |
|  |  |  | 2105 |
| ENERGY 0.0% | ENERGY 0.0% | ENERGY 0.0% | ENERGY 0.0% |
|  Chevron Corp. |  | 6382 | 1068 |
| FINANCIALS 0.3% | FINANCIALS 0.3% | FINANCIALS 0.3% | FINANCIALS 0.3% |
|  American Express Co. |  | 6382 | 1717 |
|  Goldman Sachs Group, Inc. |  | 6382 | 3486 |
|  JPMorgan Chase & Co. |  | 6382 | 1565 |
|  Travelers Cos., Inc. |  | 6382 | 1688 |
|  Visa, Inc. 'A' |  | 6382 | 2237 |
|  |  |  | 10693 |
| HEALTH CARE 0.2% | HEALTH CARE 0.2% | HEALTH CARE 0.2% | HEALTH CARE 0.2% |
|  Amgen, Inc. |  | 6382 | 1988 |
|  Johnson & Johnson |  | 6382 | 1058 |
|  Merck & Co., Inc. |  | 6382 | 573 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  UnitedHealth Group, Inc. |  | 6382 | 3343 |
|  |  |  | 6962 |
| INDUSTRIALS 0.2% | INDUSTRIALS 0.2% | INDUSTRIALS 0.2% | INDUSTRIALS 0.2% |
|  3M Co. |  | 6382 | 937 |
|  Boeing Co. (b) |  | 6382 | 1089 |
|  Caterpillar, Inc. |  | 6382 | 2105 |
|  Honeywell International, Inc. |  | 6382 | 1351 |
|  |  |  | 5482 |
| INFORMATION TECHNOLOGY 0.3% | INFORMATION TECHNOLOGY 0.3% | INFORMATION TECHNOLOGY 0.3% | INFORMATION TECHNOLOGY 0.3% |
|  Apple, Inc. |  | 6382 | 1417 |
|  Cisco Systems, Inc. |  | 6382 | 394 |
|  International Business Machines Corp. |  | 6382 | 1587 |
|  Microsoft Corp. |  | 6382 | 2396 |
|  NVIDIA Corp. |  | 6382 | 692 |
|  Salesforce, Inc. |  | 6382 | 1712 |
|  |  |  | 8198 |
| MATERIALS 0.1% | MATERIALS 0.1% | MATERIALS 0.1% | MATERIALS 0.1% |
|  Sherwin-Williams Co. |  | 6382 | 2229 |
|  Total Common Stocks (Cost $38,659) | Total Common Stocks (Cost $38,659) | Total Common Stocks (Cost $38,659) | 43608 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| SHORT-TERM INSTRUMENTS 41.9% | SHORT-TERM INSTRUMENTS 41.9% | SHORT-TERM INSTRUMENTS 41.9% | SHORT-TERM INSTRUMENTS 41.9% |
| COMMERCIAL PAPER 5.9% | COMMERCIAL PAPER 5.9% | COMMERCIAL PAPER 5.9% | COMMERCIAL PAPER 5.9% |
|  AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. |
|  4.640% due 04/15/2025 | $— | 15960 | 15930 |
|  Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. |
|  4.550% due 04/14/2025 |  | 1180 | 1178 |
|  4.640% due 04/09/2025 |  | 12600 | 12585 |
|  4.650% due 04/10/2025 |  | 3190 | 3186 |
|  Aon Corp. | Aon Corp. | Aon Corp. | Aon Corp. |
|  4.550% due 04/10/2025 |  | 6670 | 6662 |
|  4.560% due 04/21/2025 |  | 3500 | 3491 |
|  Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
|  4.560% due 05/08/2025 |  | 4600 | 4578 |
|  Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. |
|  4.850% due 04/28/2025 (a) |  | 12970 | 12926 |
|  4.900% due 04/25/2025 (a) |  | 2800 | 2791 |
|  CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. |
|  4.620% due 04/03/2025 |  | 5290 | 5288 |
|  Conagra Brands, Inc. | Conagra Brands, Inc. | Conagra Brands, Inc. | Conagra Brands, Inc. |
|  4.800% due 04/04/2025 |  | 1700 | 1699 |
|  Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. |
|  4.710% due 04/07/2025 |  | 3630 | 3627 |
|  4.750% due 04/07/2025 |  | 2600 | 2597 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  4.830% due 04/15/2025 |  | 1800 | 1796 |
|  4.850% due 04/17/2025 |  | 7000 | 6984 |
|  4.910% due 04/29/2025 |  | 7200 | 7172 |
|  Enbridge U.S., Inc. | Enbridge U.S., Inc. | Enbridge U.S., Inc. | Enbridge U.S., Inc. |
|  4.560% due 04/07/2025 |  | 10580 | 10571 |
|  4.640% due 04/25/2025 |  | 2760 | 2751 |
|  4.650% due 04/14/2025 |  | 5280 | 5271 |
|  Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |
|  5.000% due 04/03/2025 |  | 10030 | 10026 |
|  5.000% due 04/22/2025 |  | 5980 | 5962 |
|  Intel Corp. | Intel Corp. | Intel Corp. | Intel Corp. |
|  4.550% due 04/02/2025 |  | 10800 | 10797 |
|  Jones Lang LaSalle Finance BV | Jones Lang LaSalle Finance BV | Jones Lang LaSalle Finance BV | Jones Lang LaSalle Finance BV |
|  4.660% due 04/15/2025 |  | 300 | 299 |
|  4.700% due 04/15/2025 |  | 4890 | 4881 |
|  Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. |
|  4.650% due 04/04/2025 |  | 7250 | 7246 |

---

---

| | | |
|:---|:---|:---|
| **164** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Marsh & McLennan Cos, Inc. | Marsh & McLennan Cos, Inc. | Marsh & McLennan Cos, Inc. |
|  4.630% due 04/21/2025 | 510 | 509 |
|  4.630% due 04/23/2025 | 12500 | 12463 |
|  4.630% due 04/24/2025 | 3000 | 2991 |
|  NXP BV | NXP BV | NXP BV |
|  4.570% due 04/28/2025 | 10300 | 10263 |
|  Targa Resources Corp. | Targa Resources Corp. | Targa Resources Corp. |
|  4.700% due 04/03/2025 | 4360 | 4358 |
|  VW Credit, Inc. | VW Credit, Inc. | VW Credit, Inc. |
|  4.580% due 04/04/2025 | 590 | 590 |
|  |  | 181468 |
| REPURCHASE AGREEMENTS (f) 34.1% | REPURCHASE AGREEMENTS (f) 34.1% | REPURCHASE AGREEMENTS (f) 34.1% |
|  |  | 1055300 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| U.S. TREASURY BILLS 1.9% | U.S. TREASURY BILLS 1.9% | U.S. TREASURY BILLS 1.9% | U.S. TREASURY BILLS 1.9% | U.S. TREASURY BILLS 1.9% |
|  4.294% due 04/10/2025 - 06/05/2025 (c)(d)(h)(j) | $— | 59056 | $— | 58658 |
| Total Short-Term Instruments (Cost $1,295,446) | Total Short-Term Instruments (Cost $1,295,446) | Total Short-Term Instruments (Cost $1,295,446) |  | 1295426 |
| Total Investments in Securities (Cost $4,691,634) | Total Investments in Securities (Cost $4,691,634) | Total Investments in Securities (Cost $4,691,634) |  | 4691587 |
|  | SHARES | SHARES |  |  |
| INVESTMENTS IN AFFILIATES 10.4% | INVESTMENTS IN AFFILIATES 10.4% | INVESTMENTS IN AFFILIATES 10.4% | INVESTMENTS IN AFFILIATES 10.4% | INVESTMENTS IN AFFILIATES 10.4% |
| SHORT-TERM INSTRUMENTS 10.4% | SHORT-TERM INSTRUMENTS 10.4% | SHORT-TERM INSTRUMENTS 10.4% | SHORT-TERM INSTRUMENTS 10.4% | SHORT-TERM INSTRUMENTS 10.4% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 10.4% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 10.4% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 10.4% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 10.4% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 10.4% |
|  PIMCO Short Asset Portfolio |  | 19311969 |  | 189064 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  PIMCO Short-Term Floating NAV Portfolio III | 13687829 | $— | 133237 |
| Total Short-Term Instruments<br>(Cost $323,825) | Total Short-Term Instruments<br>(Cost $323,825) |  | 322301 |
| Total Investments in Affiliates<br>(Cost $323,825) | Total Investments in Affiliates<br>(Cost $323,825) |  | 322301 |
| Total Investments 161.8%<br>(Cost $5,015,459) | Total Investments 161.8%<br>(Cost $5,015,459) | $— | 5013888 |
|  Financial Derivative<br>Instruments (g)(i) (0.9)%<br> (Cost or Premiums, net $65,804) | Financial Derivative<br>Instruments (g)(i) (0.9)%<br> (Cost or Premiums, net $65,804) |  | (29327) |
| Other Assets and Liabilities, net (60.9)% | Other Assets and Liabilities, net (60.9)% |  | (1885312) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 3099249 |

---

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

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

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a) When-issued security.

(b) 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.

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS
&nbsp;&nbsp;&nbsp;&nbsp;(f) 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> |
| BRC | 4.450% | 03/31/2025 | 04/01/2025 | $515100 | U.S. Treasury Inflation Protected Securities 1.125% due 01/15/2033 | $(527673) | $515100 | $515164 |
| JPS | 4.500 | 03/31/2025 | 04/01/2025 | 10900 | U.S. Treasury Notes 0.750% due 03/31/2026 | (11122) | 10900 | 10901 |
| SAL | 4.380 | 03/31/2025 | 04/01/2025 | 55800 | U.S. Treasury Notes 4.125% due 01/31/2027 | (56947) | 55800 | 55807 |
|  | 4.380 | 04/01/2025 | 04/02/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473500 | U.S. Treasury Notes 4.250% due 01/31/2030 | (483581) | 473500 | 473500 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1079323) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1055300 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1055372 |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (3.4)% | U.S. Government Agencies (3.4)% | U.S. Government Agencies (3.4)% | U.S. Government Agencies (3.4)% | U.S. Government Agencies (3.4)% | U.S. Government Agencies (3.4)% |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.500% | 05/01/2055 | $17000 | $(15257) | $(15324) |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.500 | 06/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99000 | (89054) | (89193) |
|  Total Short Sales (3.4)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(104311) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(104517) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 165

------

Schedule of Investments PIMCO StocksPLUS<sup>®</sup><sup></sup>International Fund (U.S. Dollar-Hedged) (Cont.)

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(2)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BRC | $515164 | $0 | $0 | $515164 | $(527673) | $(12509) |
|  JPS | 10901 | 0 | 0 | 10901 | (11122) | (221) |
|  SAL | 529307 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(540528) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11221) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1055372 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |  |  |  |

---

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

**The average amount of borrowings outstanding during the period ended March 31, 2025 was $(3,414) at a weighted average interest rate of 5.400%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** 

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

#### WRITTEN OPTIONS:

#### OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Premiums<br>(Received) | Market<br>Value |
|  Put - CBOE U.S. Treasury 10-Year Note May Futures | $109.000 | 04/25/2025 | 35 | $35 | $(9) | $(3) |
|  Put - CBOE U.S. Treasury 10-Year Note May Futures | 109.500 | 04/25/2025 | 20 | 20 | (5) | (3) |
|  Put - CBOE U.S. Treasury 10-Year Note May Futures | 110.000 | 04/25/2025 | 67 | 67 | (18) | (14) |
|  Call - CBOE U.S. Treasury 10-Year Note May Futures | 112.000 | 04/25/2025 | 35 | 35 | (12) | (19) |
|  Call - CBOE U.S. Treasury 10-Year Note May Futures | 112.250 | 04/25/2025 | 20 | 20 | (6) | (9) |
|  Call - CBOE U.S. Treasury 10-Year Note May Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112.500 | 04/25/2025 | 67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67 | (22) | (25) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(73) |

---

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Euro-Bund June Futures  | 06/2025 | 1 | $139 | $(3) | $1 | $0 |
|  Euro-Buxl 30-Year Bond June Futures  | 06/2025 | 1 | 129 | (8) | 1 | 0 |
|  Mini MSCI EAFE Index June Futures  | 06/2025 | 105 | 12686 | (426) | 0 | (132) |
|  U.S. Treasury 2-Year Note June Futures  | 06/2025 | 6 | 1243 | 8 | 0 | 0 |
|  U.S. Treasury 5-Year Note June Futures  | 06/2025 | 3149 | 340584 | 1473 | 0 | (98) |
|  U.S. Treasury 10-Year Ultra Long-Term Bond June Futures  | 06/2025 | 1522 | 173698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143 | 0 |
|  U.S. Treasury Ultra Long-Term Bond June Futures  | 06/2025 | 158 | 19316 | (178) | 69 | 0 |
|  |  |  |  | $3649 | $214 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(230) |

---

#### SHORT FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  U.S. Treasury 10-Year Note June Futures  | 06/2025 | 3 | $(334) | $(4) | $0 | $0 |
|  U.S. Treasury Long-Term Bond June Futures  | 06/2025 | 888 | (104146) | (1543) | 0 | (167) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1547) | $0 | $(167) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $2102 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(397) |

---

166 PIMCO EQUITY-RELATED STRATEGY FUNDS See Accompanying Notes

------

March 31, 2025

#### SWAP AGREEMENTS:

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(2)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Variation Margin | Variation Margin |
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(2)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Asset | Liability |
|  Bank of America Corp. | 1.000% | Quarterly | 12/20/2025 | 0.269% | $700 | $4 | $0 | $4 | $0 | $0 |
|  Bank of America Corp. | 1.000 | Quarterly | 12/20/2026 | 0.401 | 8500 | 109 | (21) | 88 | 0 | (3) |
|  Barclays Bank PLC | 1.000 | Quarterly | 12/20/2025 | 0.328 | 2600 | 15 | 0 | 15 | 0 | 0 |
|  General Electric Co. | 1.000 | Quarterly | 12/20/2026 | 0.097 | $2100 | 24 | 8 | 32 | 0 | 0 |
|  General Motors Co. | 5.000 | Quarterly | 12/20/2026 | 0.462 | 2130 | 423 | (258) | 165 | 0 | (2) |
|  General Motors Co. | 5.000 | Quarterly | 06/20/2028 | 0.838 | 2530 | 304 | 19 | 323 | 1 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;879 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(252) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Variation Margin | Variation Margin |
| Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Asset | Liability |
|  CDX.EM-34 5-Year Index | 1.000% | Quarterly | 12/20/2025 | $2760 | $(101) | $103 | $2 | $4 | $0 |
|  CDX.EM-36 5-Year Index | 1.000 | Quarterly | 12/20/2026 | 2484 | (92) | 94 | 2 | 2 | 0 |
|  CDX.EM-38 5-Year Index | 1.000 | Quarterly | 12/20/2027 | 300 | (25) | 24 | (1) | 0 | 0 |
|  CDX.EM-39 5-Year Index | 1.000 | Quarterly | 06/20/2028 | 100 | (7) | 6 | (1) | 0 | 0 |
|  CDX.EM-40 5-Year Index | (1.000) | Quarterly | 12/20/2028 | 900 | (43) | 30 | (13) | 1 | 0 |
|  CDX.EM-41 5-Year Index | (1.000) | Quarterly | 06/20/2029 | 200 | (8) | 4 | (4) | 0 | 0 |
|  CDX.EM-42 5-Year Index | (1.000) | Quarterly | 12/20/2029 | 500 | (15) | 1 | (14) | 0 | 0 |
|  CDX.EM-43 5-Year Index | 1.000 | Quarterly | 06/20/2030 | 400 | (14) | (1) | (15) | 0 | 0 |
|  CDX.HY-40 5-Year Index | 5.000 | Quarterly | 06/20/2028 | 294 | 0 | 17 | 17 | 0 | 0 |
|  CDX.HY-41 5-Year Index | 5.000 | Quarterly | 12/20/2028 | 99 | 7 | (1) | 6 | 0 | 0 |
|  CDX.HY-43 5-Year Index | 5.000 | Quarterly | 12/20/2029 | 24000 | 1740 | (419) | 1321 | 6 | 0 |
|  CDX.HY-44 5-Year Index | 5.000 | Quarterly | 06/20/2030 | 6100 | 316 | 9 | 325 | 4 | 0 |
|  CDX.IG-36 5-Year Index | 1.000 | Quarterly | 06/20/2026 | 1000 | 25 | (15) | 10 | 0 | 0 |
|  CDX.IG-37 5-Year Index | 1.000 | Quarterly | 12/20/2026 | 200 | 5 | (2) | 3 | 0 | 0 |
|  CDX.IG-38 5-Year Index | 1.000 | Quarterly | 06/20/2027 | 1200 | 7 | 11 | 18 | 0 | 0 |
|  CDX.IG-39 5-Year Index | 1.000 | Quarterly | 12/20/2027 | 500 | 6 | 2 | 8 | 0 | 0 |
|  CDX.IG-40 5-Year Index | 1.000 | Quarterly | 06/20/2028 | 4200 | 61 | 18 | 79 | 0 | 0 |
|  CDX.IG-41 5-Year Index | 1.000 | Quarterly | 12/20/2028 | 3900 | 86 | (9) | 77 | 0 | 0 |
|  CDX.IG-43 5-Year Index | (1.000) | Quarterly | 12/20/2029 | 557170 | 12442 | (1719) | 10723 | 4 | (7) |
|  CDX.IG-44 5-Year Index | 1.000 | Quarterly | 06/20/2030 | 200200 | 3672 | 10 | 3682 | 36 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18062 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1837) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16225 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 | $&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 | 154300 | $(4919) | $347 | $(4572) | $673 | $0 |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 4.320 | Annual | 10/20/2033 | 700 | (4) | 16 | 12 | 6 | 0 |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 3.700 | Annual | 03/28/2034 | 500 | (2) | 23 | 21 | 0 | (4) |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 3.930 | Annual | 01/06/2035 | 1400 | (4) | (32) | (36) | 13 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.928 | Semi-Annual | 05/31/2025 | $4300 | (1) | (12) | (13) | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/21/2025 | 257860 | 4113 | (1432) | 2681 | 8 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 06/20/2026 | 142000 | (339) | 1167 | 828 | 0 | (6) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.650 | Annual | 05/31/2028 | 19700 | 0 | 214 | 214 | 0 | (7) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.655 | Annual | 05/31/2028 | 2500 | 0 | 27 | 27 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.691 | Annual | 05/31/2028 | 14720 | 0 | 136 | 136 | 0 | (6) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.807 | Annual | 05/31/2028 | 500 | 0 | 2 | 2 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/21/2028 | 56000 | 757 | 645 | 1402 | 0 | (12) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2029 | 49600 | 450 | (201) | 249 | 0 | (33) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2029 | 85820 | 347 | (565) | (218) | 0 | (81) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 03/04/2030 | 4500 | (9) | (28) | (37) | 0 | (5) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 03/19/2030 | 107950 | 5054 | (1804) | 3250 | 0 | (106) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/21/2030 | 41600 | 1087 | 831 | 1918 | 0 | (45) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2030 | 44910 | 418 | 92 | 510 | 0 | (59) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2031 | 36200 | 105 | (170) | (65) | 0 | (67) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2032 | 26500 | 3096 | 836 | 3932 | 0 | (49) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/21/2033 | 109900 | 7184 | 113 | 7297 | 0 | (263) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2033 | 11600 | 870 | (632) | 238 | 0 | (31) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 12/26/2033 | 430 | (2) | (1) | (3) | 0 | (1) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **167** |

---

------

Schedule of Investments PIMCO StocksPLUS<sup>®</sup><sup></sup>International Fund (U.S. Dollar-Hedged) (Cont.)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750% | Annual | 06/20/2034 | $22540 | $199 | $9 | $208 | $0 | $(66) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.605 | Annual | 08/28/2034 | 400 | (2) | 9 | 7 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.470 | Annual | 09/04/2034 | 1100 | (4) | 36 | 32 | 0 | (3) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.232 | Annual | 09/10/2034 | 550 | (3) | 30 | 27 | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.240 | Annual | 09/16/2034 | 1000 | (5) | 53 | 48 | 0 | (3) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.278 | Annual | 09/16/2034 | 760 | (3) | 37 | 34 | 0 | (2) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.860 | Annual | 11/14/2034 | 2800 | (11) | 28 | 17 | 9 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.866 | Annual | 11/14/2034 | 2100 | (8) | 22 | 14 | 6 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.793 | Annual | 11/19/2034 | 2700 | (12) | 14 | 2 | 8 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.855 | Annual | 11/19/2034 | 1300 | (6) | 14 | 8 | 4 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.865 | Annual | 11/20/2034 | 200 | (1) | 2 | 1 | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 | 136100 | (856) | 1615 | 759 | 0 | (86) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.015 | Annual | 12/30/2034 | 900 | (3) | 21 | 18 | 3 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.933 | Annual | 01/06/2035 | 2000 | (6) | 32 | 26 | 6 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.840 | Annual | 01/08/2035 | 2000 | (5) | 16 | 11 | 6 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.850 | Annual | 01/08/2035 | 1000 | (3) | 9 | 6 | 3 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.890 | Annual | 01/08/2035 | 1300 | (4) | 16 | 12 | 4 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.896 | Annual | 01/08/2035 | 2100 | (6) | 27 | 21 | 7 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.900 | Annual | 01/08/2035 | 2000 | (5) | 26 | 21 | 6 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.880 | Annual | 01/13/2035 | 2600 | (7) | 30 | 23 | 8 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.970 | Annual | 01/15/2035 | 800 | (2) | 15 | 13 | 3 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.013 | Annual | 01/15/2035 | 2500 | (7) | 57 | 50 | 8 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.071 | Annual | 01/15/2035 | 1400 | (4) | 39 | 35 | 4 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 01/21/2035 | 1200 | (3) | 36 | 33 | 4 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.090 | Annual | 01/22/2035 | 2000 | (5) | 58 | 53 | 6 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 02/26/2035 | 800 | (3) | (12) | (15) | 0 | (3) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.890 | Annual | 03/03/2035 | 1100 | (4) | (7) | (11) | 0 | (4) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.908 | Annual | 03/04/2035 | 2300 | (8) | (19) | (27) | 0 | (7) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.870 | Annual | 03/05/2035 | 1000 | (4) | (5) | (9) | 0 | (3) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.874 | Annual | 03/05/2035 | 2600 | (9) | (14) | (23) | 0 | (8) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.899 | Annual | 03/11/2035 | 2200 | (7) | (17) | (24) | 0 | (7) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 03/12/2035 | 2200 | (7) | (18) | (25) | 0 | (7) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.975 | Annual | 03/21/2035 | 3200 | (9) | (47) | (56) | 0 | (10) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 03/24/2035 | 3700 | (11) | (40) | (51) | 0 | (12) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.884 | Annual | 03/25/2035 | 2600 | (8) | (18) | (26) | 0 | (8) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 02/20/2049 | 39940 | 1262 | (146) | 1116 | 0 | (265) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.750 | Annual | 06/21/2053 | 29010 | 3456 | 2378 | 5834 | 0 | (183) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/18/2054 | 101900 | 3155 | 3046 | 6201 | 0 | (250) |
| Receive | 3-Month EUR-EURIBOR | 2.680 | Annual | 08/07/2034 | 600 | (2) | (10) | (12) | 0 | (2) |
| Receive | 3-Month EUR-EURIBOR | 2.580 | Annual | 08/29/2034 | 1500 | (4) | (11) | (15) | 0 | (6) |
| Receive | 3-Month EUR-EURIBOR | 2.390 | Annual | 10/01/2034 | 1200 | (3) | 34 | 31 | 0 | (5) |
| Pay | 3-Month EUR-EURIBOR | 2.380 | Annual | 12/31/2034 | 1100 | (3) | (24) | (27) | 5 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/20/2033 | 51100 | (218) | 898 | 680 | 222 | 0 |
| Receive | 6-Month CZK-PRIBOR | 3.760 | Annual | 11/01/2034 | 53700 | 0 | 2 | 2 | 0 | (15) |
| Receive | 6-Month EUR-EURIBOR | 2.280 | Annual | 03/04/2030 | 2100 | (3) | 14 | 11 | 0 | (4) |
| Pay<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2030 | 7960 | (76) | 8 | (68) | 18 | 0 |
| Receive | 6-Month EUR-EURIBOR | 3.250 | Annual | 11/06/2033 | 1100 | (5) | (57) | (62) | 0 | (4) |
| Receive | 6-Month EUR-EURIBOR | 3.148 | Annual | 11/20/2033 | 1300 | (5) | (57) | (62) | 0 | (5) |
| Receive | 6-Month EUR-EURIBOR | 3.280 | Annual | 11/22/2033 | 400 | (2) | (22) | (24) | 0 | (2) |
| 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 | 800 | (3) | (34) | (37) | 0 | (3) |
| Receive | 6-Month EUR-EURIBOR | 3.063 | Annual | 12/06/2033 | 900 | (3) | (34) | (37) | 0 | (4) |
| Receive | 6-Month EUR-EURIBOR | 2.990 | Annual | 12/08/2033 | 1200 | (5) | (36) | (41) | 0 | (5) |
| Receive | 6-Month EUR-EURIBOR | 2.970 | Annual | 12/15/2033 | 20 | 0 | (1) | (1) | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.910 | Annual | 12/29/2033 | 1000 | (3) | (24) | (27) | 0 | (4) |
| Receive | 6-Month EUR-EURIBOR | 2.670 | Annual | 04/03/2034 | 900 | (3) | (13) | (16) | 0 | (3) |
| Pay | 6-Month EUR-EURIBOR | 2.220 | Annual | 01/08/2035 | 1300 | (3) | (50) | (53) | 5 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.400 | Annual | 02/12/2035 | 1200 | (3) | 31 | 28 | 0 | (5) |
| Pay | 6-Month EUR-EURIBOR | 2.420 | Annual | 03/07/2035 | 700 | (2) | (13) | (15) | 3 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.460 | Annual | 03/13/2035 | 1500 | (4) | (22) | (26) | 6 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.610 | Annual | 03/24/2035 | 1200 | (3) | (1) | (4) | 5 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.520 | Annual | 03/27/2035 | 1600 | (4) | (16) | (20) | 6 | 0 |
| Pay<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.460 | Annual | 04/01/2035 | 1300 | (3) | (20) | (23) | 0 | (23) |
| Pay<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2035 | 86000 | (2974) | (471) | (3445) | 364 | 0 |
| Receive<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2055 | 35200 | 2373 | 496 | 2869 | 0 | (277) |
| Receive | 28-Day MXN-TIIE | 9.390 | Lunar | 12/12/2025 | 38600 | 0 | (10) | (10) | 0 | 0 |
| Receive | 28-Day MXN-TIIE | 9.430 | Lunar | 12/25/2025 | 53600 | 0 | (15) | (15) | 0 | 0 |
| Receive | 28-Day MXN-TIIE | 9.000 | Lunar | 03/01/2029 | 66300 | 0 | (113) | (113) | 0 | (1) |
| Receive<sup>(5)</sup> | 28-Day MXN-TIIE | 9.430 | Lunar | 10/19/2034 | 53600 | 0 | (130) | (130) | 0 | (1) |
| Receive<sup>(5)</sup> | 28-Day MXN-TIIE | 9.390 | Lunar | 11/03/2034 | 38600 | 0 | (90) | (90) | 0 | (1) |

---

---

| | | |
|:---|:---|:---|
| **168** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
| Receive | CAONREPO | 2.740% | Semi-Annual | 06/01/2034 | 3300 | $0 | $(13) | $(13) | $0 | $(7) |
| Receive | CAONREPO | 2.900 | Semi-Annual | 06/01/2034 | 21200 | (3) | (268) | (271) | 0 | (49) |
| Receive | CAONREPO | 3.000 | Semi-Annual | 06/01/2034 | 19950 | 19 | (389) | (370) | 0 | (46) |
| Receive | CPURNSA | 0.000 | Maturity | 03/25/2030 | $118300 | 0 | 593 | 593 | 110 | 0 |
| Receive | CPURNSA | 0.000 | Maturity | 03/27/2030 | 58400 | 0 | 256 | 256 | 54 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24285 | $7263 | $31548 | $1595 | $(2180) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43226 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5174 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48400 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1653 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2192) |

---

#### 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 | |  | Variation Margin<br>Liability<sup>(6)</sup> | Variation Margin<br>Liability<sup>(6)</sup> | |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total |  | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1653 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1867 | $(73) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1391) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2218) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3682) |

---

(h) Securities with an aggregate market value of $47,103 and cash of $26,417 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

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

<sup>(3)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

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

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

<sup>(6)</sup> Unsettled variation margin liability of $(994) for closed futures and unsettled variation margin liability of $(26) for closed swap agreements is outstanding at period end. 

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

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Asset | Liability |
|  AZD | 04/2025 | 26769343 | $179162 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688 | $0 |
|  | 04/2025 | $32918 | 4965968 | 191 | 0 |
|  | 04/2025 | 21243 | 28400 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(105) |
|  | 05/2025 | 31005 | $4233 | 0 | (45) |
|  | 05/2025 | 4949302 | 32918 | 0 | (191) |
|  | 05/2025 | 28359 | 21243 | 100 | 0 |
|  | 05/2025 | $14303 | 103572 | 6 | (15) |
|  | 06/2025 | 67517 | $9237 | 0 | (104) |
|  | 06/2025 | $4459 | 32179 | 0 | (7) |
|  | 07/2025 | 51543 | $7154 | 13 | (3) |
|  | 08/2025 | 51550 | 7149 | 0 | (12) |
|  BOA | 04/2025 | 581 | 403 | 0 | (1) |
|  | 04/2025 | 2666 | 3387 | 0 | (57) |
|  | 04/2025 | 6513832 | 394 | 2 | 0 |
|  | 04/2025 | 1503796 | 1025 | 5 | 0 |
|  | 04/2025 | 20593 | 1844 | 0 | (114) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **169** |

---

------

Schedule of Investments PIMCO StocksPLUS<sup>®</sup><sup></sup>International 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 | $1165 | 1874 | $6 | $0 |
|  | 04/2025 | 1189 | 8175 | 0 | (5) |
|  | 04/2025 | 394 | 6513832 | 0 | (2) |
|  | 04/2025 | 21550 | 3233800 | 11 | 0 |
|  | 04/2025 | 6825 | 123977 | 0 | (71) |
|  | 05/2025 | 30315 | $4142 | 0 | (42) |
|  | 05/2025 | 429560 | 55290 | 18 | 0 |
|  | 05/2025 | 13199128 | 792 | 1 | 0 |
|  | 05/2025 | $933 | 80137 | 3 | 0 |
|  | 06/2025 | 38960 | $5366 | 1 | (25) |
|  | 06/2025 | $2185 | 15783 | 0 | (1) |
|  | 06/2025 | 1224 | 1784740 | 0 | (8) |
|  | 06/2025 | 13231 | 51121 | 0 | (64) |
|  | 08/2025 | 17426 | $2436 | 15 | 0 |
|  | 08/2025 | 1243 | 38 | 0 | 0 |
|  BPS | 04/2025 | 16534 | 10419 | 87 | 0 |
|  | 04/2025 | 85567 | 14942 | 0 | (53) |
|  | 04/2025 | 18377 | 12839 | 68 | 0 |
|  | 04/2025 | 54440 | 2238 | 0 | (121) |
|  | 04/2025 | 78448372 | 4732 | 23 | 0 |
|  | 04/2025 | 30521330 | 204723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1233 | 0 |
|  | 04/2025 | 23132930 | 15800 | 87 | 0 |
|  | 04/2025 | 1865 | 1401 | 13 | 0 |
|  | 04/2025 | 31234 | 790 | 0 | (6) |
|  | 04/2025 | 1476378 | 44919 | 459 | 0 |
|  | 04/2025 | $2007 | 3171 | 0 | (26) |
|  | 04/2025 | 14926 | 85567 | 71 | (2) |
|  | 04/2025 | 205513 | 190760 | 799 | (44) |
|  | 04/2025 | 17839 | 293471729 | 0 | (231) |
|  | 04/2025 | 7946 | 689675 | 113 | 0 |
|  | 04/2025 | 11791 | 1772301 | 25 | 0 |
|  | 04/2025 | 7281 | 10572626 | 0 | (102) |
|  | 04/2025 | 10940 | 114856 | 0 | (23) |
|  | 04/2025 | 12379 | 16586 | 0 | (34) |
|  | 04/2025 | 29315 | 962915 | 0 | (317) |
|  | 04/2025 | 79766 | $4349 | 9 | (6) |
|  | 05/2025 | 113130 | 15571 | 4 | (47) |
|  | 05/2025 | 179868 | 194008 | 0 | (798) |
|  | 05/2025 | 35585 | 4582 | 4 | 0 |
|  | 05/2025 | 39385093 | 2367 | 7 | 0 |
|  | 05/2025 | 1766362 | 11791 | 0 | (26) |
|  | 05/2025 | 114855 | 10940 | 23 | 0 |
|  | 05/2025 | 16560 | 12379 | 33 | 0 |
|  | 05/2025 | $12629 | 72532 | 4 | 0 |
|  | 05/2025 | 1413 | 1092 | 0 | (3) |
|  | 05/2025 | 2827 | 46917661 | 0 | (15) |
|  | 05/2025 | 8394 | 720094 | 10 | 0 |
|  | 06/2025 | 92002 | $12639 | 4 | (93) |
|  | 06/2025 | 571279 | 401 | 12 | 0 |
|  | 06/2025 | 1532 | 397 | 2 | 0 |
|  | 06/2025 | 136792 | 3479 | 181 | 0 |
|  | 06/2025 | $14709 | 56916 | 38 | (91) |
|  | 07/2025 | 246426 | $7583 | 119 | 0 |
|  | 08/2025 | 139338 | 19395 | 39 | 0 |
|  | 08/2025 | 645010 | 19742 | 150 | 0 |
|  | 10/2025 | 36900 | 6162 | 2 | (30) |
|  BRC | 04/2025 | 441965 | 274885 | 0 | (1278) |
|  | 04/2025 | 2467 | 345 | 0 | (13) |
|  | 04/2025 | 27497 | 7424 | 27 | 0 |
|  | 04/2025 | 20625 | 236 | 0 | (6) |
|  | 04/2025 | 192491 | 17267 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1029) |
|  | 04/2025 | 5255 | 133 | 0 | (2) |
|  | 04/2025 | 70431 | 2152 | 31 | 0 |
|  | 04/2025 | $3550 | 5645 | 0 | (23) |
|  | 04/2025 | 3536 | 57891965 | 0 | (64) |
|  | 04/2025 | 397 | 1459 | 0 | (5) |
|  | 04/2025 | 240 | 20601 | 1 | 0 |
|  | 04/2025 | 1198 | 1602 | 0 | (6) |
|  | 04/2025 | 5173 | 199443 | 3 | (72) |
|  | 05/2025 | 20659 | $240 | 0 | (1) |

---

---

| | | |
|:---|:---|:---|
| **170** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 05/2025 | 84142 | $7995 | $0 | $(3) |
|  | 05/2025 | 11210 | 284 | 1 | (1) |
|  | 05/2025 | $380 | 14832 | 0 | (8) |
|  | 06/2025 | 64590 | $1548 | 0 | (8) |
|  | 06/2025 | $775 | 3004 | 0 | (2) |
|  | 06/2025 | 8132 | 321206 | 0 | (389) |
|  | 07/2025 | 7874 | $2133 | 0 | (4) |
|  BSH | 04/2025 | 22117 | 5857 | 0 | (160) |
|  | 04/2025 | $310271 | 46596459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393 | 0 |
|  | 04/2025 | 6010 | 21792 | 0 | (78) |
|  | 05/2025 | 46439524 | $310271 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(390) |
|  | 05/2025 | 2793 | 737 | 0 | (22) |
|  | 06/2025 | 11614 | 3175 | 20 | 0 |
|  | 06/2025 | $4054 | 15626 | 0 | (31) |
|  | 07/2025 | 56995 | $15408 | 80 | (143) |
|  CBK | 04/2025 | 410106 | 71747 | 0 | (120) |
|  | 04/2025 | 12345 | 14031 | 77 | 0 |
|  | 04/2025 | 224752 | 31617 | 0 | (957) |
|  | 04/2025 | 76421544 | 4606 | 19 | 0 |
|  | 04/2025 | 34285 | 9406 | 182 | 0 |
|  | 04/2025 | 174303 | 2033 | 0 | (6) |
|  | 04/2025 | 6919 | 1860 | 0 | (23) |
|  | 04/2025 | 980644 | 29930 | 398 | 0 |
|  | 04/2025 | $2399 | 3815 | 0 | (15) |
|  | 04/2025 | 71420 | 410106 | 447 | 0 |
|  | 04/2025 | 93802 | 133635 | 0 | (934) |
|  | 04/2025 | 1785 | 1573 | 0 | (7) |
|  | 04/2025 | 1613 | 1244 | 0 | (6) |
|  | 04/2025 | 8920 | 146092142 | 0 | (153) |
|  | 04/2025 | 2803 | 240421 | 4 | 0 |
|  | 04/2025 | 440 | 643634 | 0 | (3) |
|  | 04/2025 | 701 | 1223 | 0 | (6) |
|  | 04/2025 | 33221 | 1088861 | 0 | (430) |
|  | 05/2025 | 131215 | $92251 | 932 | 0 |
|  | 05/2025 | 47584108 | 2865 | 13 | 0 |
|  | 05/2025 | 1223 | 701 | 6 | 0 |
|  | 05/2025 | 2473 | 653 | 0 | (19) |
|  | 05/2025 | 2 | 0 | 0 | 0 |
|  | 05/2025 | $71747 | 412409 | 85 | 0 |
|  | 05/2025 | 1159 | 8997 | 0 | (1) |
|  | 05/2025 | 2817 | 46801057 | 0 | (12) |
|  | 06/2025 | 22616 | $3121 | 0 | (8) |
|  | 06/2025 | 45067240 | 31355 | 659 | 0 |
|  | 06/2025 | 1775 | 483 | 1 | 0 |
|  | 06/2025 | $1966 | 14192 | 0 | (3) |
|  | 07/2025 | 421547 | $12957 | 187 | 0 |
|  | 08/2025 | 21543 | 5769 | 0 | (78) |
|  | 08/2025 | 472429 | 14497 | 147 | 0 |
|  | 12/2025 | 3874 | 1047 | 0 | (2) |
|  DUB | 04/2025 | 111 | 77 | 0 | 0 |
|  | 04/2025 | 322443 | 359763 | 0 | (4704) |
|  | 04/2025 | 119590 | 125455 | 0 | (3858) |
|  | 04/2025 | 15173795 | 910 | 0 | 0 |
|  | 04/2025 | 37168 | 10210 | 210 | 0 |
|  | 04/2025 | 441200 | 2999 | 58 | 0 |
|  | 04/2025 | 10286 | 5875 | 35 | 0 |
|  | 04/2025 | 4851 | 3619 | 10 | (2) |
|  | 04/2025 | $268211 | 425394 | 0 | (2403) |
|  | 04/2025 | 31080 | 215344 | 131 | 0 |
|  | 04/2025 | 11870 | 196721742 | 0 | (70) |
|  | 04/2025 | 1403 | 120700 | 6 | 0 |
|  | 04/2025 | 10854 | 14534 | 0 | (37) |
|  | 05/2025 | 425394 | $268273 | 2400 | 0 |
|  | 05/2025 | 214946 | 31080 | 0 | (131) |
|  | 05/2025 | 5794044 | 349 | 1 | 0 |
|  | 05/2025 | 4159 | 1094 | 0 | (37) |
|  | 05/2025 | 14513 | 10854 | 34 | 0 |
|  | 06/2025 | 30768556 | 21404 | 450 | 0 |
|  | 06/2025 | $967 | 6961 | 0 | (4) |
|  | 08/2025 | 2431 | 17417 | 0 | (12) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **171** |

---

------

Schedule of Investments PIMCO StocksPLUS<sup>®</sup><sup></sup>International 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** |
|  FAR | 04/2025 | 307253 | $43308 | $0 | $(1224) |
|  | 04/2025 | 1045604 | 1098236 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32375) |
|  | 04/2025 | 33977 | 9359 | 218 | 0 |
|  | 04/2025 | $221435 | 33337031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;827 | 0 |
|  | 04/2025 | 1365 | 14345 | 0 | (2) |
|  | 05/2025 | 33224719 | $221435 | 0 | (824) |
|  | 05/2025 | 14345 | 1365 | 2 | 0 |
|  | 05/2025 | $3648 | 26320 | 0 | (16) |
|  | 07/2025 | 26219 | $3648 | 14 | 0 |
|  GLM | 04/2025 | 397637 | 69517 | 207 | (372) |
|  | 04/2025 | 2810 | 1958 | 5 | 0 |
|  | 04/2025 | 40280 | 5955 | 117 | 0 |
|  | 04/2025 | 83859069 | 5050 | 19 | 0 |
|  | 04/2025 | 2289424 | 1560 | 6 | 0 |
|  | 04/2025 | 15862 | 4221 | 0 | (96) |
|  | 04/2025 | 1778 | 1320 | 0 | (3) |
|  | 04/2025 | 2005 | 50 | 0 | (1) |
|  | 04/2025 | $68596 | 397637 | 1086 | 0 |
|  | 04/2025 | 8030 | 132234566 | 0 | (98) |
|  | 04/2025 | 600 | 876960 | 0 | (4) |
|  | 04/2025 | 27003 | $1480 | 9 | 0 |
|  | 05/2025 | 29477 | 4025 | 0 | (43) |
|  | 05/2025 | 22864450 | 1371 | 1 | 0 |
|  | 05/2025 | $5050 | 83934823 | 0 | (20) |
|  | 06/2025 | 3613 | 26128 | 12 | (11) |
|  | 06/2025 | 1560 | 2281107 | 0 | (6) |
|  | 06/2025 | 6826 | 26358 | 0 | (39) |
|  | 07/2025 | 35867 | $9633 | 0 | (102) |
|  | 07/2025 | 42460 | 1305 | 19 | 0 |
|  | 07/2025 | $41 | 1337 | 0 | (1) |
|  | 09/2025 | 9543 | $2604 | 16 | 0 |
|  | 10/2025 | 20200 | 3334 | 0 | (54) |
|  IND | 04/2025 | $382211 | 337055 | 0 | (1229) |
|  | 04/2025 | 60142 | 415965 | 146 | 0 |
|  | 05/2025 | 336249 | $382665 | 1228 | 0 |
|  | 05/2025 | 415193 | 60142 | 0 | (145) |
|  JPM | 04/2025 | 75514 | 13158 | 5 | (80) |
|  | 04/2025 | 439 | 304 | 0 | (1) |
|  | 04/2025 | 6600580 | 400 | 3 | 0 |
|  | 04/2025 | 32950 | 9058 | 194 | 0 |
|  | 04/2025 | 26344210 | 176716 | 1077 | (1) |
|  | 04/2025 | 4024 | 3013 | 18 | 0 |
|  | 04/2025 | 3865 | 96 | 0 | (3) |
|  | 04/2025 | 129688 | 3955 | 49 | 0 |
|  | 04/2025 | $13168 | 75514 | 65 | 0 |
|  | 04/2025 | 862 | 775 | 14 | 0 |
|  | 04/2025 | 1322 | 1224 | 2 | 0 |
|  | 04/2025 | 1454 | 23896400 | 0 | (21) |
|  | 04/2025 | 2229 | 192366 | 18 | 0 |
|  | 04/2025 | 79268 | 11943682 | 424 | (62) |
|  | 04/2025 | 440 | 643350 | 0 | (3) |
|  | 04/2025 | 16563 | 544248 | 0 | (173) |
|  | 04/2025 | 25 | 452 | 0 | 0 |
|  | 05/2025 | 31506 | $4313 | 0 | (35) |
|  | 05/2025 | 1100 | 160 | 0 | 0 |
|  | 05/2025 | 15228828 | 917 | 5 | 0 |
|  | 05/2025 | 10405475 | 69184 | 0 | (425) |
|  | 05/2025 | $13403 | 97157 | 17 | (12) |
|  | 06/2025 | 10143 | $1390 | 0 | (14) |
|  | 06/2025 | 650282 | 31510 | 57 | 0 |
|  | 06/2025 | 8505 | 2198 | 8 | 0 |
|  | 06/2025 | $434 | 8927 | 0 | (2) |
|  | 06/2025 | 13366 | 51717 | 11 | (60) |
|  | 06/2025 | 377 | 14913 | 0 | (13) |
|  | 07/2025 | 49675 | $6883 | 4 | (7) |
|  | 07/2025 | 244678 | 7524 | 112 | 0 |
|  | 08/2025 | 47037 | 6520 | 2 | (16) |
|  | 08/2025 | 424585 | 12994 | 98 | 0 |

---

---

| | | |
|:---|:---|:---|
| **172** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  MBC | 04/2025 | 8677 | $9712 | $0 | $(95) |
|  | 04/2025 | 27618 | 28909 | 7 | (961) |
|  | 04/2025 | 973008 | 6510 | 23 | 0 |
|  | 04/2025 | 44254 | 4173 | 0 | (230) |
|  | 04/2025 | 34241 | 25632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146 | 0 |
|  | 04/2025 | 202049 | 6246 | 161 | 0 |
|  | 04/2025 | $11578 | 18600 | 45 | 0 |
|  | 04/2025 | 30 | 43 | 0 | 0 |
|  | 04/2025 | 4161 | 3663 | 0 | (20) |
|  | 04/2025 | 1666 | 11471 | 0 | (3) |
|  | 04/2025 | 3522 | 3245 | 0 | (13) |
|  | 04/2025 | 12853 | 9927 | 1 | (31) |
|  | 04/2025 | 6441 | 557034 | 66 | 0 |
|  | 04/2025 | 22058 | 3281400 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(181) |
|  | 04/2025 | 2137 | 21745 | 26 | 0 |
|  | 04/2025 | 7162 | 235276 | 0 | (76) |
|  | 04/2025 | 65665 | $3592 | 15 | 0 |
|  | 05/2025 | 43 | 30 | 0 | 0 |
|  | 05/2025 | 55943 | 7714 | 3 | (10) |
|  | 05/2025 | 11450 | 1666 | 3 | 0 |
|  | 05/2025 | 9173085 | 552 | 2 | 0 |
|  | 05/2025 | 585766 | 3937 | 19 | 0 |
|  | 05/2025 | 5403 | 161 | 1 | 0 |
|  | 05/2025 | $6610 | 47918 | 9 | (5) |
|  | 05/2025 | 13155 | 12169 | 24 | 0 |
|  | 06/2025 | 8438557 | $5865 | 117 | 0 |
|  | 06/2025 | $4596 | 17738 | 0 | (30) |
|  | 07/2025 | 23814 | $3305 | 4 | 0 |
|  | 07/2025 | 120773 | 3706 | 47 | 0 |
|  | 08/2025 | 53554 | 7433 | 11 | (17) |
|  | 08/2025 | 113083 | 3456 | 21 | 0 |
|  MYI | 04/2025 | 111360 | 78226 | 839 | 0 |
|  | 04/2025 | 3923 | 160 | 0 | (10) |
|  | 04/2025 | 161400 | 22895 | 121 | (619) |
|  | 04/2025 | 217360 | 275417 | 0 | (5358) |
|  | 04/2025 | 37 | 10 | 0 | 0 |
|  | 04/2025 | 14357 | 10726 | 40 | 0 |
|  | 04/2025 | $18487 | 123680 | 0 | (561) |
|  | 04/2025 | 1075993 | 997583 | 2693 | 0 |
|  | 04/2025 | 1556 | 50859 | 0 | (24) |
|  | 04/2025 | 11230 | 205300 | 0 | (45) |
|  | 05/2025 | 997583 | $1077738 | 0 | (2694) |
|  | 05/2025 | 8573 | 1104 | 1 | 0 |
|  | 05/2025 | 8347274 | 502 | 1 | 0 |
|  | 06/2025 | 19924 | 2748 | 0 | (9) |
|  | 06/2025 | 4949 | 1365 | 20 | 0 |
|  | 06/2025 | $451 | 1788 | 10 | 0 |
|  | 07/2025 | 165000 | $28108 | 0 | (249) |
|  NGF | 06/2025 | 8691425 | 6100 | 182 | 0 |
|  SCX | 04/2025 | 148400 | 1006 | 17 | 0 |
|  | 04/2025 | 349 | 199 | 1 | 0 |
|  | 04/2025 | 14010 | 3686 | 0 | (125) |
|  | 04/2025 | 107015 | 3297 | 75 | 0 |
|  | 04/2025 | $4409 | 72129333 | 0 | (83) |
|  | 04/2025 | 18150 | 2735658 | 89 | 0 |
|  | 04/2025 | 440 | 642666 | 0 | (3) |
|  | 04/2025 | 5396 | 9412 | 0 | (52) |
|  | 04/2025 | 2073 | 68204 | 0 | (19) |
|  | 05/2025 | 3581795 | $216 | 1 | 0 |
|  | 05/2025 | 2726485 | 18150 | 0 | (89) |
|  | 05/2025 | 9412 | 5400 | 52 | 0 |
|  | 06/2025 | 5843 | 805 | 0 | (4) |
|  | 06/2025 | $288 | 5909 | 0 | (2) |
|  | 08/2025 | 67640 | $2073 | 19 | 0 |
|  SOG | 04/2025 | 11424 | 1956 | 0 | (46) |
|  | 04/2025 | $1939 | 11424 | 63 | 0 |
|  SSB | 04/2025 | 178291 | $225685 | 0 | (4623) |
|  | 04/2025 | 58455 | 15385 | 0 | (519) |
|  | 04/2025 | 40506 | 1238 | 18 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **173** |

---

------

Schedule of Investments PIMCO StocksPLUS<sup>®</sup><sup></sup>International 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 | $500653 | 387147 | $0 | $(557) |
|  | 05/2025 | 387147 | $500615 | 552 | 0 |
|  | 05/2025 | 7397 | 1950 | 0 | (61) |
|  UAG | 04/2025 | 39600 | 5841 | 102 | 0 |
|  | 04/2025 | 8184736 | 493 | 2 | 0 |
|  | 04/2025 | 23255763 | 156306 | 1257 | 0 |
|  | 04/2025 | 1092417 | 102317 | 0 | (6361) |
|  | 04/2025 | $541 | 8959275 | 0 | (3) |
|  | 05/2025 | 1113527 | $111099 | 119 | 0 |
|  | 05/2025 | $493 | 8196247 | 0 | (2) |
|  | 06/2025 | 1826 | 7047 | 0 | (11) |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24867 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(82113) |

---

#### PURCHASED OPTIONS:

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BRC Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.750% | 10/30/2025 | 308800 | $1486 | $1219 |
| CBK Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 6.050 | 10/30/2025 | 57800 | 14 | 1 |
| MYC Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.750 | 10/30/2025 | 4300 | 21 | 17 |
|  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;1521 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1237 |

---

#### WRITTEN OPTIONS:

#### CREDIT DEFAULT SWAPTIONS ON CREDIT INDEXES

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Buy/Sell<br>Protection | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
|  GST | Put - OTC CDX.IG-43 5-Year Index | Sell | 0.700% | 05/21/2025 | 4400 | $(6) | $(4) |
|  | Put - OTC CDX.IG-43 5-Year Index | Sell | 0.700 | 06/18/2025 | 4300 | (8) | (5) |
|  | Put - OTC CDX.IG-43 5-Year Index | Sell | 0.750 | 06/18/2025 | 9200 | (12) | (9) |
|  | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.850 | 06/18/2025 | 9100 | (8) | (9) |
|  | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.900 | 07/16/2025 | 8600 | (10) | (10) |
|  JPM | Put - OTC CDX.IG-44 5-Year Index | Sell | 1.000 | 07/16/2025 | 4000 | (4) | (4) |
|  RBC | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.900 | 07/16/2025 | 2400 | (3) | (3) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44) |

---

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive <br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BPS Call - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.400% | 04/07/2025 | 1900 | $(4) | $(5) |
| Put - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.750 | 04/07/2025 | 1900 | (4) | 0 |
| BRC Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 2.830 | 10/30/2025 | 308800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(551) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(352) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.290 | 10/30/2025 | 308800 | (919) | (650) |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.510 | 04/07/2025 | 1400 | (5) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.860 | 04/07/2025 | 1400 | (5) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.550 | 04/11/2025 | 1300 | (5) | (3) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.900 | 04/11/2025 | 1300 | (5) | (1) |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.550 | 04/14/2025 | 1400 | (5) | (4) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.920 | 04/14/2025 | 1400 | (5) | (1) |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.450 | 04/30/2025 | 1500 | (5) | (3) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.760 | 04/30/2025 | 1500 | (5) | (7) |
| CBK Call - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.350 | 04/25/2025 | 1100 | (2) | (4) |
| Put - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.650 | 04/25/2025 | 1100 | (2) | (1) |
| FAR Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.715 | 04/24/2025 | 2900 | (11) | (21) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.065 | 04/24/2025 | 2900 | (11) | (4) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.593 | 04/30/2025 | 2800 | (11) | (12) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.943 | 04/30/2025 | 2800 | (12) | (11) |
| GLM Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.535 | 04/10/2025 | 4100 | (17) | (5) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.985 | 04/10/2025 | 4100 | (17) | (4) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.723 | 04/14/2025 | 2600 | (12) | (15) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.073 | 04/14/2025 | 2600 | (12) | (2) |

---

---

| | | |
|:---|:---|:---|
| **174** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Floating Rate Index** | **Pay/Receive <br>Floating Rate** | **Exercise<br>Rate** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Premiums<br>(Received)** | **Market<br>Value** |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.695% | 04/17/2025 | 900 | $(4) | $(5) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.045 | 04/17/2025 | 900 | (4) | (1) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.710 | 04/21/2025 | 2200 | (9) | (14) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.060 | 04/21/2025 | 2200 | (9) | (3) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.713 | 04/28/2025 | 2500 | (9) | (19) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.063 | 04/28/2025 | 2500 | (9) | (4) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.600 | 04/30/2025 | 2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.950 | 04/30/2025 | 2300 | (10) | (8) |
| MYC Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 2.830 | 10/30/2025 | 4300 | (8) | (5) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.290 | 10/30/2025 | 4300 | (13) | (9) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.710 | 04/14/2025 | 3000 | (13) | (16) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.060 | 04/14/2025 | 3000 | (13) | (2) |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.520 | 04/07/2025 | 1300 | (5) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.890 | 04/07/2025 | 1300 | (5) | 0 |
| NGF Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.530 | 04/17/2025 | 1400 | (5) | (4) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.890 | 04/17/2025 | 1400 | (5) | (2) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1756) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1209) |
|  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;(1807) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1253) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(3)</sup> |  | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(5)</sup> | Swap Agreements,<br>at Value<sup>(5)</sup> |
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(3)</sup> |  | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| DUB | Petroleos Mexicanos « | 4.750% | Monthly | 07/06/2026 |  | <sup>¨</sup>% | $3483 | $0 | $24 | $24 | $0 |
|  | Petroleos Mexicanos « | 4.850 | Monthly | 07/06/2026 |  | <sup>¨</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1788 | 0 | 14 | 14 | 0 |
| GST | Soft Bank Group, Inc. | 1.000 | Quarterly | 06/20/2026 | 1.326 |  | 700 | (6) | 4 | 0 | (2) |
| MYC | Saudi Arabia Government International Bond | 1.000 | Quarterly | 06/20/2025 | 0.253 |  | 100 | 1 | (1) | 0 | 0 |
|  |  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Notional<br>Amount<sup>(4)</sup> | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(5)</sup> | Swap Agreements,<br>at Value<sup>(5)</sup> |
| **Counterparty** | **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Notional<br>Amount<sup>(4)</sup> | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BOA | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000% | Quarterly | 12/20/2029 | 15554 | $3019 | $58 | $3077 | $0 |
| BPS | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 | 15062 | 2983 | (4) | 2979 | 0 |
| GST | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 | 9450 | 1887 | (18) | 1869 | 0 |
| JPM | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 | 73929 | 15190 | (565) | 14625 | 0 |
| SAL | CMBX.NA.AAA.16 Index | 0.500 | Monthly | 04/17/2065 | $9000 | (138) | 0 | 0 | (138) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22941 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(529) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22550 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(138) |

---

#### TOTAL RETURN SWAPS ON INDEXES

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/Receive<sup>(6)</sup>** | **Underlying Reference** | **# of Units** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| **Counterparty** | **Pay/Receive<sup>(6)</sup>** | **Underlying Reference** | **# of Units** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  BPS | Receive | NDDUEAFE Index  | 55541 | 4.570% (FEDL01 plus a specified spread) | Monthly | 07/23/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479669 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1714) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1714) |
|  CBK | Receive | NDDUEAFE Index  | 10363 | 4.780% (FEDL01 plus a specified spread) | Monthly | 05/21/2025 | 89498 | 0 | (335) | 0 | (335) |
|  | Receive | NDDUEAFE Index  | 14812 | 4.610% (FEDL01 plus a specified spread) | Monthly | 09/24/2025 | 127921 | 0 | (461) | 0 | (461) |
|  | Receive | NDDUEAFE Index  | 1780 | 4.660% (FEDL01 plus a specified spread) | Monthly | 09/24/2025 | 15373 | 0 | (56) | 0 | (56) |
|  | Receive | NDDUEAFE Index  | 12520 | 4.800% (FEDL01 plus a specified spread) | Monthly | 11/19/2025 | 108126 | 0 | (406) | 0 | (406) |
|  FAR | Pay | DJITR Index  | 413 | 5.110 | Monthly | 06/20/2025 | 43591 | 0 | 32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | 0 |
|  GST | Receive | NDDUEAFE Index | 6216 | 4.320 | Monthly | 06/11/2025 | 53683 | 0 | (73) | 0 | (73) |
|  | Receive | NDDUEAFE Index  | 16593 | 4.680% (FEDL01 plus a specified spread) | Monthly | 11/03/2025 | 143302 | 0 | (524) | 0 | (524) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **175** |

---

------

Schedule of Investments PIMCO StocksPLUS<sup>®</sup><sup></sup>International Fund (U.S. Dollar-Hedged) (Cont.)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/Receive<sup>(6)</sup>** | **Underlying Reference** | **# of Units** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Swap Agreements,<br>at Value** | **Swap Agreements,<br>at Value** |
| **Counterparty** | **Pay/Receive<sup>(6)</sup>** | **Underlying Reference** | **# of Units** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  JPM | Receive | NDDUEAFE Index  | 21114 | 4.710% (FEDL01 plus a specified spread) | Monthly | 05/07/2025 | $182347 | $0 | $(672) | $0 | $(672) |
|  | Receive | NDDUEAFE Index  | 16555 | 4.650% (FEDL01 plus a specified spread) | Monthly | 07/16/2025 | 142974 | 0 | (520) | 0 | (520) |
|  | Receive | NDDUEAFE Index  | 21114 | 4.690% (FEDL01 plus a specified spread) | Monthly | 11/05/2025 | 182347 | 0 | (669) | 0 | (669) |
|  MEI | Receive | NDDUEAFE Index  | 9192 | 4.610% (FEDL01 plus a specified spread) | Monthly | 09/24/2025 | 79385 | 0 | (286) | 0 | (286) |
|  MYI | Receive | NDDUEAFE Index  | 35615 | 4.550% (FEDL01 plus a specified spread) | Monthly | 04/16/2025 | 307582 | 0 | (1095) | 0 | (1095) |
|  | Receive | NDDUEAFE Index  | 10755 | 4.635% (FEDL01 plus a specified spread) | Monthly | 06/04/2025 | 92883 | 0 | (337) | 0 | (337) |
|  | Receive | NDDUEAFE Index  | 1781 | 4.680% (FEDL01 plus a specified spread) | Monthly | 06/04/2025 | 15381 | 0 | (56) | 0 | (56) |
|  | Receive | NDDUEAFE Index  | 41678 | 4.840% (FEDL01 plus a specified spread) | Maturity | 01/21/2026 | 336921 | 0 | 17027 | 17027 | 0 |
|  SOG | Receive | NDDUEAFE Index  | 55542 | 4.675% (FEDL01 plus a specified spread) | Monthly | 01/21/2026 | 479678 | 0 | (1754) | 0 | (1754) |
|  UAG | Receive | NDDUEAFE Index  | 12977 | 4.630% (FEDL01 plus a specified spread) | Monthly | 07/02/2025 | 112073 | 0 | (406) | 0 | (406) |
|  | Receive | NDDUEAFE Index  | 12520 | 4.650% (FEDL01 plus a specified spread) | Monthly | 08/20/2025 | 108127 | 0 | (393) | 0 | (393) |
|  |  |  |  |  |  |  |  | $0 | $7302 | $17059 | $(9757) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $22936 | $6814 | $39647 | $(9897) |

---

#### 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 | $998 | $0 | $0 | $998 | $(482) | $0 | $0 | $(482) | $516 | $(1080) | $(564) |
|  BOA | 62 | 0 | 3077 | 3139 | (390) | 0 | 0 | (390) | 2749 | (2630) | 119 |
|  BPS | 3619 | 0 | 2979 | 6598 | (2068) | (5) | (1714) | (3787) | 2811 | (9875) | (7064) |
|  BRC | 63 | 1219 | 0 | 1282 | (2914) | (1022) | 0 | (3936) | (2654) | 5188 | 2534 |
|  BSH | 493 | 0 | 0 | 493 | (824) | 0 | 0 | (824) | (331) | 542 | 211 |
|  CBK | 3157 | 1 | 0 | 3158 | (2783) | (5) | (1258) | (4046) | (888) | (4256) | (5144) |
|  DUB | 3335 | 0 | 38 | 3373 | (11258) | 0 | 0 | (11258) | (7885) | 9715 | 1830 |
|  FAR | 1061 | 0 | 32 | 1093 | (34441) | (48) | 0 | (34489) | (33396) | 34461 | 1065 |
|  GLM | 1497 | 0 | 0 | 1497 | (850) | (90) | 0 | (940) | 557 | (480) | 77 |
|  GST | 0 | 0 | 1869 | 1869 | 0 | (37) | (599) | (636) | 1233 | (2710) | (1477) |
|  IND | 1374 | 0 | 0 | 1374 | (1374) | 0 | 0 | (1374) | 0 | 0 | 0 |
|  JPM | 2183 | 0 | 14625 | 16808 | (928) | (4) | (1861) | (2793) | 14015 | (21880) | (7865) |
|  MBC | 751 | 0 | 0 | 751 | (1672) | 0 | 0 | (1672) | (921) | 694 | (227) |
|  MEI | 0 | 0 | 0 | 0 | 0 | 0 | (286) | (286) | (286) | (1090) | (1376) |
|  MYC | 0 | 17 | 0 | 17 | 0 | (33) | 0 | (33) | (16) | (80) | (96) |
|  MYI | 3725 | 0 | 17027 | 20752 | (9569) | 0 | (1488) | (11057) | 9695 | (23669) | (13974) |
|  NGF | 182 | 0 | 0 | 182 | 0 | (6) | 0 | (6) | 176 | (142) | 34 |
|  RBC | 0 | 0 | 0 | 0 | 0 | (3) | 0 | (3) | (3) | 0 | (3) |
|  SAL | 0 | 0 | 0 | 0 | 0 | 0 | (138) | (138) | (138) | 0 | (138) |
|  SCX | 254 | 0 | 0 | 254 | (377) | 0 | 0 | (377) | (123) | 0 | (123) |
|  SOG | 63 | 0 | 0 | 63 | (46) | 0 | (1754) | (1800) | (1737) | (6580) | (8317) |
|  SSB | 570 | 0 | 0 | 570 | (5760) | 0 | 0 | (5760) | (5190) | 5987 | 797 |
|  UAG | 1480 | 0 | 0 | 1480 | (6377) | 0 | (799) | (7176) | (5696) | 2775 | (2921) |
|  Total Over the Counter | $24867 | $1237 | $39647 | $65751 | $(82113) | $(1253) | $(9897) | $(93263) |  |  |  |

---

(j) Securities with an aggregate market value of $59,362 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of March 31, 2025.

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

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

---

| | | |
|:---|:---|:---|
| **176** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

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

<sup>(4)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

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

<sup>(6)</sup> Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference. 

<sup>(7)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

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

Fair Values of Financial Derivative Instruments on the 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 | $214 | $214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 58 | 0 | 0 | 1595 | 1653 |
|  | $0 | $58 | $0 | $0 | $1809 | $1867 |
|  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 | $24867 | $0 | $24867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 1237 | 1237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 22588 | 17059 | 0 | 0 | 39647 |
|  | $0 | $22588 | $17059 | $24867 | $1237 | $65751 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22646 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17059 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24867 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3046 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67618 |
|  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 | $73 | $73 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 1126 | 0 | 265 | 1391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 38 | 0 | 0 | 2180 | 2218 |
|  | $0 | $38 | $1126 | $0 | $2518 | $3682 |
|  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 | $82113 | $0 | $82113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 44 | 0 | 0 | 1209 | 1253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 140 | 9757 | 0 | 0 | 9897 |
|  | $0 | $184 | $9757 | $82113 | $1209 | $93263 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $222 | $10883 | $82113 | $3727 | $96945 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 177

------

Schedule of Investments PIMCO StocksPLUS<sup>®</sup><sup></sup>International Fund (U.S. Dollar-Hedged) (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 |
|  | 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 | $426 | $426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | (4647) | 0 | 641 | (4006) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 9813 | 0 | 0 | 5593 | 15406 |
|  | $0 | $9813 | $(4647) | $0 | $6660 | $11826 |
|  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 | $141888 | $0 | $141888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | (230) | (230) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 2152 | 2152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1041 | 95424 | 0 | 0 | 96465 |
|  | $0 | $1041 | $95424 | $141888 | $1922 | $240275 |
|  | $0 | $10854 | $90777 | $141888 | $8582 | $252101 |
|  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 | $(27) | $(27) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | (692) | 0 | 4904 | 4212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (3179) | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11203) | (14382) |
|  | $0 | $(3179) | $(692) | $0 | $(6326) | $(10197) |
|  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 | $(93519) | $0 | $(93519) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | (445) | (445) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 7 | 0 | 0 | 423 | 430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (488) | (91523) | 0 | 0 | (92011) |
|  | $0 | $(481) | $(91523) | $(93519) | $(22) | $(185545) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3660) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(92215) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(93519) | $(6348) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(195742) |

---

#### 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 | $4723 | $3136 | $7859 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | 108316 | 0 | 108316 |
| &nbsp;&nbsp; Industrials | 0 | 35443 | 0 | 35443 |
| &nbsp;&nbsp; Utilities | 0 | 43121 | 0 | 43121 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; California | 0 | 1992 | 0 | 1992 |
| &nbsp;&nbsp; Illinois | 0 | 2984 | 0 | 2984 |
| &nbsp;&nbsp; Pennsylvania | 0 | 103 | 0 | 103 |
|  U.S. Government Agencies | 0 | 1608752 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1608752 |
|  U.S. Treasury Obligations | 0 | 200903 | 0 | 200903 |
|  Non-Agency Mortgage-Backed Securities | 0 | 269588 | 0 | 269588 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile ABS Other | 0 | 5291 | 0 | 5291 |
| &nbsp;&nbsp; Automobile Sequential | 0 | 202605 | 0 | 202605 |
| &nbsp;&nbsp; CMBS Other | 0 | 43129 | 0 | 43129 |
| &nbsp;&nbsp; CMBS Subordinated | 0 | 7234 | 0 | 7234 |
| &nbsp;&nbsp; Credit Card Bullet | 0 | 70110 | 0 | 70110 |
| &nbsp;&nbsp; Home Equity Other | 0 | 211941 | 0 | 211941 |
| &nbsp;&nbsp; Home Equity Sequential | 0 | 247 | 0 | 247 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 21761 | 0 | 21761 |
| &nbsp;&nbsp; Other ABS | 0 | 283706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6434 | 290140 |
|  Sovereign Issues | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221034 | 0 | 221034 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Communication Services | 919 | 0 | 0 | 919 |
| &nbsp;&nbsp; Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5952 | 0 | 0 | 5952 |
| &nbsp;&nbsp; Consumer Staples | 2105 | 0 | 0 | 2105 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>03/31/2025** |
| &nbsp;&nbsp; Energy | $1068 | $0 | $0 | $1068 |
| &nbsp;&nbsp; Financials | 10693 | 0 | 0 | 10693 |
| &nbsp;&nbsp; Health Care | 6962 | 0 | 0 | 6962 |
| &nbsp;&nbsp; Industrials | 5482 | 0 | 0 | 5482 |
| &nbsp;&nbsp; Information Technology | 8198 | 0 | 0 | 8198 |
| &nbsp;&nbsp; Materials | 2229 | 0 | 0 | 2229 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Commercial Paper | 0 | 181468 | 0 | 181468 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 1055300 | 0 | 1055300 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 58658 | 0 | 58658 |
|  | $43608 | $4638409 | $9570 | $4691587 |
|  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 | $322301 | $0 | $0 | $322301 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365909 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4638409 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9570 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5013888 |
|  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 | $(104517) | $0 | $(104517) |
|  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 | 2 | 1865 | 0 | 1867 |
|  Over the counter | 0 | 65713 | 38 | 65751 |
|  | $2 | $67578 | $38 | $67618 |

---

178 PIMCO EQUITY-RELATED STRATEGY FUNDS See Accompanying Notes

------

March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>03/31/2025** |
|  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 | $(132) | $(2530) | $0 | $(2662) |
|  Over the counter | 0 | (93263) | 0 | (93263) |
|  | $(132) | $(95793) | $0 | $(95925) |
|  Total Financial Derivative Instruments | $(130) | $(28215) | $38 | $(28307) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365779 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4505677 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9608 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4881064 |

---

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 | **179** |

---

------

Schedule of Investments PIMCO StocksPLUS<sup>®</sup><sup></sup>International 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 130.8% | INVESTMENTS IN SECURITIES 130.8% | INVESTMENTS IN SECURITIES 130.8% |
| CORPORATE BONDS & NOTES 6.6% | CORPORATE BONDS & NOTES 6.6% | CORPORATE BONDS & NOTES 6.6% |
| BANKING & FINANCE 4.0% | BANKING & FINANCE 4.0% | BANKING & FINANCE 4.0% |
|  American Express Co. | American Express Co. | American Express Co. |
|  5.284% due 07/26/2035 •  | 500 | 500 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  1.734% due 07/22/2027 •  | 300 | 289 |
|  Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia |
|  5.450% due 08/01/2029 | 500 | 514 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  5.501% due 08/09/2028 •  | 200 | 203 |
|  7.437% due 11/02/2033 •  | 300 | 335 |
|  Citibank NA | Citibank NA | Citibank NA |
|  4.838% due 08/06/2029 | 200 | 202 |
|  Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP |
|  5.400% due 06/15/2035 | 100 | 100 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  3.815% due 11/02/2027 | 200 | 191 |
|  5.800% due 03/05/2027 | 200 | 201 |
|  5.800% due 03/08/2029 | 200 | 198 |
|  Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP |
|  5.500% due 04/15/2035 | 100 | 98 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  5.887% due 08/14/2027 •  | 200 | 203 |
|  Jackson National Life Global Funding | Jackson National Life Global Funding | Jackson National Life Global Funding |
|  5.600% due 04/10/2026 | 500 | 505 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  3.782% due 02/01/2028 •  | 400 | 395 |
|  5.040% due 01/23/2028 •  | 100 | 101 |
|  Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. |
|  5.594% due 07/10/2035 •  | 200 | 205 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  1.512% due 07/20/2027 •  | 500 | 481 |
|  4.654% due 10/18/2030 •  | 100 | 99 |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
|  5.783% due 07/03/2034 | 200 | 205 |
|  Prologis LP | Prologis LP | Prologis LP |
|  4.200% due 02/15/2033 | 100 | 70 |
|  5.000% due 01/31/2035 | 100 | 99 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  5.558% due 07/09/2034 | 200 | 206 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  4.751% due 05/12/2028 •  | 400 | 400 |
|  VICI Properties LP | VICI Properties LP | VICI Properties LP |
|  4.750% due 02/15/2028 | 400 | 400 |
|  |  | 6200 |
| INDUSTRIALS 1.3% | INDUSTRIALS 1.3% | INDUSTRIALS 1.3% |
|  Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC |
|  6.500% due 11/21/2033 | 200 | 210 |
|  Boeing Co. | Boeing Co. | Boeing Co. |
|  6.528% due 05/01/2034 | 200 | 214 |
|  Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. |
|  5.550% due 10/01/2034 | 600 | 587 |
|  Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. |
|  4.900% due 06/15/2030 | 300 | 287 |
|  Sands China Ltd. | Sands China Ltd. | Sands China Ltd. |
|  2.850% due 03/08/2029 | 400 | 362 |
|  T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
|  3.875% due 04/15/2030 | 100 | 96 |
|  4.200% due 10/01/2029 | 200 | 196 |
|  United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust |
|  5.875% due 04/15/2029 | 85 | 87 |
|  |  | 2039 |
| UTILITIES 1.3% | UTILITIES 1.3% | UTILITIES 1.3% |
|  Edison International | Edison International | Edison International |
|  6.250% due 03/15/2030 | 100 | 101 |
|  ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |
|  5.050% due 11/01/2034 | 600 | 580 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  4.500% due 07/01/2040 | 100 | 85 |
|  5.700% due 03/01/2035 | 100 | 100 |
|  6.150% due 03/01/2055 | 100 | 98 |
|  6.700% due 04/01/2053 | 500 | 521 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  4.875% due 02/01/2027 | 100 | 100 |
|  5.150% due 06/01/2029 | 400 | 403 |
|  |  | 1988 |
|  Total Corporate Bonds & Notes (Cost $10,205) | Total Corporate Bonds & Notes (Cost $10,205) | 10227 |
| U.S. GOVERNMENT AGENCIES 51.3% | U.S. GOVERNMENT AGENCIES 51.3% | U.S. GOVERNMENT AGENCIES 51.3% |
|  Fannie Mae | Fannie Mae | Fannie Mae |
|  4.000% due 04/25/2042 | 453 | 434 |
|  4.202% due 10/01/2029 ~ | 900 | 895 |
|  4.300% due 12/01/2029 | 601 | 599 |
|  4.705% due 09/01/2031 •  | 1700 | 1718 |
|  4.834% due 07/25/2037 •  | 1 | 1 |
|  4.854% due 09/25/2035 •  | 2 | 2 |
|  4.864% due 09/25/2035 •  | 3 | 3 |
|  5.174% due 06/25/2037 •  | 6 | 6 |
|  5.300% due 11/01/2030 | 800 | 831 |
|  Freddie Mac | Freddie Mac | Freddie Mac |
|  3.000% due 09/01/2032 | 427 | 413 |
|  4.000% due 07/15/2042 | 427 | 399 |
|  5.000% due 03/01/2038 | 80 | 81 |
|  5.033% due 06/15/2041 •  | 29 | 29 |
|  5.163% due 08/15/2037 •  | 6 | 6 |
|  5.173% due 10/15/2037 •  | 1 | 1 |
|  5.183% due 05/15/2037 - 09/15/2037 •  | 7 | 8 |
|  5.280% due 11/25/2054 •  | 694 | 695 |
|  5.440% due 11/25/2054 •  | 736 | 734 |
|  5.500% due 07/01/2028 - 07/01/2038 | 5 | 4 |
|  Ginnie Mae | Ginnie Mae | Ginnie Mae |
|  3.500% due 01/15/2042 - 06/15/2045 | 194 | 183 |
|  4.640% due 11/20/2062 •  | 27 | 27 |
|  5.000% due 08/15/2038 - 05/15/2039 | 27 | 29 |
|  6.000% due 08/15/2037 | 13 | 14 |
|  Ginnie Mae, TBA | Ginnie Mae, TBA | Ginnie Mae, TBA |
|  4.500% due 05/01/2055 | 670 | 643 |
|  5.000% due 04/01/2055 | 2350 | 2312 |
|  U.S. Small Business Administration | U.S. Small Business Administration | U.S. Small Business Administration |
|  4.430% due 05/01/2029 | 3 | 3 |
|  5.290% due 12/01/2027 | 1 | 1 |
|  6.220% due 12/01/2028 | 1 | 1 |
|  Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security |
|  3.000% due 01/01/2027 | 51 | 51 |
|  3.500% due 09/01/2047 - 08/01/2048 | 725 | 663 |
|  4.000% due 07/01/2025 - 09/01/2025 | 1 | 0 |
|  4.500% due 01/01/2035 - 12/01/2054 | 2734 | 2632 |
|  5.000% due 02/01/2053 | 724 | 712 |
|  5.500% due 01/01/2033 - 09/01/2041 | 267 | 270 |
|  5.500% due 04/01/2054 - 05/01/2054 | 1906 | 1904 |
|  6.000% due 07/01/2036 - 05/01/2041 | 87 | 90 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  3.000% due 05/01/2055 | 3700 | 3206 |
|  4.000% due 05/01/2055 - 06/01/2055 | 12310 | 11449 |
|  4.500% due 05/01/2055 | 4200 | 4016 |
|  5.000% due 04/01/2055 | 4500 | 4411 |
|  5.500% due 05/01/2055 | 1400 | 1397 |
|  6.000% due 06/01/2055 | 17600 | 17842 |
|  6.500% due 06/01/2055 | 19560 | 20137 |
|  Total U.S. Government Agencies<br>(Cost $78,762) | Total U.S. Government Agencies<br>(Cost $78,762) | 78852 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| U.S. TREASURY OBLIGATIONS 7.3% | U.S. TREASURY OBLIGATIONS 7.3% | U.S. TREASURY OBLIGATIONS 7.3% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  3.875% due 05/15/2043 (g) | 2100 | 1917 |
|  4.125% due 08/15/2053 | 1600 | 1475 |
|  4.625% due 05/15/2044 | 2000 | 2007 |
|  U.S. Treasury Inflation Protected Securities (d) | U.S. Treasury Inflation Protected Securities (d) | U.S. Treasury Inflation Protected Securities (d) |
|  1.875% due 07/15/2034 | 3644 | 3679 |
|  2.125% due 04/15/2029 | 2054 | 2115 |
|  Total U.S. Treasury Obligations (Cost $11,350) | Total U.S. Treasury Obligations (Cost $11,350) | 11193 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 9.4% | NON-AGENCY MORTGAGE-BACKED SECURITIES 9.4% | NON-AGENCY MORTGAGE-BACKED SECURITIES 9.4% |
|  American Home Mortgage Assets Trust | American Home Mortgage Assets Trust | American Home Mortgage Assets Trust |
|  4.625% due 10/25/2046 •  | 1921 | 988 |
|  Avon Finance PLC | Avon Finance PLC | Avon Finance PLC |
|  5.357% due 12/28/2049 •  | 592 | 767 |
|  BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust |
|  5.122% due 03/27/2037 •  | 139 | 118 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  4.630% due 11/25/2035 •  | 882 | 802 |
|  4.755% due 02/25/2034 ~ | 4 | 3 |
|  4.755% due 06/25/2046 •  | 199 | 179 |
|  4.775% due 04/25/2037 •  | 181 | 160 |
|  ChaseFlex Trust | ChaseFlex Trust | ChaseFlex Trust |
|  5.035% due 07/25/2037 •  | 856 | 742 |
|  Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates |
|  4.665% due 07/25/2036 •  | 64 | 60 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  5.793% due 06/25/2036 ~ | 17 | 16 |
|  6.170% due 09/25/2062 þ | 865 | 866 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.598% due 03/25/2047 •  | 880 | 694 |
|  4.755% due 02/25/2047 •  | 6 | 6 |
|  4.785% due 05/25/2037 ~ | 541 | 168 |
|  4.795% due 05/25/2047 ~ | 40 | 36 |
|  4.915% due 08/25/2047 •  | 657 | 578 |
|  5.635% due 02/25/2036 ~ | 4 | 4 |
|  6.000% due 12/25/2034 | 481 | 432 |
|  Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust |
|  5.160% due 11/25/2034 •  | 1 | 1 |
|  Deutsche ALT-A Securities, Inc. Mortgage Loan Trust | Deutsche ALT-A Securities, Inc. Mortgage Loan Trust | Deutsche ALT-A Securities, Inc. Mortgage Loan Trust |
|  4.735% due 03/25/2037 •  | 240 | 224 |
|  First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust |
|  6.351% due 11/25/2037 •  | 66 | 50 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  6.000% due 03/25/2037 | 1 | 1 |
|  6.250% due 10/25/2036 | 67 | 62 |
|  6.697% due 09/25/2035 •  | 2 | 2 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  4.835% due 11/25/2046 •  | 528 | 503 |
|  4.975% due 10/25/2036 •  | 137 | 56 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  5.211% due 08/25/2034 •  | 3 | 3 |
|  5.590% due 07/25/2035 ~ | 101 | 97 |
|  Luminent Mortgage Trust | Luminent Mortgage Trust | Luminent Mortgage Trust |
|  4.835% due 10/25/2046 •  | 2107 | 1914 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  5.312% due 09/25/2035 •  | 13 | 10 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  4.715% due 01/25/2036 •  | 240 | 128 |
|  New York Mortgage Trust | New York Mortgage Trust | New York Mortgage Trust |
|  5.250% due 07/25/2062 þ | 557 | 554 |
|  Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust |
|  5.476% due 05/25/2035 þ | 2 | 1 |
|  PRKCM Trust | PRKCM Trust | PRKCM Trust |
|  6.584% due 09/25/2058 þ | 499 | 504 |
|  Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust |
|  4.775% due 01/25/2037 ~ | 184 | 160 |
|  4.805% due 08/25/2036 •  | 61 | 56 |
|  5.995% due 09/25/2045 •  | 5 | 4 |
|  6.000% due 03/25/2037 | 577 | 490 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  4.735% due 02/25/2037 •  | 100 | 98 |

---

---

| | | |
|:---|:---|:---|
| **180** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust |
|  4.695% due 03/25/2037 ~ | $| 3 | 1 |
|  Taurus U.K. DAC | Taurus U.K. DAC | Taurus U.K. DAC | Taurus U.K. DAC |
|  5.316% due 05/17/2031 •  | GBP | 298 | 384 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  2.750% due 06/25/2057 ~ | $| 446 | 434 |
|  3.750% due 05/25/2058 ~ |  | 351 | 343 |
|  Trinity Square PLC | Trinity Square PLC | Trinity Square PLC | Trinity Square PLC |
|  5.470% due 07/15/2059 ~ | GBP | 426 | 551 |
|  Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust |
|  6.443% due 08/25/2068 þ | $| 362 | 366 |
|  Wachovia Mortgage Loan Trust LLC | Wachovia Mortgage Loan Trust LLC | Wachovia Mortgage Loan Trust LLC | Wachovia Mortgage Loan Trust LLC |
|  7.507% due 10/20/2035 ~ |  | 24 | 23 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  3.474% due 01/25/2037 ~ |  | 42 | 35 |
|  4.846% due 08/25/2046 ~ |  | 273 | 250 |
|  5.555% due 09/25/2046 •  |  | 579 | 525 |
|  5.635% due 02/25/2046 ~ |  | 12 | 11 |
|  5.835% due 11/25/2042 •  |  | 5 | 5 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $14,629) | Total Non-Agency Mortgage-Backed Securities (Cost $14,629) | Total Non-Agency Mortgage-Backed Securities (Cost $14,629) | 14465 |
| ASSET-BACKED SECURITIES 30.0% | ASSET-BACKED SECURITIES 30.0% | ASSET-BACKED SECURITIES 30.0% | ASSET-BACKED SECURITIES 30.0% |
| AUTOMOBILE ABS OTHER 1.2% | AUTOMOBILE ABS OTHER 1.2% | AUTOMOBILE ABS OTHER 1.2% | AUTOMOBILE ABS OTHER 1.2% |
|  Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
|  5.050% due 05/12/2031 |  | 500 | 502 |
|  Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust |
|  4.480% due 04/16/2029 |  | 700 | 699 |
|  4.640% due 01/15/2030 |  | 600 | 600 |
|  Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust |
|  5.019% due 10/15/2026 •  |  | 48 | 48 |
|  |  |  | 1849 |
| AUTOMOBILE SEQUENTIAL 3.5% | AUTOMOBILE SEQUENTIAL 3.5% | AUTOMOBILE SEQUENTIAL 3.5% | AUTOMOBILE SEQUENTIAL 3.5% |
|  Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC |
|  5.900% due 08/21/2028 |  | 400 | 411 |
|  6.120% due 04/20/2027 |  | 1000 | 1012 |
|  BMW Vehicle Owner Trust | BMW Vehicle Owner Trust | BMW Vehicle Owner Trust | BMW Vehicle Owner Trust |
|  5.470% due 02/25/2028 |  | 472 | 475 |
|  Citizens Auto Receivables Trust | Citizens Auto Receivables Trust | Citizens Auto Receivables Trust | Citizens Auto Receivables Trust |
|  5.110% due 04/17/2028 |  | 100 | 101 |
|  5.430% due 10/15/2026 |  | 73 | 73 |
|  Drive Auto Receivables Trust | Drive Auto Receivables Trust | Drive Auto Receivables Trust | Drive Auto Receivables Trust |
|  5.830% due 12/15/2026 |  | 27 | 27 |
|  Fifth Third Auto Trust | Fifth Third Auto Trust | Fifth Third Auto Trust | Fifth Third Auto Trust |
|  5.800% due 11/16/2026 |  | 31 | 31 |
|  GECU Auto Receivables Trust | GECU Auto Receivables Trust | GECU Auto Receivables Trust | GECU Auto Receivables Trust |
|  5.950% due 03/15/2027 |  | 113 | 113 |
|  GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust |
|  5.570% due 02/16/2027 |  | 127 | 127 |
|  6.040% due 03/15/2027 |  | 63 | 63 |
|  GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust |
|  5.960% due 10/16/2028 |  | 300 | 304 |
|  Hertz Vehicle Financing LLC | Hertz Vehicle Financing LLC | Hertz Vehicle Financing LLC | Hertz Vehicle Financing LLC |
|  5.440% due 01/25/2029 |  | 800 | 812 |
|  5.490% due 06/25/2027 |  | 600 | 604 |
|  Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust |
|  2.650% due 03/25/2030 |  | 127 | 124 |
|  5.320% due 09/25/2030 |  | 168 | 168 |
|  5.380% due 11/25/2030 |  | 111 | 111 |
|  7.130% due 01/26/2032 |  | 281 | 283 |
|  SBNA Auto Lease Trust | SBNA Auto Lease Trust | SBNA Auto Lease Trust | SBNA Auto Lease Trust |
|  5.450% due 01/20/2026 |  | 88 | 88 |
|  Veros Auto Receivables Trust | Veros Auto Receivables Trust | Veros Auto Receivables Trust | Veros Auto Receivables Trust |
|  7.120% due 11/15/2028 |  | 92 | 92 |
|  Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust |
|  5.960% due 10/15/2026 |  | 48 | 48 |
|  6.230% due 01/15/2027 |  | 324 | 325 |
|  |  |  | 5392 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| CMBS OTHER 4.1% | CMBS OTHER 4.1% | CMBS OTHER 4.1% |
|  AREIT Trust | AREIT Trust | AREIT Trust |
|  6.561% due 06/17/2039 ~ | 1386 | 1388 |
|  7.113% due 06/17/2039 •  | 1300 | 1303 |
|  Fortress Credit Investments Ltd. | Fortress Credit Investments Ltd. | Fortress Credit Investments Ltd. |
|  6.192% due 02/23/2039 •  | 314 | 308 |
|  MF1 Ltd. | MF1 Ltd. | MF1 Ltd. |
|  6.067% due 02/19/2037 •  | 1300 | 1305 |
|  Starwood Commercial Mortgage Trust | Starwood Commercial Mortgage Trust | Starwood Commercial Mortgage Trust |
|  6.149% due 11/15/2038 •  | 2000 | 1990 |
|  |  | 6294 |
| HOME EQUITY OTHER 11.4% | HOME EQUITY OTHER 11.4% | HOME EQUITY OTHER 11.4% |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  4.715% due 07/25/2036 •  | 295 | 222 |
|  8.935% due 08/25/2040 •  | 691 | 646 |
|  Argent Securities Trust | Argent Securities Trust | Argent Securities Trust |
|  4.735% due 07/25/2036 •  | 440 | 392 |
|  4.755% due 05/25/2036 •  | 2757 | 665 |
|  Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates |
|  3.784% due 01/25/2034 •  | 312 | 296 |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  4.755% due 08/25/2036 ~ | 78 | 75 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  4.755% due 09/25/2036 •  | 831 | 632 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.575% due 01/25/2037 •  | 4180 | 3891 |
|  4.835% due 09/25/2047 •  | 295 | 276 |
|  4.915% due 03/25/2036 ~ | 62 | 56 |
|  5.470% due 12/25/2035 •  | 770 | 762 |
|  5.500% due 07/25/2035 •  | 37 | 37 |
|  Ellington Loan Acquisition Trust | Ellington Loan Acquisition Trust | Ellington Loan Acquisition Trust |
|  5.485% due 05/25/2037 •  | 276 | 270 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  4.505% due 12/25/2036 ~ | 4 | 2 |
|  4.895% due 01/25/2037 •  | 902 | 771 |
|  HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust |
|  4.575% due 01/25/2037 •  | 426 | 321 |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  4.535% due 01/25/2037 •  | 5 | 1 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.735% due 08/25/2037 •  | 1017 | 500 |
|  4.955% due 02/25/2037 •  | 1849 | 523 |
|  Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust |
|  4.565% due 01/25/2037 ~ | 1897 | 864 |
|  4.650% due 03/25/2037 •  | 1471 | 581 |
|  NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust |
|  4.935% due 09/25/2036 ~ | 995 | 391 |
|  Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust |
|  4.655% due 04/25/2037 ~ | 653 | 447 |
|  4.655% due 05/25/2037 •  | 385 | 232 |
|  4.975% due 01/25/2036 •  | 813 | 763 |
|  5.215% due 02/25/2035 •  | 530 | 503 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  5.586% due 11/25/2036 þ | 207 | 68 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.915% due 07/25/2036 •  | 291 | 114 |
|  SG Mortgage Securities Trust | SG Mortgage Securities Trust | SG Mortgage Securities Trust |
|  4.795% due 02/25/2036 •  | 1556 | 762 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  4.515% due 06/25/2037 ~ | 2 | 1 |
|  4.645% due 06/25/2037 •  | 447 | 293 |
|  4.655% due 02/25/2037 ~ | 1403 | 376 |
|  4.735% due 03/25/2037 •  | 83 | 79 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  4.855% due 02/25/2037 •  | 225 | 221 |
|  WaMu Asset-Backed Certificates WaMu Trust | WaMu Asset-Backed Certificates WaMu Trust | WaMu Asset-Backed Certificates WaMu Trust |
|  4.795% due 04/25/2037 •  | 3971 | 1452 |
|  |  | 17485 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| WHOLE LOAN COLLATERAL 0.5% | WHOLE LOAN COLLATERAL 0.5% | WHOLE LOAN COLLATERAL 0.5% |
|  PRET LLC | PRET LLC | PRET LLC |
|  4.744% due 07/25/2051 þ | 276 | 275 |
|  5.487% due 10/25/2051 þ | 451 | 451 |
|  |  | 726 |
| OTHER ABS 9.3% | OTHER ABS 9.3% | OTHER ABS 9.3% |
|  37 Capital CLO Ltd. | 37 Capital CLO Ltd. | 37 Capital CLO Ltd. |
|  5.582% due 10/15/2034 ~ | 500 | 500 |
|  AIMCO CLO | AIMCO CLO | AIMCO CLO |
|  5.553% due 10/17/2034 ~ | 500 | 500 |
|  Albacore Euro CLO Ltd. | Albacore Euro CLO Ltd. | Albacore Euro CLO Ltd. |
|  3.824% due 10/18/2034 •  | 700 | 757 |
|  Anchorage Credit Funding Ltd. | Anchorage Credit Funding Ltd. | Anchorage Credit Funding Ltd. |
|  3.000% due 01/21/2040 | 300 | 280 |
|  Carlyle Euro CLO DAC | Carlyle Euro CLO DAC | Carlyle Euro CLO DAC |
|  3.446% due 08/15/2032 •  | 674 | 729 |
|  CRB Securitization Trust | CRB Securitization Trust | CRB Securitization Trust |
|  6.960% due 10/20/2033 | 189 | 190 |
|  CVC Cordatus Loan Fund DAC | CVC Cordatus Loan Fund DAC | CVC Cordatus Loan Fund DAC |
|  3.131% due 09/15/2031 •  | 399 | 431 |
|  3.871% due 10/23/2034 •  | 464 | 502 |
|  Gallatin CLO Ltd. | Gallatin CLO Ltd. | Gallatin CLO Ltd. |
|  6.214% due 07/15/2031 •  | 600 | 602 |
|  Guggenheim CLO Ltd. | Guggenheim CLO Ltd. | Guggenheim CLO Ltd. |
|  5.473% due 01/15/2035 •  | 800 | 800 |
|  Invesco Euro CLO DAC | Invesco Euro CLO DAC | Invesco Euro CLO DAC |
|  3.725% due 10/30/2038 •  | 500 | 540 |
|  Jamestown CLO Ltd. | Jamestown CLO Ltd. | Jamestown CLO Ltd. |
|  5.570% due 07/25/2035 •  | 500 | 500 |
|  KKR CLO Ltd. | KKR CLO Ltd. | KKR CLO Ltd. |
|  5.964% due 04/15/2031 •  | 400 | 401 |
|  6.155% due 07/18/2030 •  | 800 | 801 |
|  Madison Park Funding Ltd. | Madison Park Funding Ltd. | Madison Park Funding Ltd. |
|  5.540% due 10/22/2034 ~ | 500 | 500 |
|  Man GLG Euro CLO DAC | Man GLG Euro CLO DAC | Man GLG Euro CLO DAC |
|  1.970% due 10/15/2032 | 500 | 522 |
|  4.485% due 10/15/2032 •  | 1000 | 1083 |
|  Marlette Funding Trust | Marlette Funding Trust | Marlette Funding Trust |
|  5.950% due 11/15/2032 | 44 | 44 |
|  Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust |
|  1.330% due 04/15/2069 | 441 | 407 |
|  Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust |
|  5.329% due 10/15/2032 | 500 | 500 |
|  5.628% due 07/15/2032 | 500 | 503 |
|  Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust |
|  5.331% due 01/15/2032 | 396 | 398 |
|  7.573% due 08/15/2031 | 362 | 368 |
|  Symphony CLO Ltd. | Symphony CLO Ltd. | Symphony CLO Ltd. |
|  5.473% due 04/18/2033 •  | 500 | 501 |
|  TCI-Symphony CLO Ltd. | TCI-Symphony CLO Ltd. | TCI-Symphony CLO Ltd. |
|  6.101% due 10/13/2032 •  | 1000 | 1002 |
|  TCW CLO Ltd. | TCW CLO Ltd. | TCW CLO Ltd. |
|  5.622% due 08/16/2034 •  | 500 | 499 |
|  Theorem Funding Trust | Theorem Funding Trust | Theorem Funding Trust |
|  6.060% due 12/15/2028 | 42 | 42 |
|  Tralee CLO Ltd. | Tralee CLO Ltd. | Tralee CLO Ltd. |
|  6.062% due 10/25/2032 •  | 400 | 401 |
|  Upstart Structured Pass-Through Trust | Upstart Structured Pass-Through Trust | Upstart Structured Pass-Through Trust |
|  4.250% due 06/17/2030 | 54 | 54 |
|  |  | 14357 |
|  Total Asset-Backed Securities (Cost $49,522) | Total Asset-Backed Securities (Cost $49,522) | 46103 |
| SOVEREIGN ISSUES 8.4% | SOVEREIGN ISSUES 8.4% | SOVEREIGN ISSUES 8.4% |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 07/01/2025 (c) | 6300 | 1069 |
|  0.000% due 10/01/2025 (c) | 4700 | 769 |
|  Czech Republic Government International Bond | Czech Republic Government International Bond | Czech Republic Government International Bond |
|  4.200% due 12/04/2036 | 2900 | 124 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **181** |

---

------

Schedule of Investments PIMCO StocksPLUS<sup>®</sup><sup></sup>International Fund (Unhedged) (Cont.)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond |
|  2.750% due 11/27/2031 (d) | MXN | 3706 | 158 |
|  3.000% due 12/03/2026 (d) |  | 8422 | 396 |
|  4.000% due 11/30/2028 (d) |  | 1853 | 88 |
|  4.000% due 08/24/2034 (d) |  | 15833 | 721 |
|  8.500% due 03/01/2029 |  | 7900 | 382 |
|  Peru Government International Bond | Peru Government International Bond | Peru Government International Bond | Peru Government International Bond |
|  5.400% due 08/12/2034 | PEN | 3400 | 844 |
|  6.150% due 08/12/2032 |  | 9600 | 2625 |
|  6.900% due 08/12/2037 |  | 900 | 242 |
|  6.950% due 08/12/2031 |  | 1100 | 320 |
|  7.300% due 08/12/2033 |  | 1100 | 316 |
|  Province of Quebec | Province of Quebec | Province of Quebec | Province of Quebec |
|  4.450% due 09/01/2034 | CAD | 2300 | 1707 |
|  Republic of Poland Government International Bond | Republic of Poland Government International Bond | Republic of Poland Government International Bond | Republic of Poland Government International Bond |
|  4.750% due 07/25/2029 | PLN | 2000 | 506 |
|  Republic of South Africa Government International Bond | Republic of South Africa Government International Bond | Republic of South Africa Government International Bond | Republic of South Africa Government International Bond |
|  7.000% due 02/28/2031 | ZAR | 4700 | 228 |
|  8.000% due 01/31/2030 |  | 5600 | 293 |
|  8.250% due 03/31/2032 |  | 2500 | 125 |
|  8.500% due 01/31/2037 |  | 3200 | 145 |
|  9.000% due 01/31/2040 |  | 14000 | 631 |
|  Saudi Government International Bond | Saudi Government International Bond | Saudi Government International Bond | Saudi Government International Bond |
|  5.625% due 01/13/2035 | $| 800 | 823 |
|  Turkey Government International Bond | Turkey Government International Bond | Turkey Government International Bond | Turkey Government International Bond |
|  44.165% due 09/06/2028 ~ | TRY | 7300 | 181 |
|  45.031% due 05/20/2026 ~ |  | 100 | 3 |
|  45.031% due 05/17/2028 ~ |  | 7800 | 195 |
|  Total Sovereign Issues (Cost $12,800) | Total Sovereign Issues (Cost $12,800) | Total Sovereign Issues (Cost $12,800) | 12891 |
|  |  | **SHARES** |  |
| COMMON STOCKS 1.4% | COMMON STOCKS 1.4% | COMMON STOCKS 1.4% | COMMON STOCKS 1.4% |
| COMMUNICATION SERVICES 0.0% | COMMUNICATION SERVICES 0.0% | COMMUNICATION SERVICES 0.0% | COMMUNICATION SERVICES 0.0% |
|  Verizon Communications, Inc. |  | 309 | 14 |
|  Walt Disney Co. |  | 309 | 30 |
|  |  |  | 44 |
| CONSUMER DISCRETIONARY 0.2% | CONSUMER DISCRETIONARY 0.2% | CONSUMER DISCRETIONARY 0.2% | CONSUMER DISCRETIONARY 0.2% |
|  Amazon.com, Inc. (b) |  | 309 | 59 |
|  Home Depot, Inc. |  | 309 | 113 |
|  McDonald's Corp. |  | 309 | 96 |
|  NIKE, Inc. 'B' |  | 309 | 20 |
|  |  |  | 288 |
| CONSUMER STAPLES 0.1% | CONSUMER STAPLES 0.1% | CONSUMER STAPLES 0.1% | CONSUMER STAPLES 0.1% |
|  Coca-Cola Co. |  | 309 | 22 |
|  Procter & Gamble Co. |  | 309 | 53 |
|  Walmart, Inc. |  | 309 | 27 |
|  |  |  | 102 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| ENERGY 0.0% | ENERGY 0.0% | ENERGY 0.0% | ENERGY 0.0% |
|  Chevron Corp. | 309 | $— | 52 |
| FINANCIALS 0.3% | FINANCIALS 0.3% | FINANCIALS 0.3% | FINANCIALS 0.3% |
|  American Express Co. | 309 |  | 83 |
|  Goldman Sachs Group, Inc. | 309 |  | 169 |
|  JPMorgan Chase & Co. | 309 |  | 76 |
|  Travelers Cos., Inc. | 309 |  | 82 |
|  Visa, Inc. 'A' | 309 |  | 108 |
|  |  |  | 518 |
| HEALTH CARE 0.2% | HEALTH CARE 0.2% | HEALTH CARE 0.2% | HEALTH CARE 0.2% |
|  Amgen, Inc. | 309 |  | 96 |
|  Johnson & Johnson | 309 |  | 51 |
|  Merck & Co., Inc. | 309 |  | 28 |
|  UnitedHealth Group, Inc. | 309 |  | 162 |
|  |  |  | 337 |
| INDUSTRIALS 0.2% | INDUSTRIALS 0.2% | INDUSTRIALS 0.2% | INDUSTRIALS 0.2% |
|  3M Co. | 309 |  | 45 |
|  Boeing Co. (b) | 309 |  | 53 |
|  Caterpillar, Inc. | 309 |  | 102 |
|  Honeywell International, Inc. | 309 |  | 65 |
|  |  |  | 265 |
| INFORMATION TECHNOLOGY 0.3% | INFORMATION TECHNOLOGY 0.3% | INFORMATION TECHNOLOGY 0.3% | INFORMATION TECHNOLOGY 0.3% |
|  Apple, Inc. | 309 |  | 69 |
|  Cisco Systems, Inc. | 309 |  | 19 |
|  International Business Machines Corp. | 309 |  | 77 |
|  Microsoft Corp. | 309 |  | 116 |
|  NVIDIA Corp. | 309 |  | 33 |
|  Salesforce, Inc. | 309 |  | 83 |
|  |  |  | 397 |
| MATERIALS 0.1% | MATERIALS 0.1% | MATERIALS 0.1% | MATERIALS 0.1% |
|  Sherwin-Williams Co. | 309 |  | 108 |
|  Total Common Stocks (Cost $1,873) | Total Common Stocks (Cost $1,873) |  | 2111 |
|  | PRINCIPAL<br>AMOUNT<br>(000S) |  |  |
| SHORT-TERM INSTRUMENTS 16.4% | SHORT-TERM INSTRUMENTS 16.4% | SHORT-TERM INSTRUMENTS 16.4% | SHORT-TERM INSTRUMENTS 16.4% |
| COMMERCIAL PAPER 6.0% | COMMERCIAL PAPER 6.0% | COMMERCIAL PAPER 6.0% | COMMERCIAL PAPER 6.0% |
|  AES Corp. | AES Corp. | AES Corp. | AES Corp. |
|  4.850% due 04/01/2025 | 790 |  | 790 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. |
|  4.570% due 04/10/2025 | 780 | 779 |
|  Aon Corp. | Aon Corp. | Aon Corp. |
|  4.550% due 04/10/2025 | 790 | 789 |
|  Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
|  4.570% due 04/24/2025 | 870 | 867 |
|  Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. |
|  4.850% due 04/28/2025 (a) | 780 | 777 |
|  Conagra Brands, Inc. | Conagra Brands, Inc. | Conagra Brands, Inc. |
|  4.750% due 04/02/2025 | 780 | 780 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  4.910% due 04/29/2025 | 790 | 787 |
|  Enbridge U.S., Inc. | Enbridge U.S., Inc. | Enbridge U.S., Inc. |
|  4.650% due 04/14/2025 | 1220 | 1218 |
|  Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |
|  5.000% due 04/07/2025 | 780 | 779 |
|  Jabil, Inc. | Jabil, Inc. | Jabil, Inc. |
|  4.820% due 04/11/2025 | 780 | 779 |
|  Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. |
|  4.600% due 04/23/2025 | 830 | 828 |
|  |  | 9173 |
| REPURCHASE AGREEMENTS (e) 10.4% | REPURCHASE AGREEMENTS (e) 10.4% | REPURCHASE AGREEMENTS (e) 10.4% |
|  |  | 15900 |
| Total Short-Term Instruments<br>(Cost $25,074) | Total Short-Term Instruments<br>(Cost $25,074) | 25073 |
| Total Investments in Securities<br>(Cost $204,215) | Total Investments in Securities<br>(Cost $204,215) | 200915 |
|  | **SHARES** |  |
| INVESTMENTS IN AFFILIATES 11.7% | INVESTMENTS IN AFFILIATES 11.7% | INVESTMENTS IN AFFILIATES 11.7% |
| SHORT-TERM INSTRUMENTS 11.7% | SHORT-TERM INSTRUMENTS 11.7% | SHORT-TERM INSTRUMENTS 11.7% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 11.7% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 11.7% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 11.7% |
|  PIMCO Short-Term Floating NAV Portfolio III | 1846514 | 17974 |
| Total Short-Term Instruments<br>(Cost $17,975) | Total Short-Term Instruments<br>(Cost $17,975) | 17974 |
| Total Investments in Affiliates<br>(Cost $17,975) | Total Investments in Affiliates<br>(Cost $17,975) | 17974 |
| Total Investments 142.5%<br> (Cost $222,190) | Total Investments 142.5%<br> (Cost $222,190) | 218889 |
|  Financial Derivative<br>Instruments (f)(h) (0.7)%<br> (Cost or Premiums, net $3,955) | Financial Derivative<br>Instruments (f)(h) (0.7)%<br> (Cost or Premiums, net $3,955) | (1076) |
| Other Assets and Liabilities, net (41.8)% | Other Assets and Liabilities, net (41.8)% | (64233) |
| Net Assets 100.0% | Net Assets 100.0% | 153580 |

---

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

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a) When-issued security.

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

(c) Zero coupon security.

(d) Principal amount of security is adjusted for inflation.

---

| | | |
|:---|:---|:---|
| **182** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Lending<br>Rate | Settlement<br>Date | Maturity<br>Date | Principal<br>Amount | Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| SAL | 4.380% | 03/31/2025 | 04/01/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15900 | U.S. Treasury Notes 4.125% due 01/31/2027 | $(16227) | $15900 | $15902 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16227) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15900 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15902 |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (3.5)% | U.S. Government Agencies (3.5)% | U.S. Government Agencies (3.5)% | U.S. Government Agencies (3.5)% | U.S. Government Agencies (3.5)% | U.S. Government Agencies (3.5)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.500% | 05/01/2055 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | $(5385) | $(5408) |
|  Total Short Sales (3.5)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5385) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5408) |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(2)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  SAL | $15902 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15902 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16227) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(325) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15902 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |  |  |  |

---

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

**The average amount of borrowings outstanding during the period ended March 31, 2025 was $(269) at a weighted average interest rate of 5.421%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** 

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

#### 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 | 1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $0 | $0 |
|  Put - CBOE U.S. Treasury 10-Year Note May Futures | 109.500 | 04/25/2025 | 1 | 1 | 0 | 0 |
|  Put - CBOE U.S. Treasury 10-Year Note May Futures | 110.000 | 04/25/2025 | 3 | 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
|  Call - CBOE U.S. Treasury 10-Year Note May Futures | 112.000 | 04/25/2025 | 1 | 1 | (1) | (1) |
|  Call - CBOE U.S. Treasury 10-Year Note May Futures | 112.250 | 04/25/2025 | 1 | 1 | 0 | 0 |
|  Call - CBOE U.S. Treasury 10-Year Note May Futures | 112.500 | 04/25/2025 | 3 | 3 | (1) | (1) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $(3) | $(3) |

---

#### 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 5-Year Note June Futures  | 06/2025 | 64 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6922 | $3 | $0 | $(2) |
|  U.S. Treasury 10-Year Ultra Long-Term Bond June Futures  | 06/2025 | 38 | 4337 | 100 | 4 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 183

------

Schedule of Investments PIMCO StocksPLUS<sup>®</sup><sup></sup>International Fund (Unhedged) (Cont.)

#### SHORT FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Mini MSCI EAFE Index June Futures  | 06/2025 | 22 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2658) | $40 | $19 | $(3) |
|  U.S. Treasury 10-Year Note June Futures  | 06/2025 | 26 | (2892) | (18) | 0 | (1) |
|  U.S. Treasury Long-Term Bond June Futures  | 06/2025 | 1 | (117) | (3) | 0 | 0 |
|  U.S. Treasury Ultra Long-Term Bond June Futures  | 06/2025 | 10 | (1223) | (5) | 0 | (4) |
|  |  |  |  | $14 | $19 | $(8) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) |

---

#### 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 |
|  AT&T, Inc. | 1.000% | Quarterly | 06/20/2028 | 0.514% | $— | 300 | $(1) | $6 | $5 | $0 | $0 |
|  Bank of America Corp. | 1.000 | Quarterly | 12/20/2025 | 0.269 |  | 100 | 1 | 0 | 1 | 0 | 0 |
|  Bank of America Corp. | 1.000 | Quarterly | 12/20/2026 | 0.401 |  | 100 | 2 | (1) | 1 | 0 | 0 |
|  Barclays Bank PLC | 1.000 | Quarterly | 12/20/2025 | 0.328 | EUR | 200 | 1 | 0 | 1 | 0 | 0 |
|  British Telecommunications PLC | 1.000 | Quarterly | 06/20/2028 | 0.359 |  | 100 | 0 | 2 | 2 | 0 | 0 |
|  General Electric Co. | 1.000 | Quarterly | 12/20/2026 | 0.097 | $— | 400 | 5 | 1 | 6 | 0 | 0 |
|  General Motors Co. | 5.000 | Quarterly | 12/20/2026 | 0.462 |  | 470 | 93 | (57) | 36 | 0 | (1) |
|  General Motors Co. | 5.000 | Quarterly | 06/20/2028 | 0.838 |  | 625 | 75 | 5 | 80 | 0 | 0 |
|  Volkswagen International Finance NV | 1.000 | Quarterly | 06/20/2028 | 0.688 | EUR | 500 | (5) | 10 | 5 | 0 | 0 |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34) | $&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;(1) |

---

#### 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;10040 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(217) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(193) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  CDX.IG-44 5-Year Index | (1.000) | Quarterly | 06/20/2030 | 7600 | (152) | 12 | (140) | 0 | 0 |
|  |  |  |  |  | $(369) | $36 | $(333) | $0 | $0 |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value** | Variation Margin | Variation Margin |
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value** | Asset | Liability |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 3.500% | Annual | 03/19/2030 | 9900 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(270) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(293) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 4.320 | Annual | 10/20/2033 | 100 | (1) | 3 | 2 | 1 | 0 |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 3.930 | Annual | 01/06/2035 | 100 | 0 | (3) | (3) | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/21/2025 | $14800 | 218 | (64) | 154 | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.250 | Annual | 12/20/2025 | 2080 | (24) | 25 | 1 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.982 | Annual | 09/30/2026 | 3400 | 0 | 3 | 3 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/20/2028 | 800 | (1) | 0 | (1) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 02/28/2029 | 1390 | 0 | 9 | 9 | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2029 | 2440 | 23 | (11) | 12 | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 03/04/2030 | 200 | 0 | (2) | (2) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2031 | 2200 | 6 | (10) | (4) | 0 | (4) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2032 | 14700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2206 | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/21/2033 | 6100 | 399 | 6 | 405 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2033 | 1100 | 82 | (60) | 22 | 0 | (3) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2034 | 2830 | 6 | 20 | 26 | 0 | (8) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.435 | Annual | 11/05/2034 | 280 | (1) | (7) | (8) | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.535 | Annual | 11/06/2034 | 300 | (1) | (5) | (6) | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.860 | Annual | 11/14/2034 | 200 | (1) | 2 | 1 | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.866 | Annual | 11/14/2034 | 100 | (1) | 2 | 1 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.793 | Annual | 11/19/2034 | 100 | (1) | 1 | 0 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.855 | Annual | 11/19/2034 | 100 | (1) | 2 | 1 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 | 8450 | (53) | 100 | 47 | 0 | (5) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.933 | Annual | 01/06/2035 | 200 | (1) | 4 | 3 | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.840 | Annual | 01/08/2035 | 100 | 0 | 1 | 1 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.850 | Annual | 01/08/2035 | 100 | 0 | 1 | 1 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.890 | Annual | 01/08/2035 | 100 | 0 | 1 | 1 | 0 | 0 |

---

---

| | | |
|:---|:---|:---|
| **184** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.896% | Annual | 01/08/2035 | $100 | $0 | $1 | $1 | $0 | $0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.900 | Annual | 01/08/2035 | 100 | 0 | 1 | 1 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.880 | Annual | 01/13/2035 | 100 | 0 | 1 | 1 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.013 | Annual | 01/15/2035 | 100 | 0 | 2 | 2 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.071 | Annual | 01/15/2035 | 100 | 0 | 2 | 2 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 01/21/2035 | 100 | 0 | 3 | 3 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.090 | Annual | 01/22/2035 | 100 | 0 | 3 | 3 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 02/26/2035 | 50 | 0 | (1) | (1) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.890 | Annual | 03/03/2035 | 100 | 0 | (1) | (1) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.908 | Annual | 03/04/2035 | 100 | 0 | (1) | (1) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.870 | Annual | 03/05/2035 | 100 | 0 | (1) | (1) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.874 | Annual | 03/05/2035 | 100 | 0 | (1) | (1) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 03/12/2035 | 100 | 0 | (1) | (1) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.975 | Annual | 03/21/2035 | 100 | 0 | (2) | (2) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 03/24/2035 | 200 | (1) | (2) | (3) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.884 | Annual | 03/25/2035 | 200 | (1) | (1) | (2) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 02/20/2049 | 1700 | 26 | 21 | 47 | 0 | (11) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.250 | Semi-Annual | 06/16/2051 | 4600 | 886 | 1279 | 2165 | 0 | (20) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2052 | 200 | 46 | 29 | 75 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.750 | Annual | 06/21/2053 | 1550 | 83 | 229 | 312 | 0 | (10) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/18/2054 | 5100 | 80 | 230 | 310 | 0 | (13) |
| Receive | 3-Month EUR-EURIBOR | 2.680 | Annual | 08/07/2034 | 100 | 0 | (2) | (2) | 0 | (1) |
| Receive | 3-Month EUR-EURIBOR | 2.590 | Annual | 08/19/2034 | 100 | 0 | (1) | (1) | 0 | (1) |
| Receive | 3-Month EUR-EURIBOR | 2.580 | Annual | 08/29/2034 | 100 | 0 | (1) | (1) | 0 | (1) |
| Receive | 3-Month EUR-EURIBOR | 2.390 | Annual | 10/01/2034 | 100 | 0 | 3 | 3 | 0 | 0 |
| Pay | 3-Month EUR-EURIBOR | 2.380 | Annual | 12/31/2034 | 100 | 0 | (3) | (3) | 1 | 0 |
| Receive | 3-Month PLN-WIBOR | 4.930 | Annual | 07/25/2029 | 2000 | 0 | (11) | (11) | 0 | (1) |
| Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/20/2033 | 4800 | (21) | 85 | 64 | 21 | 0 |
| Receive | 6-Month CZK-PRIBOR | 3.760 | Annual | 11/01/2034 | 3200 | 0 | 0 | 0 | 0 | (1) |
| Receive | 6-Month EUR-EURIBOR | 2.280 | Annual | 03/04/2030 | 100 | 0 | 1 | 1 | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 3.250 | Annual | 11/06/2033 | 100 | (1) | (5) | (6) | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 3.148 | Annual | 11/20/2033 | 100 | (1) | (4) | (5) | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 3.280 | Annual | 11/22/2033 | 100 | (1) | (5) | (6) | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 3.128 | Annual | 12/04/2033 | 100 | (1) | (4) | (5) | 0 | (1) |
| Receive | 6-Month EUR-EURIBOR | 2.970 | Annual | 12/15/2033 | 100 | 0 | (3) | (3) | 0 | (1) |
| Receive | 6-Month EUR-EURIBOR | 2.910 | Annual | 12/29/2033 | 100 | 0 | (3) | (3) | 0 | (1) |
| Receive | 6-Month EUR-EURIBOR | 2.670 | Annual | 04/03/2034 | 90 | 0 | (2) | (2) | 0 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.460 | Annual | 03/13/2035 | 100 | 0 | (2) | (2) | 1 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.610 | Annual | 03/24/2035 | 100 | 0 | 0 | 0 | 1 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.520 | Annual | 03/27/2035 | 100 | 0 | (1) | (1) | 1 | 0 |
| Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2035 | 4500 | (192) | 12 | (180) | 19 | 0 |
| Receive<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2055 | 1840 | 152 | (2) | 150 | 0 | (15) |
| Receive | 28-Day MXN-TIIE | 9.000 | Lunar | 03/01/2029 | 7400 | 0 | (13) | (13) | 0 | 0 |
| Receive | CAONREPO | 2.740 | Semi-Annual | 06/01/2034 | 100 | 0 | 0 | 0 | 0 | 0 |
| Receive | CAONREPO | 2.900 | Semi-Annual | 06/01/2034 | 1500 | 0 | (19) | (19) | 0 | (4) |
| Receive | CAONREPO | 3.000 | Semi-Annual | 06/01/2034 | 700 | 0 | (13) | (13) | 0 | (2) |
| Receive | CPURNSA | 0.000 | Maturity | 03/25/2030 | $3400 | 0 | 17 | 17 | 3 | 0 |
| Receive | CPURNSA | 0.000 | Maturity | 03/27/2030 | 2800 | 0 | 12 | 12 | 3 | 0 |
| Receive | CPURNSA | 2.453 | Maturity | 07/20/2052 | 1000 | 0 | 7 | 7 | 0 | 0 |
|  |  |  |  |  |  | $2959 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2507 | $5466 | $101 | $(125) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2761 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2509 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5270 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(126) |

---

#### 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;23 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(126) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(139) |

---

(g) Securities with an aggregate market value of $560 and cash of $4,162 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.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **185** |

---

------

Schedule of Investments PIMCO StocksPLUS<sup>®</sup><sup></sup>International Fund (Unhedged) (Cont.)

<sup>(1)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(2)</sup> If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

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

<sup>(4)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(h) 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 | 6462 | $43 | $0 | $0 |
|  | 04/2025 | $2542 | 4018 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31) |
|  | 04/2025 | 33 | 4949 | 0 | 0 |
|  | 04/2025 | 50 | 67 | 0 | 0 |
|  | 05/2025 | 4018 | $2542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 | 0 |
|  | 05/2025 | 1778 | 243 | 0 | (3) |
|  | 05/2025 | 67 | 50 | 0 | 0 |
|  | 05/2025 | $887 | 6420 | 0 | (1) |
|  | 05/2025 | 43 | 6441 | 0 | 0 |
|  | 06/2025 | 3249 | $444 | 0 | (5) |
|  | 06/2025 | $257 | 1859 | 0 | 0 |
|  | 07/2025 | 3195 | $443 | 1 | 0 |
|  | 08/2025 | 3195 | 443 | 0 | (1) |
|  BOA | 04/2025 | 147 | 91 | 0 | 0 |
|  | 04/2025 | 54 | 37 | 0 | 0 |
|  | 04/2025 | 308 | 333 | 0 | 0 |
|  | 04/2025 | $116 | 103 | 0 | 0 |
|  | 04/2025 | 95 | 1579479 | 0 | 0 |
|  | 04/2025 | 139 | 12043 | 2 | 0 |
|  | 04/2025 | 401 | 7293 | 0 | (4) |
|  | 05/2025 | 1738 | $238 | 0 | (2) |
|  | 05/2025 | 548 | 71 | 0 | 0 |
|  | 05/2025 | 694673 | 42 | 0 | 0 |
|  | 05/2025 | $49 | 4218 | 0 | 0 |
|  | 06/2025 | 2881 | $397 | 0 | (2) |
|  | 06/2025 | $116 | 837 | 0 | 0 |
|  | 06/2025 | 601 | 2324 | 0 | (3) |
|  | 08/2025 | 1452 | $203 | 1 | 0 |
|  | 08/2025 | 62 | 2 | 0 | 0 |
|  BPS | 04/2025 | 954 | 601 | 5 | 0 |
|  | 04/2025 | 3734 | 650 | 0 | (4) |
|  | 04/2025 | 840 | 587 | 3 | 0 |
|  | 04/2025 | 2811 | 116 | 0 | (6) |
|  | 04/2025 | 4905 | 5143 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(161) |
|  | 04/2025 | 1323 | 1677 | 0 | (32) |
|  | 04/2025 | 3251273 | 196 | 1 | 0 |
|  | 04/2025 | 11733 | 78 | 0 | 0 |
|  | 04/2025 | 1171288 | 800 | 4 | 0 |
|  | 04/2025 | 1542 | 39 | 0 | 0 |
|  | 04/2025 | 73739 | 2243 | 22 | 0 |
|  | 04/2025 | $341 | 539 | 0 | (4) |
|  | 04/2025 | 651 | 3734 | 4 | 0 |
|  | 04/2025 | 141 | 130 | 0 | (1) |
|  | 04/2025 | 822 | 13516092 | 0 | (11) |

---

---

| | | |
|:---|:---|:---|
| **186** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 04/2025 | $256 | 22176 | $3 | $0 |
|  | 04/2025 | 350 | 52228 | 0 | (2) |
|  | 04/2025 | 304 | 442085 | 0 | (4) |
|  | 04/2025 | 32 | 43 | 0 | 0 |
|  | 04/2025 | 1446 | 47499 | 0 | (16) |
|  | 04/2025 | 4497 | $245 | 0 | 0 |
|  | 05/2025 | 6086 | 837 | 0 | (3) |
|  | 05/2025 | 2046023 | 123 | 0 | 0 |
|  | 05/2025 | 43 | 32 | 0 | 0 |
|  | 05/2025 | $169 | 2810519 | 0 | (1) |
|  | 05/2025 | 442 | 37900 | 1 | 0 |
|  | 05/2025 | 78 | 11694 | 0 | 0 |
|  | 06/2025 | 3944 | $541 | 0 | (5) |
|  | 06/2025 | 30210 | 21 | 1 | 0 |
|  | 06/2025 | 10368 | 264 | 14 | 0 |
|  | 06/2025 | $36 | 263 | 0 | 0 |
|  | 06/2025 | 584 | 2270 | 4 | (3) |
|  | 07/2025 | 13266 | $408 | 6 | 0 |
|  | 08/2025 | 7257 | 1010 | 2 | 0 |
|  | 08/2025 | 33908 | 1038 | 8 | 0 |
|  | 10/2025 | 1700 | 284 | 0 | (2) |
|  BRC | 04/2025 | 136 | 176 | 1 | 0 |
|  | 04/2025 | 1486 | 401 | 2 | 0 |
|  | 04/2025 | 1105 | 13 | 0 | 0 |
|  | 04/2025 | 3949 | 102 | 0 | 0 |
|  | 04/2025 | 6164 | 188 | 2 | 0 |
|  | 04/2025 | $172 | 2816806 | 0 | (3) |
|  | 04/2025 | 199 | 730 | 0 | (3) |
|  | 04/2025 | 13 | 1104 | 0 | 0 |
|  | 04/2025 | 316 | 12187 | 0 | (4) |
|  | 05/2025 | 1107 | $13 | 0 | 0 |
|  | 05/2025 | 3040 | 78 | 1 | 0 |
|  | 05/2025 | $176 | 136 | 0 | (1) |
|  | 05/2025 | 29 | 1120 | 0 | (1) |
|  | 06/2025 | 6545 | $161 | 4 | 0 |
|  | 06/2025 | $4 | 15 | 0 | 0 |
|  | 06/2025 | 532 | 21006 | 0 | (25) |
|  BSH | 04/2025 | 3456 | $2190 | 30 | 0 |
|  | 04/2025 | 61629 | 410 | 0 | (1) |
|  | 04/2025 | 6268 | 1645 | 0 | (60) |
|  | 05/2025 | $410 | 61422 | 1 | 0 |
|  | 06/2025 | 3225 | $875 | 1 | (2) |
|  | 06/2025 | $76 | 292 | 0 | (1) |
|  CBK | 04/2025 | 6245 | $1090 | 0 | (5) |
|  | 04/2025 | 691 | 785 | 4 | 0 |
|  | 04/2025 | 151 | 21 | 0 | (1) |
|  | 04/2025 | 4521942 | 273 | 1 | 0 |
|  | 04/2025 | 1138 | 312 | 6 | 0 |
|  | 04/2025 | 1744 | 469 | 0 | (6) |
|  | 04/2025 | 55410 | 1691 | 23 | 0 |
|  | 04/2025 | $1088 | 6245 | 7 | 0 |
|  | 04/2025 | 4831 | 6883 | 0 | (48) |
|  | 04/2025 | 109 | 96 | 0 | 0 |
|  | 04/2025 | 412 | 381 | 0 | 0 |
|  | 04/2025 | 176 | 136 | 0 | 0 |
|  | 04/2025 | 477 | 7822563 | 0 | (8) |
|  | 04/2025 | 51 | 4375 | 0 | 0 |
|  | 04/2025 | 22 | 32181 | 0 | 0 |
|  | 04/2025 | 1382 | 5058 | 0 | (6) |
|  | 04/2025 | 1843 | 60400 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) |
|  | 05/2025 | 6569 | $4618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 | 0 |
|  | 05/2025 | 2504428 | 151 | 1 | 0 |
|  | 05/2025 | $169 | 2803546 | 0 | (1) |
|  | 06/2025 | 1277 | $176 | 0 | 0 |
|  | 06/2025 | 2064205 | 1437 | 31 | 0 |
|  | 06/2025 | 843 | 230 | 1 | 0 |
|  | 06/2025 | $110 | 797 | 0 | 0 |
|  | 07/2025 | 22583 | $694 | 10 | 0 |
|  | 07/2025 | $1090 | 6368 | 5 | 0 |
|  | 08/2025 | 1308 | $350 | 0 | (5) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **187** |

---

------

Schedule of Investments PIMCO StocksPLUS<sup>®</sup><sup></sup>International 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** |
|  | 08/2025 | 25208 | $774 | $8 | $0 |
|  | 09/2025 | 4552 | 1239 | 5 | 0 |
|  DUB | 04/2025 | 356 | 373 | 0 | (12) |
|  | 04/2025 | 1148 | 316 | 7 | 0 |
|  | 04/2025 | 29400 | 200 | 4 | 0 |
|  | 04/2025 | 21 | 12 | 0 | 0 |
|  | 04/2025 | 2 | 2 | 0 | 0 |
|  | 04/2025 | $23 | 162 | 0 | 0 |
|  | 04/2025 | 518 | 8590739 | 0 | (3) |
|  | 04/2025 | 65 | 5614 | 0 | 0 |
|  | 04/2025 | 12 | 21 | 0 | 0 |
|  | 04/2025 | 312 | 1136 | 0 | (3) |
|  | 04/2025 | 26 | 34 | 0 | 0 |
|  | 05/2025 | 162 | $23 | 0 | 0 |
|  | 05/2025 | 304924 | 18 | 0 | 0 |
|  | 05/2025 | 252 | 66 | 0 | (2) |
|  | 05/2025 | 34 | 26 | 0 | 0 |
|  | 05/2025 | $12 | 21 | 0 | 0 |
|  | 06/2025 | 1570531 | $1093 | 24 | 0 |
|  | 08/2025 | $139 | 993 | 0 | (1) |
|  | 09/2025 | 1140 | $312 | 3 | 0 |
|  FAR | 04/2025 | 1419 | 247 | 0 | (2) |
|  | 04/2025 | 1967 | 2206 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) |
|  | 04/2025 | 240 | 34 | 0 | (1) |
|  | 04/2025 | 1030 | 284 | 7 | 0 |
|  | 04/2025 | 44092 | 293 | 0 | (1) |
|  | 04/2025 | $247 | 1419 | 2 | 0 |
|  | 04/2025 | 253 | 37760 | 0 | (1) |
|  | 04/2025 | 33 | 1073 | 0 | 0 |
|  | 05/2025 | 226 | 1631 | 0 | (1) |
|  | 05/2025 | 293 | 43943 | 1 | 0 |
|  | 06/2025 | 247 | 1437 | 2 | 0 |
|  | 06/2025 | 164 | 635 | 0 | 0 |
|  | 07/2025 | 1625 | $226 | 1 | 0 |
|  GLM | 04/2025 | 23533 | 4123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | (21) |
|  | 04/2025 | 74 | 52 | 0 | 0 |
|  | 04/2025 | 3400 | 503 | 10 | 0 |
|  | 04/2025 | 3829512 | 231 | 1 | 0 |
|  | 04/2025 | 904 | 242 | 0 | (4) |
|  | 04/2025 | 91 | 2 | 0 | 0 |
|  | 04/2025 | $4075 | 23533 | 49 | 0 |
|  | 04/2025 | 368 | 6067989 | 0 | (5) |
|  | 04/2025 | 30 | 43851 | 0 | 0 |
|  | 05/2025 | 1690 | $231 | 0 | (3) |
|  | 05/2025 | 1203389 | 72 | 0 | 0 |
|  | 05/2025 | $231 | 3832971 | 0 | (1) |
|  | 06/2025 | 293 | 2117 | 1 | (1) |
|  | 06/2025 | 35 | 135 | 0 | 0 |
|  | 07/2025 | 2123 | $65 | 1 | 0 |
|  | 07/2025 | $12 | 391 | 0 | 0 |
|  | 09/2025 | 579 | $158 | 1 | 0 |
|  | 10/2025 | 3000 | 490 | 0 | (13) |
|  IND | 04/2025 | $45 | 313 | 0 | 0 |
|  | 05/2025 | 312 | $45 | 0 | 0 |
|  JPM | 04/2025 | 3702 | 645 | 0 | (4) |
|  | 04/2025 | 308 | 324 | 0 | (9) |
|  | 04/2025 | 1025982 | 62 | 1 | 0 |
|  | 04/2025 | 898 | 247 | 6 | 0 |
|  | 04/2025 | 13587 | 90 | 0 | (1) |
|  | 04/2025 | 11 | 8 | 0 | 0 |
|  | 04/2025 | 6815 | 208 | 3 | 0 |
|  | 04/2025 | $645 | 3702 | 3 | 0 |
|  | 04/2025 | 6222 | 5768 | 16 | 0 |
|  | 04/2025 | 73 | 1206617 | 0 | (1) |
|  | 04/2025 | 104 | 9022 | 1 | 0 |
|  | 04/2025 | 492 | 73323 | 0 | (3) |
|  | 04/2025 | 22 | 32167 | 0 | 0 |
|  | 04/2025 | 898 | 29521 | 0 | (9) |
|  | 04/2025 | 1284 | $70 | 0 | 0 |

---

---

| | | |
|:---|:---|:---|
| **188** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 05/2025 | 1807 | $247 | $0 | $(2) |
|  | 05/2025 | 5768 | 6232 | 0 | (16) |
|  | 05/2025 | 801508 | 48 | 0 | 0 |
|  | 05/2025 | $831 | 6022 | 1 | (1) |
|  | 05/2025 | 90 | 13541 | 1 | 0 |
|  | 06/2025 | 37588 | $1821 | 3 | 0 |
|  | 06/2025 | 183 | 4 | 0 | 0 |
|  | 06/2025 | $20 | 143 | 0 | 0 |
|  | 06/2025 | 115 | 2362 | 0 | (1) |
|  | 06/2025 | 518 | 2009 | 1 | (2) |
|  | 06/2025 | 28 | 1124 | 0 | (1) |
|  | 07/2025 | 3079 | $427 | 0 | 0 |
|  | 07/2025 | 13227 | 407 | 6 | 0 |
|  | 07/2025 | $87 | 510 | 1 | 0 |
|  | 08/2025 | 3632 | $504 | 1 | (1) |
|  | 08/2025 | 23437 | 717 | 5 | 0 |
|  | 08/2025 | $279 | 9033 | 0 | (5) |
|  MBC | 04/2025 | 71 | $80 | 0 | 0 |
|  | 04/2025 | 523 | 568 | 2 | 0 |
|  | 04/2025 | 31900 | 215 | 2 | 0 |
|  | 04/2025 | 93 | 69 | 0 | 0 |
|  | 04/2025 | 11584 | 358 | 9 | 0 |
|  | 04/2025 | $2861 | 2528 | 0 | (4) |
|  | 04/2025 | 1 | 9 | 0 | 0 |
|  | 04/2025 | 534 | 502 | 11 | (2) |
|  | 04/2025 | 401 | 310 | 0 | (1) |
|  | 04/2025 | 330 | 28582 | 3 | 0 |
|  | 04/2025 | 180 | 27100 | 1 | 0 |
|  | 04/2025 | 384 | 12606 | 0 | (4) |
|  | 04/2025 | 3614 | $198 | 1 | 0 |
|  | 05/2025 | 2518 | 2861 | 4 | 0 |
|  | 05/2025 | 2803 | 386 | 0 | (1) |
|  | 05/2025 | 9 | 1 | 0 | 0 |
|  | 05/2025 | 482762 | 29 | 0 | 0 |
|  | 05/2025 | $410 | 2970 | 1 | 0 |
|  | 06/2025 | 379093 | $263 | 5 | 0 |
|  | 06/2025 | $212 | 817 | 0 | (1) |
|  | 07/2025 | 1476 | $205 | 0 | 0 |
|  | 07/2025 | 6505 | 200 | 3 | 0 |
|  | 08/2025 | 1480 | 205 | 0 | (1) |
|  | 08/2025 | 6025 | 184 | 1 | 0 |
|  | 08/2025 | $125 | 898 | 0 | 0 |
|  MYI | 04/2025 | 5917 | $4157 | 45 | 0 |
|  | 04/2025 | 3793 | 559 | 10 | (1) |
|  | 04/2025 | 381 | 411 | 0 | (1) |
|  | 04/2025 | 39 | 29 | 0 | 0 |
|  | 04/2025 | $1559 | 10430 | 0 | (47) |
|  | 04/2025 | 80 | 2608 | 0 | (1) |
|  | 04/2025 | 290 | 5310 | 0 | (1) |
|  | 05/2025 | 439314 | $26 | 0 | 0 |
|  | 05/2025 | $412 | 381 | 1 | 0 |
|  | 06/2025 | 667 | $92 | 0 | 0 |
|  | 06/2025 | $48 | 189 | 1 | 0 |
|  | 07/2025 | 6300 | $1073 | 0 | (10) |
|  NGF | 06/2025 | 459614 | 323 | 10 | 0 |
|  SCX | 04/2025 | 16649 | 2848 | 0 | (69) |
|  | 04/2025 | 62911 | 424 | 5 | (1) |
|  | 04/2025 | 70 | 19 | 0 | 0 |
|  | 04/2025 | 6136 | 189 | 4 | 0 |
|  | 04/2025 | $2899 | 16649 | 18 | 0 |
|  | 04/2025 | 214 | 3509538 | 0 | (4) |
|  | 04/2025 | 202 | 30407 | 0 | 0 |
|  | 04/2025 | 22 | 32133 | 0 | 0 |
|  | 04/2025 | 110 | 3634 | 0 | (1) |
|  | 05/2025 | 2158 | $299 | 2 | 0 |
|  | 05/2025 | 188514 | 11 | 0 | 0 |
|  | 05/2025 | $146 | 21935 | 1 | 0 |
|  | 06/2025 | 365 | $50 | 0 | 0 |
|  | 06/2025 | $2848 | 16860 | 69 | 0 |
|  | 07/2025 | 1303 | $349 | 0 | (5) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **189** |

---

------

Schedule of Investments PIMCO StocksPLUS<sup>®</sup><sup></sup>International 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** |
|  | 08/2025 | 3604 | $110 | $1 | $0 |
|  | 08/2025 | $98 | 706 | 0 | 0 |
|  SOG | 04/2025 | 1557 | $267 | 0 | (6) |
|  | 04/2025 | $271 | 1557 | 2 | 0 |
|  SSB | 04/2025 | 104 | $28 | 0 | (1) |
|  | 04/2025 | $1310 | 1013 | 0 | (1) |
|  | 05/2025 | 1013 | $1310 | 1 | 0 |
|  | 05/2025 | 435 | 115 | 0 | (4) |
|  UAG | 04/2025 | 3400 | 502 | 9 | 0 |
|  | 04/2025 | 490296 | 30 | 0 | 0 |
|  | 04/2025 | $30 | 490296 | 0 | 0 |
|  | 04/2025 | 268 | 39834 | 0 | (2) |
|  | 05/2025 | 30 | 490985 | 0 | 0 |
|  | 06/2025 | 67 | 257 | 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;709 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(829) |

---

#### PURCHASED OPTIONS:

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BRC Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.750% | 10/30/2025 | 19100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76 |
|  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;92 | $76 |

---

#### WRITTEN OPTIONS:

#### CREDIT DEFAULT SWAPTIONS ON CREDIT INDEXES

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Buy/Sell<br>Protection | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
|  GST | Put - OTC CDX.IG-43 5-Year Index | Sell | 0.700% | 05/21/2025 | 200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  | Put - OTC CDX.IG-43 5-Year Index | Sell | 0.700 | 06/18/2025 | 200 | (1) | 0 |
|  | Put - OTC CDX.IG-43 5-Year Index | Sell | 0.750 | 06/18/2025 | 500 | (1) | (1) |
|  | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.850 | 06/18/2025 | 400 | 0 | 0 |
|  | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.900 | 07/16/2025 | 400 | (1) | (1) |
|  JPM | Put - OTC CDX.IG-44 5-Year Index | Sell | 1.000 | 07/16/2025 | 200 | 0 | 0 |
|  RBC | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.900 | 07/16/2025 | 300 | 0 | 0 |
|  |  |  |  |  |  | $&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 |
| BPS Call - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.400% | 04/07/2025 | 200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(1) |
| Put - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.750 | 04/07/2025 | 200 | 0 | 0 |
| BRC Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 2.830 | 10/30/2025 | 19100 | (34) | (22) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.290 | 10/30/2025 | 19100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40) |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.510 | 04/07/2025 | 100 | 0 | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.860 | 04/07/2025 | 100 | 0 | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.550 | 04/14/2025 | 100 | 0 | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.920 | 04/14/2025 | 100 | 0 | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.450 | 04/30/2025 | 100 | 0 | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.760 | 04/30/2025 | 100 | 0 | (1) |
| FAR Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.715 | 04/24/2025 | 200 | (1) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.065 | 04/24/2025 | 200 | (1) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.593 | 04/30/2025 | 100 | (1) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.943 | 04/30/2025 | 100 | 0 | 0 |
| GLM Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.535 | 04/10/2025 | 100 | (1) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.985 | 04/10/2025 | 100 | (1) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.723 | 04/14/2025 | 200 | (1) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.073 | 04/14/2025 | 200 | (1) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.695 | 04/17/2025 | 100 | (1) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.045 | 04/17/2025 | 100 | (1) | 0 |

---

---

| | | |
|:---|:---|:---|
| **190** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Floating Rate Index** | **Pay/Receive<br>Floating Rate** | **Exercise<br>Rate** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Premiums<br>(Received)** | **Market<br>Value** |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.710% | 04/21/2025 | 100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.060 | 04/21/2025 | 100 | 0 | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.713 | 04/28/2025 | 100 | 0 | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.063 | 04/28/2025 | 100 | 0 | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.600 | 04/30/2025 | 100 | (1) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.950 | 04/30/2025 | 100 | (1) | 0 |
| MYC Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.710 | 04/14/2025 | 100 | (1) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.060 | 04/14/2025 | 100 | (1) | 0 |
| NGF Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.530 | 04/17/2025 | 100 | 0 | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.890 | 04/17/2025 | 100 | 0 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(104) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72) |
|  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;(107) | $(74) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(5)</sup> | Swap Agreements,<br>at Value<sup>(5)</sup> |
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| GST | Soft Bank Group, Inc. | 1.000% | Quarterly | 06/20/2026 | 1.326% | $100 | $(1) | $0 | $0 | $(1) |
| JPM | Hochtief AG | 5.000 | Quarterly | 12/20/2025 | 0.187 | 300 | 70 | (58) | 12 | 0 |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(5)</sup> | Swap Agreements,<br>at Value<sup>(5)</sup> |
| Counterparty | Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BOA | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000% | Quarterly | 12/20/2029 | EUR | 492 | $95 | $2 | $97 | $0 |
| BPS | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 |  | 787 | 156 | 0 | 156 | 0 |
| GST | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 |  | 394 | 79 | (1) | 78 | 0 |
| JPM | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 |  | 3938 | 813 | (34) | 779 | 0 |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1143 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1110 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### TOTAL RETURN SWAPS ON INDEXES

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Pay/Receive<sup>(6)</sup> | Underlying Reference | # of Units | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| Counterparty | Pay/Receive<sup>(6)</sup> | Underlying Reference | # of Units | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  CBK | Receive | NDDUEAFE Index  | 1344 | 4.660% (FEDL01 plus a specified spread) | Monthly | 09/24/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11607 | $0 | $(42) | $0 | $(42) |
|  FAR | Pay | DJITR Index  | 20 | 5.110% | Monthly | 06/20/2025 | 2111 | 0 | 1 | 1 | 0 |
|  MYI | Receive | NDDUEAFE Index  | 1550 | 4.635% (FEDL01 plus a specified spread) | Monthly | 06/04/2025 | 13386 | 0 | (49) | 0 | (49) |
|  | Receive | NDDUEAFE Index  | 331 | 4.680% (FEDL01 plus a specified spread) | Monthly | 06/04/2025 | 2859 | 0 | (10) | 0 | (10) |
|  UAG | Receive | NDDUEAFE Index  | 1809 | 4.630% (FEDL01 plus a specified spread) | Monthly | 07/02/2025 | 15623 | 0 | (57) | 0 | (57) |
|  | Receive | NDDUEAFE Index  | 12144 | 4.645% (FEDL01 plus a specified spread) | Maturity | 10/01/2025 | 103811 | 0 | (1884) | 0 | (1884) |
|  ULO | Receive | NDDUEAFE Index  | 748 | 4.535% (FEDL01 plus a specified spread) | Monthly | 05/07/2025 | 6460 | 0 | (23) | 0 | (23) |
|  |  |  |  |  |  |  |  | $0 | $(2064) | $1 | $(2065) |
|  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;1212 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2155) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1123 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2066) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 191

------

Schedule of Investments PIMCO StocksPLUS<sup>®</sup><sup></sup>International 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 | | | |
| 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 | $32 | $0 | $0 | $32 | $(41) | $0 | $0 | $(41) | $(9) | $0 | $(9) |
|  BOA | 3 | 0 | 97 | 100 | (11) | 0 | 0 | (11) | 89 | 0 | 89 |
|  BPS | 78 | 0 | 156 | 234 | (255) | (1) | 0 | (256) | (22) | 0 | (22) |
|  BRC | 10 | 76 | 0 | 86 | (37) | (63) | 0 | (100) | (14) | 0 | (14) |
|  BSH | 32 | 0 | 0 | 32 | (64) | 0 | 0 | (64) | (32) | 0 | (32) |
|  CBK | 149 | 0 | 0 | 149 | (104) | 0 | (42) | (146) | 3 | (280) | (277) |
|  DUB | 38 | 0 | 0 | 38 | (21) | 0 | 0 | (21) | 17 | 0 | 17 |
|  FAR | 13 | 0 | 1 | 14 | (23) | (2) | 0 | (25) | (11) | 0 | (11) |
|  GLM | 83 | 0 | 0 | 83 | (48) | (5) | 0 | (53) | 30 | 0 | 30 |
|  GST | 0 | 0 | 78 | 78 | 0 | (2) | (1) | (3) | 75 | 0 | 75 |
|  JPM | 49 | 0 | 791 | 840 | (56) | 0 | 0 | (56) | 784 | (590) | 194 |
|  MBC | 43 | 0 | 0 | 43 | (14) | 0 | 0 | (14) | 29 | 0 | 29 |
|  MYC | 0 | 0 | 0 | 0 | 0 | (1) | 0 | (1) | (1) | 0 | (1) |
|  MYI | 57 | 0 | 0 | 57 | (61) | 0 | (59) | (120) | (63) | (199) | (262) |
|  NGF | 10 | 0 | 0 | 10 | 0 | 0 | 0 | 0 | 10 | 0 | 10 |
|  SCX | 100 | 0 | 0 | 100 | (80) | 0 | 0 | (80) | 20 | 0 | 20 |
|  SOG | 2 | 0 | 0 | 2 | (6) | 0 | 0 | (6) | (4) | 0 | (4) |
|  SSB | 1 | 0 | 0 | 1 | (6) | 0 | 0 | (6) | (5) | 0 | (5) |
|  UAG | 9 | 0 | 0 | 9 | (2) | 0 | (1941) | (1943) | (1934) | (670) | (2604) |
|  ULO | 0 | 0 | 0 | 0 | 0 | 0 | (23) | (23) | (23) | 0 | (23) |
|  Total Over the Counter | $709 | $76 | $1123 | $1908 | $(829) | $(74) | $(2066) | $(2969) |  |  |  |

---

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

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

<sup>(4)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

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

<sup>(6)</sup> Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference. 

<sup>(7)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

---

| | | |
|:---|:---|:---|
| **192** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $19 | $0 | $4 | $23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 101 | 101 |
|  | $0 | $0 | $19 | $0 | $105 | $124 |
|  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 | $709 | $0 | $709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 76 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1122 | 1 | 0 | 0 | 1123 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1122 | $1 | $709 | $76 | $1908 |
|  | $0 | $1122 | $20 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2032 |
|  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 | $3 | $3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 3 | 0 | 7 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1 | 0 | 0 | 125 | 126 |
|  | $0 | $1 | $3 | $0 | $135 | $139 |
|  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 | $829 | $0 | $829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 2 | 0 | 0 | 72 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1 | 2065 | 0 | 0 | 2066 |
|  | $0 | $3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2065 | $829 | $72 | $2969 |
|  | $0 | $4 | $2068 | $829 | $207 | $3108 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the year ended March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $0 | $0 | $25 | $25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | (739) | 0 | (79) | (818) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 39 | 0 | 0 | 1170 | 1209 |
|  | $0 | $39 | $(739) | $0 | $1116 | $416 |
|  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 | $1637 | $0 | $1637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | (20) | (20) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 134 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 73 | 11000 | 0 | 0 | 11073 |
|  | $0 | $73 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1637 | $114 | $12824 |
|  | $0 | $112 | $10261 | $1637 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1230 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13240 |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $(2) | $(2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 173 | 0 | 71 | 244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (42) | 0 | 0 | (1075) | (1117) |
|  | $0 | $(42) | $173 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1006) | $(875) |
|  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 | $(646) | $0 | $(646) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | (30) | (30) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 21 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (47) | (12633) | 0 | 0 | (12680) |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12633) | $(646) | $(9) | $(13335) |
|  | $0 | $(89) | $(12460) | $(646) | $(1015) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14210) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 193

------

Schedule of Investments PIMCO StocksPLUS<sup>®</sup><sup></sup>International 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 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | $0 | $6200 | $0 | $6200 |
| &nbsp;&nbsp; Industrials | 0 | 2039 | 0 | 2039 |
| &nbsp;&nbsp; Utilities | 0 | 1988 | 0 | 1988 |
|  U.S. Government Agencies | 0 | 78852 | 0 | 78852 |
|  U.S. Treasury Obligations | 0 | 11193 | 0 | 11193 |
|  Non-Agency Mortgage-Backed Securities | 0 | 14465 | 0 | 14465 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile ABS Other | 0 | 1849 | 0 | 1849 |
| &nbsp;&nbsp; Automobile Sequential | 0 | 5392 | 0 | 5392 |
| &nbsp;&nbsp; CMBS Other | 0 | 6294 | 0 | 6294 |
| &nbsp;&nbsp; Home Equity Other | 0 | 17485 | 0 | 17485 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 726 | 0 | 726 |
| &nbsp;&nbsp; Other ABS | 0 | 14357 | 0 | 14357 |
|  Sovereign Issues | 0 | 12891 | 0 | 12891 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Communication Services | 44 | 0 | 0 | 44 |
| &nbsp;&nbsp; Consumer Discretionary | 288 | 0 | 0 | 288 |
| &nbsp;&nbsp; Consumer Staples | 102 | 0 | 0 | 102 |
| &nbsp;&nbsp; Energy | 52 | 0 | 0 | 52 |
| &nbsp;&nbsp; Financials | 518 | 0 | 0 | 518 |
| &nbsp;&nbsp; Health Care | 337 | 0 | 0 | 337 |
| &nbsp;&nbsp; Industrials | 265 | 0 | 0 | 265 |
| &nbsp;&nbsp; Information Technology | 397 | 0 | 0 | 397 |
| &nbsp;&nbsp; Materials | 108 | 0 | 0 | 108 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Commercial Paper | 0 | 9173 | 0 | 9173 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 15900 | 0 | 15900 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2111 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198804 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200915 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| 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 | $17974 | $0 | $0 | $17974 |
|  Total Investments | $20085 | $198804 | $0 | $218889 |
|  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 | $(5408) | $0 | $(5408) |
|  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 | 19 | 105 | 0 | 124 |
|  Over the counter | 0 | 1908 | 0 | 1908 |
|  | $19 | $2013 | $0 | $2032 |
|  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 | (3) | (136) | 0 | (139) |
|  Over the counter | 0 | (2969) | 0 | (2969) |
|  | $(3) | $(3105) | $0 | $(3108) |
|  Total Financial Derivative Instruments | $16 | $(1092) | $0 | $(1076) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20101 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192304 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212405 |

---

There were no significant transfers into or out of Level 3 during the period ended March 31, 2025.

---

| | | |
|:---|:---|:---|
| **194** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO StocksPLUS<sup>®</sup><sup></sup>Long Duration 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 196.1% | INVESTMENTS IN SECURITIES 196.1% | INVESTMENTS IN SECURITIES 196.1% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% |
|  Altice France SA | Altice France SA | Altice France SA |
|  9.802% due 08/15/2028 •  | 376 | 338 |
|  Oi SA | Oi SA | Oi SA |
|  1.000% due 12/30/2050 « | 17 | 0 |
|  4.890% due 12/30/2050 « | 195 | 2 |
|  Total Loan Participations and Assignments (Cost $564) | Total Loan Participations and Assignments (Cost $564) | 340 |
| CORPORATE BONDS & NOTES 62.3% | CORPORATE BONDS & NOTES 62.3% | CORPORATE BONDS & NOTES 62.3% |
| BANKING & FINANCE 25.3% | BANKING & FINANCE 25.3% | BANKING & FINANCE 25.3% |
|  Agree LP | Agree LP | Agree LP |
|  2.000% due 06/15/2028 | 900 | 829 |
|  4.800% due 10/01/2032 | 1800 | 1758 |
|  AIA Group Ltd. | AIA Group Ltd. | AIA Group Ltd. |
|  3.200% due 09/16/2040 | 900 | 693 |
|  Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. |
|  6.848% due 01/03/2030 •  | 1200 | 1254 |
|  American Assets Trust LP | American Assets Trust LP | American Assets Trust LP |
|  3.375% due 02/01/2031 | 1100 | 971 |
|  American Tower Corp. | American Tower Corp. | American Tower Corp. |
|  2.300% due 09/15/2031 | 2800 | 2396 |
|  3.100% due 06/15/2050 | 500 | 327 |
|  Antares Holdings LP | Antares Holdings LP | Antares Holdings LP |
|  3.750% due 07/15/2027 | 1200 | 1147 |
|  Assured Guaranty U.S. Holdings, Inc. | Assured Guaranty U.S. Holdings, Inc. | Assured Guaranty U.S. Holdings, Inc. |
|  3.150% due 06/15/2031 | 250 | 228 |
|  3.600% due 09/15/2051 | 950 | 656 |
|  Aviation Capital Group LLC | Aviation Capital Group LLC | Aviation Capital Group LLC |
|  4.875% due 10/01/2025 | 300 | 300 |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  2.528% due 11/18/2027 | 646 | 605 |
|  5.500% due 01/15/2026 | 1300 | 1306 |
|  Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA |
|  6.033% due 03/13/2035 •  | 1800 | 1851 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  2.299% due 07/21/2032 •  | 300 | 256 |
|  5.468% due 01/23/2035 •  | 1700 | 1725 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  5.690% due 03/12/2030 •  | 1600 | 1641 |
|  6.125% due 12/15/2025 •(f)(g) | 1700 | 1701 |
|  6.692% due 09/13/2034 •  | 1600 | 1716 |
|  7.125% due 06/15/2025 ~(f)(g) | 200 | 259 |
|  Blackstone Holdings Finance Co. LLC | Blackstone Holdings Finance Co. LLC | Blackstone Holdings Finance Co. LLC |
|  2.800% due 09/30/2050 | 700 | 429 |
|  BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |
|  3.132% due 01/20/2033 •  | 1300 | 1134 |
|  4.500% due 02/25/2030 •(f)(g) | 300 | 261 |
|  Brixmor Operating Partnership LP | Brixmor Operating Partnership LP | Brixmor Operating Partnership LP |
|  4.125% due 05/15/2029 | 200 | 194 |
|  Cantor Fitzgerald LP | Cantor Fitzgerald LP | Cantor Fitzgerald LP |
|  7.200% due 12/12/2028 | 1600 | 1689 |
|  Carlyle Holdings Finance LLC | Carlyle Holdings Finance LLC | Carlyle Holdings Finance LLC |
|  5.625% due 03/30/2043 | 1100 | 1079 |
|  Commonwealth Bank of Australia | Commonwealth Bank of Australia | Commonwealth Bank of Australia |
|  3.743% due 09/12/2039 (g) | 1300 | 1060 |
|  COPT Defense Properties LP | COPT Defense Properties LP | COPT Defense Properties LP |
|  2.900% due 12/01/2033 | 2100 | 1703 |
|  CoStar Group, Inc. | CoStar Group, Inc. | CoStar Group, Inc. |
|  2.800% due 07/15/2030 | 600 | 535 |
|  Country Garden Holdings Co. Ltd. | Country Garden Holdings Co. Ltd. | Country Garden Holdings Co. Ltd. |
|  2.700% due 07/12/2026 ^(b) | 300 | 30 |
|  Credit Suisse AG AT1 Claim | 200 | 24 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  3.250% due 01/15/2051 | 600 | 389 |
|  4.000% due 11/15/2049 | 800 | 594 |
|  DAE Sukuk Difc Ltd. | DAE Sukuk Difc Ltd. | DAE Sukuk Difc Ltd. |
|  3.750% due 02/15/2026 | 4200 | 4169 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  2.129% due 11/24/2026 •  | 1100 | 1080 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.547% due 09/18/2031 •  | $— | 725 | $— | 667 |
|  3.729% due 01/14/2032 •  |  | 2400 |  | 2159 |
|  3.742% due 01/07/2033 •  |  | 3600 |  | 3165 |
|  Discover Bank | Discover Bank | Discover Bank | Discover Bank | Discover Bank |
|  4.650% due 09/13/2028 |  | 1000 |  | 991 |
|  Equinix, Inc. | Equinix, Inc. | Equinix, Inc. | Equinix, Inc. | Equinix, Inc. |
|  3.000% due 07/15/2050 |  | 200 |  | 126 |
|  Equitable Holdings, Inc. | Equitable Holdings, Inc. | Equitable Holdings, Inc. | Equitable Holdings, Inc. | Equitable Holdings, Inc. |
|  4.572% due 02/15/2029 |  | 257 |  | 253 |
|  Essex Portfolio LP | Essex Portfolio LP | Essex Portfolio LP | Essex Portfolio LP | Essex Portfolio LP |
|  2.650% due 09/01/2050 |  | 2200 |  | 1314 |
|  Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. |
|  4.625% due 04/29/2030 |  | 600 |  | 592 |
|  6.350% due 03/22/2054 |  | 1300 |  | 1326 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  2.700% due 08/10/2026 |  | 1200 |  | 1158 |
|  3.375% due 11/13/2025 |  | 800 |  | 791 |
|  6.125% due 03/08/2034 |  | 600 |  | 576 |
|  GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust |
|  2.900% due 01/06/2032 |  | 1100 |  | 953 |
|  5.500% due 01/08/2029 |  | 1200 |  | 1225 |
|  Global Atlantic Fin Co. | Global Atlantic Fin Co. | Global Atlantic Fin Co. | Global Atlantic Fin Co. | Global Atlantic Fin Co. |
|  3.125% due 06/15/2031 |  | 2750 |  | 2427 |
|  GLP Capital LP | GLP Capital LP | GLP Capital LP | GLP Capital LP | GLP Capital LP |
|  3.250% due 01/15/2032 |  | 3500 |  | 3033 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  5.727% due 04/25/2030 •  |  | 1500 |  | 1548 |
|  HAT Holdings LLC | HAT Holdings LLC | HAT Holdings LLC | HAT Holdings LLC | HAT Holdings LLC |
|  3.375% due 06/15/2026 |  | 1000 |  | 971 |
|  Healthcare Realty Holdings LP | Healthcare Realty Holdings LP | Healthcare Realty Holdings LP | Healthcare Realty Holdings LP | Healthcare Realty Holdings LP |
|  3.500% due 08/01/2026 |  | 1300 |  | 1279 |
|  Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP |
|  4.000% due 06/15/2025 |  | 1000 |  | 999 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  2.848% due 06/04/2031 •  |  | 1600 |  | 1438 |
|  4.041% due 03/13/2028 •  |  | 300 |  | 296 |
|  4.600% due 12/17/2030 •(f)(g) |  | 1700 |  | 1507 |
|  5.402% due 08/11/2033 •  |  | 300 |  | 303 |
|  6.254% due 03/09/2034 •  |  | 1600 |  | 1692 |
|  ING Groep NV | ING Groep NV | ING Groep NV | ING Groep NV | ING Groep NV |
|  5.550% due 03/19/2035 •  |  | 700 |  | 706 |
|  Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. |
|  2.650% due 09/15/2040 |  | 3200 |  | 2292 |
|  3.000% due 06/15/2050 |  | 800 |  | 520 |
|  Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP |
|  2.700% due 01/15/2034 |  | 3300 |  | 2689 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  5.350% due 06/01/2034 •  |  | 1800 |  | 1830 |
|  KKR Group Finance Co. LLC | KKR Group Finance Co. LLC | KKR Group Finance Co. LLC | KKR Group Finance Co. LLC | KKR Group Finance Co. LLC |
|  3.625% due 02/25/2050 |  | 400 |  | 282 |
|  Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC |
|  4.947% due 06/27/2025 ~(f)(g) |  | 300 |  | 325 |
|  5.679% due 01/05/2035 •  | $— | 2500 |  | 2530 |
|  LXP Industrial Trust | LXP Industrial Trust | LXP Industrial Trust | LXP Industrial Trust | LXP Industrial Trust |
|  2.700% due 09/15/2030 |  | 500 |  | 441 |
|  Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. |
|  5.400% due 03/15/2055 |  | 1000 |  | 966 |
|  Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. |
|  2.048% due 07/17/2030 |  | 600 |  | 522 |
|  Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. |
|  2.201% due 07/10/2031 •  |  | 1400 |  | 1224 |
|  2.226% due 05/25/2026 •  |  | 400 |  | 399 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  0.000% due 04/02/2032 þ(h) |  | 8600 |  | 5772 |
|  5.173% due 01/16/2030 •  |  | 100 |  | 101 |
|  Nasdaq, Inc. | Nasdaq, Inc. | Nasdaq, Inc. | Nasdaq, Inc. | Nasdaq, Inc. |
|  2.500% due 12/21/2040 |  | 1100 |  | 752 |
|  National Health Investors, Inc. | National Health Investors, Inc. | National Health Investors, Inc. | National Health Investors, Inc. | National Health Investors, Inc. |
|  3.000% due 02/01/2031 |  | 800 |  | 693 |
|  Nationwide Building Society | Nationwide Building Society | Nationwide Building Society | Nationwide Building Society | Nationwide Building Society |
|  4.000% due 09/14/2026 |  | 1130 |  | 1116 |
|  Nationwide Financial Services, Inc. | Nationwide Financial Services, Inc. | Nationwide Financial Services, Inc. | Nationwide Financial Services, Inc. | Nationwide Financial Services, Inc. |
|  3.900% due 11/30/2049 |  | 600 |  | 454 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
|  4.600% due 06/28/2031 •(f)(g) | 200 | 170 |
|  5.076% due 01/27/2030 •  | 1200 | 1208 |
|  5.778% due 03/01/2035 •  | 1800 | 1837 |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
|  2.999% due 01/22/2032 | 2300 | 2008 |
|  3.103% due 01/16/2030 | 500 | 461 |
|  Nykredit Realkredit AS | Nykredit Realkredit AS | Nykredit Realkredit AS |
|  1.500% due 10/01/2052 | 6832 | 783 |
|  Omega Healthcare Investors, Inc. | Omega Healthcare Investors, Inc. | Omega Healthcare Investors, Inc. |
|  3.375% due 02/01/2031 | 1600 | 1444 |
|  OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. |
|  3.500% due 01/15/2027 | 2300 | 2206 |
|  Park Intermediate Holdings LLC | Park Intermediate Holdings LLC | Park Intermediate Holdings LLC |
|  4.875% due 05/15/2029 | 900 | 841 |
|  Prologis LP | Prologis LP | Prologis LP |
|  3.375% due 12/15/2027 | 300 | 292 |
|  Rexford Industrial Realty LP | Rexford Industrial Realty LP | Rexford Industrial Realty LP |
|  2.125% due 12/01/2030 | 1400 | 1204 |
|  Sammons Financial Group, Inc. | Sammons Financial Group, Inc. | Sammons Financial Group, Inc. |
|  3.350% due 04/16/2031 | 1000 | 896 |
|  Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC |
|  1.532% due 08/21/2026 •  | 1400 | 1381 |
|  2.469% due 01/11/2028 •  | 1400 | 1346 |
|  Sirius Real Estate Ltd. | Sirius Real Estate Ltd. | Sirius Real Estate Ltd. |
|  1.125% due 06/22/2026 | 1100 | 1162 |
|  Societe Generale SA | Societe Generale SA | Societe Generale SA |
|  5.375% due 11/18/2030 •(f)(g) | 700 | 615 |
|  Standard Chartered PLC | Standard Chartered PLC | Standard Chartered PLC |
|  3.603% due 01/12/2033 •  | 2200 | 1942 |
|  Stellantis Finance U.S., Inc. | Stellantis Finance U.S., Inc. | Stellantis Finance U.S., Inc. |
|  1.711% due 01/29/2027 | 1100 | 1039 |
|  Store Capital LLC | Store Capital LLC | Store Capital LLC |
|  2.700% due 12/01/2031 | 2800 | 2374 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  5.424% due 07/09/2031 | 1500 | 1543 |
|  SURA Asset Management SA | SURA Asset Management SA | SURA Asset Management SA |
|  4.375% due 04/11/2027 | 1300 | 1294 |
|  Synchrony Financial | Synchrony Financial | Synchrony Financial |
|  2.875% due 10/28/2031 (i) | 4900 | 4146 |
|  Teachers Insurance & Annuity Association of America | Teachers Insurance & Annuity Association of America | Teachers Insurance & Annuity Association of America |
|  4.900% due 09/15/2044 | 1100 | 988 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  3.091% due 05/14/2032 •  | 1400 | 1247 |
|  3.869% due 01/12/2029 •  | 1700 | 1661 |
|  4.194% due 04/01/2031 •  | 250 | 241 |
|  4.375% due 02/10/2031 •(f)(g) | 600 | 515 |
|  5.428% due 02/08/2030 •  | 2100 | 2139 |
|  6.301% due 09/22/2034 •  | 1700 | 1808 |
|  VICI Properties LP | VICI Properties LP | VICI Properties LP |
|  3.875% due 02/15/2029 | 1300 | 1243 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  2.572% due 02/11/2031 •  | 1600 | 1443 |
|  5.198% due 01/23/2030 •  | 1700 | 1729 |
|  |  | 133598 |
| INDUSTRIALS 29.6% | INDUSTRIALS 29.6% | INDUSTRIALS 29.6% |
|  7-Eleven, Inc. | 7-Eleven, Inc. | 7-Eleven, Inc. |
|  2.800% due 02/10/2051 | 1000 | 587 |
|  Air Canada Pass-Through Trust | Air Canada Pass-Through Trust | Air Canada Pass-Through Trust |
|  5.250% due 10/01/2030 | 731 | 735 |
|  Aker BP ASA | Aker BP ASA | Aker BP ASA |
|  3.100% due 07/15/2031 | 1000 | 881 |
|  Alaska Airlines Pass-Through Trust | Alaska Airlines Pass-Through Trust | Alaska Airlines Pass-Through Trust |
|  4.800% due 02/15/2029 | 906 | 904 |
|  Alcon Finance Corp. | Alcon Finance Corp. | Alcon Finance Corp. |
|  3.800% due 09/23/2049 | 500 | 374 |
|  Altice France SA | Altice France SA | Altice France SA |
|  4.250% due 10/15/2029 | 1100 | 952 |
|  Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. |
|  4.800% due 02/14/2029 | 258 | 259 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **195** |

---

------

Schedule of Investments PIMCO StocksPLUS<sup>®</sup><sup></sup>Long Duration Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  American Airlines Pass-Through Trust | American Airlines Pass-Through Trust | American Airlines Pass-Through Trust |
|  2.875% due 01/11/2036 | 2684 | 2362 |
|  3.350% due 04/15/2031 | 1361 | 1293 |
|  3.375% due 11/01/2028 | 1049 | 1018 |
|  3.600% due 04/15/2031 | 162 | 152 |
|  3.650% due 12/15/2029 | 315 | 299 |
|  Amgen, Inc. | Amgen, Inc. | Amgen, Inc. |
|  3.350% due 02/22/2032 | 1600 | 1460 |
|  Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch InBev Worldwide, Inc. |
|  4.950% due 01/15/2042 | 1500 | 1414 |
|  Aptiv Swiss Holdings Ltd. | Aptiv Swiss Holdings Ltd. | Aptiv Swiss Holdings Ltd. |
|  3.100% due 12/01/2051 | 3600 | 2110 |
|  Arrow Electronics, Inc. | Arrow Electronics, Inc. | Arrow Electronics, Inc. |
|  2.950% due 02/15/2032 | 800 | 686 |
|  Ashtead Capital, Inc. | Ashtead Capital, Inc. | Ashtead Capital, Inc. |
|  5.800% due 04/15/2034 | 1700 | 1711 |
|  AutoNation, Inc. | AutoNation, Inc. | AutoNation, Inc. |
|  4.750% due 06/01/2030 | 400 | 393 |
|  Bacardi Ltd. | Bacardi Ltd. | Bacardi Ltd. |
|  4.700% due 05/15/2028 | 1200 | 1194 |
|  Baptist Healthcare System Obligated Group | Baptist Healthcare System Obligated Group | Baptist Healthcare System Obligated Group |
|  3.540% due 08/15/2050 | 900 | 650 |
|  BAT Capital Corp. | BAT Capital Corp. | BAT Capital Corp. |
|  4.390% due 08/15/2037 | 1200 | 1054 |
|  6.421% due 08/02/2033 | 1800 | 1922 |
|  Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC |
|  6.500% due 11/21/2033 | 3000 | 3153 |
|  Becton Dickinson & Co. | Becton Dickinson & Co. | Becton Dickinson & Co. |
|  3.794% due 05/20/2050 | 500 | 375 |
|  Boardwalk Pipelines LP | Boardwalk Pipelines LP | Boardwalk Pipelines LP |
|  3.400% due 02/15/2031 | 2000 | 1823 |
|  Boeing Co. | Boeing Co. | Boeing Co. |
|  2.750% due 02/01/2026 | 2800 | 2751 |
|  3.250% due 02/01/2035 | 700 | 577 |
|  3.600% due 05/01/2034 | 700 | 603 |
|  3.650% due 03/01/2047 | 400 | 278 |
|  3.750% due 02/01/2050 | 700 | 491 |
|  5.805% due 05/01/2050 | 1800 | 1715 |
|  6.528% due 05/01/2034 | 4000 | 4288 |
|  Bon Secours Mercy Health, Inc. | Bon Secours Mercy Health, Inc. | Bon Secours Mercy Health, Inc. |
|  3.205% due 06/01/2050 | 700 | 481 |
|  British Airways Pass-Through Trust | British Airways Pass-Through Trust | British Airways Pass-Through Trust |
|  3.300% due 06/15/2034 | 2063 | 1926 |
|  3.800% due 03/20/2033 | 538 | 520 |
|  4.125% due 03/20/2033 | 869 | 827 |
|  Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
|  3.137% due 11/15/2035 | 2004 | 1662 |
|  4.300% due 11/15/2032 | 1300 | 1241 |
|  Cameron LNG LLC | Cameron LNG LLC | Cameron LNG LLC |
|  3.302% due 01/15/2035 | 300 | 254 |
|  Carrier Global Corp. | Carrier Global Corp. | Carrier Global Corp. |
|  3.377% due 04/05/2040 | 500 | 394 |
|  Catholic Health Services of Long Island Obligated Group | Catholic Health Services of Long Island Obligated Group | Catholic Health Services of Long Island Obligated Group |
|  3.368% due 07/01/2050 | 500 | 344 |
|  CDW LLC | CDW LLC | CDW LLC |
|  3.569% due 12/01/2031 | 1100 | 995 |
|  Centene Corp. | Centene Corp. | Centene Corp. |
|  2.450% due 07/15/2028 | 1400 | 1278 |
|  4.625% due 12/15/2029 | 500 | 479 |
|  Charter Communications Operating LLC | Charter Communications Operating LLC | Charter Communications Operating LLC |
|  4.400% due 12/01/2061 | 4200 | 2791 |
|  4.800% due 03/01/2050 | 1600 | 1207 |
|  5.375% due 05/01/2047 | 1300 | 1078 |
|  Children's Health System of Texas | Children's Health System of Texas | Children's Health System of Texas |
|  2.511% due 08/15/2050 | 1500 | 908 |
|  Comcast Corp. | Comcast Corp. | Comcast Corp. |
|  2.887% due 11/01/2051 | 215 | 131 |
|  CommonSpirit Health | CommonSpirit Health | CommonSpirit Health |
|  3.910% due 10/01/2050 | 1300 | 964 |
|  Conagra Brands, Inc. | Conagra Brands, Inc. | Conagra Brands, Inc. |
|  5.300% due 11/01/2038 | 1100 | 1047 |
|  Continental Resources, Inc. | Continental Resources, Inc. | Continental Resources, Inc. |
|  2.268% due 11/15/2026 | 2000 | 1918 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  CSN Resources SA | CSN Resources SA | CSN Resources SA |
|  4.625% due 06/10/2031 | 1600 | 1241 |
|  CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
|  5.050% due 03/25/2048 | 800 | 683 |
|  6.000% due 06/01/2063 | 1600 | 1511 |
|  CVS Pass-Through Trust | CVS Pass-Through Trust | CVS Pass-Through Trust |
|  4.704% due 01/10/2036 | 2167 | 2096 |
|  DAE Funding LLC | DAE Funding LLC | DAE Funding LLC |
|  3.375% due 03/20/2028 | 1900 | 1813 |
|  Delta Air Lines, Inc. | Delta Air Lines, Inc. | Delta Air Lines, Inc. |
|  4.500% due 10/20/2025 | 250 | 249 |
|  Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. |
|  4.650% due 01/15/2043 | 1600 | 1410 |
|  Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
|  4.150% due 09/15/2029 | 700 | 682 |
|  5.950% due 05/15/2054 | 1700 | 1625 |
|  6.625% due 10/15/2036 | 500 | 538 |
|  7.500% due 07/01/2038 | 400 | 456 |
|  Entergy Louisiana LLC | Entergy Louisiana LLC | Entergy Louisiana LLC |
|  4.200% due 04/01/2050 | 400 | 319 |
|  Ferguson Finance PLC | Ferguson Finance PLC | Ferguson Finance PLC |
|  3.250% due 06/02/2030 | 400 | 370 |
|  Flex Intermediate Holdco LLC | Flex Intermediate Holdco LLC | Flex Intermediate Holdco LLC |
|  3.363% due 06/30/2031 | 2400 | 2115 |
|  Fresenius Medical Care U.S. Finance, Inc. | Fresenius Medical Care U.S. Finance, Inc. | Fresenius Medical Care U.S. Finance, Inc. |
|  2.375% due 02/16/2031 | 700 | 592 |
|  Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |
|  2.900% due 05/15/2030 | 400 | 363 |
|  2.900% due 11/15/2031 | 3100 | 2718 |
|  Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. |
|  3.625% due 02/15/2032 | 700 | 614 |
|  Hilton Grand Vacations Borrower LLC | Hilton Grand Vacations Borrower LLC | Hilton Grand Vacations Borrower LLC |
|  4.875% due 07/01/2031 | 2100 | 1846 |
|  Humana, Inc. | Humana, Inc. | Humana, Inc. |
|  5.375% due 04/15/2031 | 1400 | 1412 |
|  Huntsman International LLC | Huntsman International LLC | Huntsman International LLC |
|  4.500% due 05/01/2029 | 500 | 480 |
|  Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. |
|  5.375% due 12/15/2031 | 1285 | 1280 |
|  Hyundai Capital America | Hyundai Capital America | Hyundai Capital America |
|  2.100% due 09/15/2028 | 1700 | 1547 |
|  Imperial Brands Finance PLC | Imperial Brands Finance PLC | Imperial Brands Finance PLC |
|  6.125% due 07/27/2027 | 800 | 825 |
|  IRB Infrastructure Developers, Inc. | IRB Infrastructure Developers, Inc. | IRB Infrastructure Developers, Inc. |
|  7.110% due 03/11/2032 | 1300 | 1314 |
|  JetBlue Pass-Through Trust | JetBlue Pass-Through Trust | JetBlue Pass-Through Trust |
|  4.000% due 05/15/2034 | 1255 | 1179 |
|  Leidos, Inc. | Leidos, Inc. | Leidos, Inc. |
|  4.375% due 05/15/2030 | 400 | 389 |
|  Mars, Inc. | Mars, Inc. | Mars, Inc. |
|  5.650% due 05/01/2045 | 1100 | 1103 |
|  Marvell Technology, Inc. | Marvell Technology, Inc. | Marvell Technology, Inc. |
|  1.650% due 04/15/2026 | 1700 | 1650 |
|  Melco Resorts Finance Ltd. | Melco Resorts Finance Ltd. | Melco Resorts Finance Ltd. |
|  5.375% due 12/04/2029 | 1000 | 922 |
|  5.750% due 07/21/2028 | 600 | 577 |
|  Micron Technology, Inc. | Micron Technology, Inc. | Micron Technology, Inc. |
|  3.477% due 11/01/2051 | 4400 | 2994 |
|  Motorola Solutions, Inc. | Motorola Solutions, Inc. | Motorola Solutions, Inc. |
|  2.300% due 11/15/2030 | 1200 | 1049 |
|  MPLX LP | MPLX LP | MPLX LP |
|  2.650% due 08/15/2030 | 700 | 624 |
|  National Fuel Gas Co. | National Fuel Gas Co. | National Fuel Gas Co. |
|  2.950% due 03/01/2031 | 1000 | 887 |
|  Newmont Corp. | Newmont Corp. | Newmont Corp. |
|  5.750% due 11/15/2041 | 950 | 955 |
|  Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. |
|  4.810% due 09/17/2030 | 4500 | 4277 |
|  NXP BV | NXP BV | NXP BV |
|  3.250% due 11/30/2051 | 1300 | 841 |
|  Penske Truck Leasing Co. LP | Penske Truck Leasing Co. LP | Penske Truck Leasing Co. LP |
|  3.350% due 11/01/2029 | 500 | 466 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
|  6.950% due 01/28/2060 | 3228 | 2205 |
|  Prosus NV | Prosus NV | Prosus NV |
|  4.027% due 08/03/2050 | 1100 | 742 |
|  4.987% due 01/19/2052 | 3400 | 2647 |
|  PTC, Inc. | PTC, Inc. | PTC, Inc. |
|  4.000% due 02/15/2028 | 400 | 385 |
|  QatarEnergy | QatarEnergy | QatarEnergy |
|  3.125% due 07/12/2041 | 1500 | 1125 |
|  QVC, Inc. | QVC, Inc. | QVC, Inc. |
|  5.950% due 03/15/2043 | 500 | 243 |
|  Rackspace Technology Global, Inc. | Rackspace Technology Global, Inc. | Rackspace Technology Global, Inc. |
|  5.375% due 12/01/2028 | 1000 | 258 |
|  Regeneron Pharmaceuticals, Inc. | Regeneron Pharmaceuticals, Inc. | Regeneron Pharmaceuticals, Inc. |
|  1.750% due 09/15/2030 | 1200 | 1024 |
|  2.800% due 09/15/2050 | 1200 | 710 |
|  Revvity, Inc. | Revvity, Inc. | Revvity, Inc. |
|  3.300% due 09/15/2029 | 300 | 281 |
|  Rogers Communications, Inc. | Rogers Communications, Inc. | Rogers Communications, Inc. |
|  3.800% due 03/15/2032 | 1200 | 1090 |
|  Rolls-Royce PLC | Rolls-Royce PLC | Rolls-Royce PLC |
|  3.625% due 10/14/2025 | 200 | 199 |
|  Royalty Pharma PLC | Royalty Pharma PLC | Royalty Pharma PLC |
|  3.550% due 09/02/2050 | 1100 | 738 |
|  Sands China Ltd. | Sands China Ltd. | Sands China Ltd. |
|  5.125% due 08/08/2025 | 500 | 500 |
|  Santos Finance Ltd. | Santos Finance Ltd. | Santos Finance Ltd. |
|  3.649% due 04/29/2031 | 900 | 816 |
|  Sasol Financing USA LLC | Sasol Financing USA LLC | Sasol Financing USA LLC |
|  4.375% due 09/18/2026 | 500 | 485 |
|  Saudi Arabian Oil Co. | Saudi Arabian Oil Co. | Saudi Arabian Oil Co. |
|  5.750% due 07/17/2054 | 1500 | 1418 |
|  Spirit Airlines Pass-Through Trust | Spirit Airlines Pass-Through Trust | Spirit Airlines Pass-Through Trust |
|  4.100% due 10/01/2029 | 103 | 96 |
|  Standard Industries, Inc. | Standard Industries, Inc. | Standard Industries, Inc. |
|  2.250% due 11/21/2026 | 400 | 421 |
|  Studio City Finance Ltd. | Studio City Finance Ltd. | Studio City Finance Ltd. |
|  5.000% due 01/15/2029 | 500 | 451 |
|  Sutter Health | Sutter Health | Sutter Health |
|  3.361% due 08/15/2050 | 1200 | 842 |
|  Syngenta Finance NV | Syngenta Finance NV | Syngenta Finance NV |
|  4.892% due 04/24/2025 | 958 | 958 |
|  T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
|  3.000% due 02/15/2041 | 2000 | 1452 |
|  3.875% due 04/15/2030 | 400 | 384 |
|  5.150% due 04/15/2034 | 1400 | 1402 |
|  TD SYNNEX Corp. | TD SYNNEX Corp. | TD SYNNEX Corp. |
|  1.750% due 08/09/2026 | 800 | 767 |
|  2.375% due 08/09/2028 | 1600 | 1478 |
|  Tennessee Gas Pipeline Co. LLC | Tennessee Gas Pipeline Co. LLC | Tennessee Gas Pipeline Co. LLC |
|  2.900% due 03/01/2030 | 2700 | 2465 |
|  Texas Eastern Transmission LP | Texas Eastern Transmission LP | Texas Eastern Transmission LP |
|  4.150% due 01/15/2048 | 2800 | 2192 |
|  Thames Water Utilities Finance PLC | Thames Water Utilities Finance PLC | Thames Water Utilities Finance PLC |
|  4.375% due 07/03/2034 | 900 | 863 |
|  Thames Water Utilities Ltd. | Thames Water Utilities Ltd. | Thames Water Utilities Ltd. |
|  0.000% due 03/22/2027 (d) | 7 | 7 |
|  Time Warner Cable LLC | Time Warner Cable LLC | Time Warner Cable LLC |
|  5.875% due 11/15/2040 | 400 | 367 |
|  TMS Issuer SARL | TMS Issuer SARL | TMS Issuer SARL |
|  5.780% due 08/23/2032 | 1100 | 1131 |
|  TransCanada PipeLines Ltd. | TransCanada PipeLines Ltd. | TransCanada PipeLines Ltd. |
|  7.250% due 08/15/2038 | 150 | 169 |
|  Travel & Leisure Co. | Travel & Leisure Co. | Travel & Leisure Co. |
|  6.600% due 10/01/2025 | 400 | 401 |
|  Tyson Foods, Inc. | Tyson Foods, Inc. | Tyson Foods, Inc. |
|  5.400% due 03/15/2029 | 1300 | 1330 |
|  5.700% due 03/15/2034 | 1800 | 1845 |
|  Union Pacific Railroad Co. Pass-Through Trust | Union Pacific Railroad Co. Pass-Through Trust | Union Pacific Railroad Co. Pass-Through Trust |
|  5.404% due 07/02/2025 | 3 | 3 |
|  United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust |
|  3.500% due 09/01/2031 | 952 | 907 |
|  4.000% due 10/11/2027 | 482 | 476 |
|  5.875% due 04/15/2029 | 2856 | 2911 |

---

---

| | | |
|:---|:---|:---|
| **196** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Utah Acquisition Sub, Inc. | Utah Acquisition Sub, Inc. | Utah Acquisition Sub, Inc. | Utah Acquisition Sub, Inc. |
|  5.250% due 06/15/2046 | $| 100 | 80 |
|  Vale Overseas Ltd. | Vale Overseas Ltd. | Vale Overseas Ltd. | Vale Overseas Ltd. |
|  3.750% due 07/08/2030 |  | 300 | 279 |
|  Valero Energy Corp. | Valero Energy Corp. | Valero Energy Corp. | Valero Energy Corp. |
|  3.650% due 12/01/2051 |  | 700 | 473 |
|  Vessel Management Services, Inc. | Vessel Management Services, Inc. | Vessel Management Services, Inc. | Vessel Management Services, Inc. |
|  3.432% due 08/15/2036 |  | 1139 | 1015 |
|  VMware, Inc. | VMware, Inc. | VMware, Inc. | VMware, Inc. |
|  2.200% due 08/15/2031 |  | 4200 | 3572 |
|  Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC |
|  3.350% due 05/13/2025 |  | 600 | 599 |
|  Wabtec Transportation Netherlands BV | Wabtec Transportation Netherlands BV | Wabtec Transportation Netherlands BV | Wabtec Transportation Netherlands BV |
|  1.250% due 12/03/2027 | EUR | 1600 | 1664 |
|  Western Digital Corp. | Western Digital Corp. | Western Digital Corp. | Western Digital Corp. |
|  2.850% due 02/01/2029 | $| 1500 | 1356 |
|  Williams Cos., Inc. | Williams Cos., Inc. | Williams Cos., Inc. | Williams Cos., Inc. |
|  8.750% due 03/15/2032 |  | 137 | 165 |
|  Woodside Finance Ltd. | Woodside Finance Ltd. | Woodside Finance Ltd. | Woodside Finance Ltd. |
|  3.700% due 09/15/2026 |  | 1600 | 1580 |
|  4.500% due 03/04/2029 |  | 700 | 691 |
|  5.100% due 09/12/2034 |  | 300 | 291 |
|  5.700% due 09/12/2054 |  | 300 | 280 |
|  Wynn Las Vegas LLC | Wynn Las Vegas LLC | Wynn Las Vegas LLC | Wynn Las Vegas LLC |
|  5.250% due 05/15/2027 |  | 400 | 396 |
|  Wynn Macau Ltd. | Wynn Macau Ltd. | Wynn Macau Ltd. | Wynn Macau Ltd. |
|  5.500% due 01/15/2026 |  | 500 | 497 |
|  |  |  | 156043 |
| UTILITIES 7.4% | UTILITIES 7.4% | UTILITIES 7.4% | UTILITIES 7.4% |
|  AEP Texas, Inc. | AEP Texas, Inc. | AEP Texas, Inc. | AEP Texas, Inc. |
|  4.150% due 05/01/2049 |  | 400 | 307 |
|  5.400% due 06/01/2033 |  | 600 | 604 |
|  American Water Capital Corp. | American Water Capital Corp. | American Water Capital Corp. | American Water Capital Corp. |
|  4.150% due 06/01/2049 |  | 300 | 242 |
|  Arizona Public Service Co. | Arizona Public Service Co. | Arizona Public Service Co. | Arizona Public Service Co. |
|  2.650% due 09/15/2050 |  | 1300 | 770 |
|  AT&T, Inc. | AT&T, Inc. | AT&T, Inc. | AT&T, Inc. |
|  3.500% due 09/15/2053 |  | 400 | 273 |
|  3.550% due 09/15/2055 |  | 800 | 543 |
|  3.800% due 12/01/2057 |  | 2681 | 1884 |
|  Constellation Energy Generation LLC | Constellation Energy Generation LLC | Constellation Energy Generation LLC | Constellation Energy Generation LLC |
|  3.250% due 06/01/2025 |  | 400 | 399 |
|  Duke Energy Carolinas LLC | Duke Energy Carolinas LLC | Duke Energy Carolinas LLC | Duke Energy Carolinas LLC |
|  6.450% due 10/15/2032 |  | 700 | 764 |
|  Duke Energy Progress LLC | Duke Energy Progress LLC | Duke Energy Progress LLC | Duke Energy Progress LLC |
|  2.900% due 08/15/2051 |  | 1700 | 1072 |
|  Edison International | Edison International | Edison International | Edison International |
|  5.450% due 06/15/2029 |  | 1500 | 1481 |
|  Electricite de France SA | Electricite de France SA | Electricite de France SA | Electricite de France SA |
|  4.875% due 09/21/2038 |  | 1400 | 1278 |
|  6.900% due 05/23/2053 |  | 1600 | 1722 |
|  Entergy Arkansas LLC | Entergy Arkansas LLC | Entergy Arkansas LLC | Entergy Arkansas LLC |
|  2.650% due 06/15/2051 |  | 800 | 470 |
|  Entergy Corp. | Entergy Corp. | Entergy Corp. | Entergy Corp. |
|  3.750% due 06/15/2050 |  | 400 | 286 |
|  Entergy Texas, Inc. | Entergy Texas, Inc. | Entergy Texas, Inc. | Entergy Texas, Inc. |
|  5.800% due 09/01/2053 |  | 1200 | 1203 |
|  FirstEnergy Corp. | FirstEnergy Corp. | FirstEnergy Corp. | FirstEnergy Corp. |
|  3.400% due 03/01/2050 |  | 1600 | 1088 |
|  4.850% due 07/15/2047 |  | 545 | 467 |
|  Indiana Michigan Power Co. | Indiana Michigan Power Co. | Indiana Michigan Power Co. | Indiana Michigan Power Co. |
|  3.250% due 05/01/2051 |  | 700 | 467 |
|  Kentucky Utilities Co. | Kentucky Utilities Co. | Kentucky Utilities Co. | Kentucky Utilities Co. |
|  3.300% due 06/01/2050 |  | 500 | 340 |
|  New York State Electric & Gas Corp. | New York State Electric & Gas Corp. | New York State Electric & Gas Corp. | New York State Electric & Gas Corp. |
|  5.850% due 08/15/2033 |  | 600 | 626 |
|  NRG Energy, Inc. | NRG Energy, Inc. | NRG Energy, Inc. | NRG Energy, Inc. |
|  2.450% due 12/02/2027 |  | 1100 | 1032 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  3.300% due 12/01/2027 |  | 500 | 480 |
|  4.200% due 06/01/2041 |  | 700 | 558 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.250% due 03/15/2046 | 500 | 389 |
|  4.400% due 03/01/2032 | 2500 | 2341 |
|  4.550% due 07/01/2030 | 1300 | 1259 |
|  4.950% due 07/01/2050 | 1600 | 1337 |
|  PacifiCorp | PacifiCorp | PacifiCorp |
|  5.300% due 02/15/2031 | 1700 | 1736 |
|  5.350% due 12/01/2053 | 900 | 827 |
|  5.750% due 04/01/2037 | 400 | 406 |
|  6.250% due 10/15/2037 | 800 | 845 |
|  PECO Energy Co. | PECO Energy Co. | PECO Energy Co. |
|  4.375% due 08/15/2052 | 1000 | 823 |
|  Puget Energy, Inc. | Puget Energy, Inc. | Puget Energy, Inc. |
|  4.100% due 06/15/2030 | 500 | 478 |
|  San Diego Gas & Electric Co. | San Diego Gas & Electric Co. | San Diego Gas & Electric Co. |
|  4.300% due 04/01/2042 | 1000 | 833 |
|  Sempra | Sempra | Sempra |
|  5.500% due 08/01/2033 | 600 | 605 |
|  6.000% due 10/15/2039 | 500 | 506 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  3.650% due 02/01/2050 | 200 | 139 |
|  3.650% due 06/01/2051 | 1400 | 960 |
|  5.625% due 02/01/2036 | 200 | 198 |
|  6.650% due 04/01/2029 | 200 | 207 |
|  Southern Co. Gas Capital Corp. | Southern Co. Gas Capital Corp. | Southern Co. Gas Capital Corp. |
|  4.400% due 06/01/2043 | 1600 | 1360 |
|  Southwestern Electric Power Co. | Southwestern Electric Power Co. | Southwestern Electric Power Co. |
|  3.250% due 11/01/2051 | 1000 | 651 |
|  Telefonica Europe BV | Telefonica Europe BV | Telefonica Europe BV |
|  8.250% due 09/15/2030 | 1250 | 1437 |
|  Virginia Electric & Power Co. | Virginia Electric & Power Co. | Virginia Electric & Power Co. |
|  8.875% due 11/15/2038 | 300 | 396 |
|  Vodafone Group PLC | Vodafone Group PLC | Vodafone Group PLC |
|  4.875% due 06/19/2049 | 1000 | 853 |
|  Wisconsin Electric Power Co. | Wisconsin Electric Power Co. | Wisconsin Electric Power Co. |
|  4.300% due 12/15/2045 | 2400 | 1990 |
|  Xcel Energy, Inc. | Xcel Energy, Inc. | Xcel Energy, Inc. |
|  5.450% due 08/15/2033 | 300 | 301 |
|  |  | 39233 |
|  Total Corporate Bonds & Notes (Cost $370,717) | Total Corporate Bonds & Notes (Cost $370,717) | 328874 |
| MUNICIPAL BONDS & NOTES 2.4% | MUNICIPAL BONDS & NOTES 2.4% | MUNICIPAL BONDS & NOTES 2.4% |
| CALIFORNIA 0.9% | CALIFORNIA 0.9% | CALIFORNIA 0.9% |
|  California State General Obligation Bonds, (BABs), Series 2009 | California State General Obligation Bonds, (BABs), Series 2009 | California State General Obligation Bonds, (BABs), Series 2009 |
|  7.500% due 04/01/2034 | 200 | 232 |
|  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 |
|  3.714% due 06/01/2041 | 1500 | 1146 |
|  Los Angeles County, California Public Works Financing Authority Revenue Bonds, (BABs), Series 2010 | Los Angeles County, California Public Works Financing Authority Revenue Bonds, (BABs), Series 2010 | Los Angeles County, California Public Works Financing Authority Revenue Bonds, (BABs), Series 2010 |
|  7.488% due 08/01/2033 | 1475 | 1615 |
|  University of California Revenue Bonds, Series 2012 | University of California Revenue Bonds, Series 2012 | University of California Revenue Bonds, Series 2012 |
|  4.858% due 05/15/2112 | 2000 | 1723 |
|  |  | 4716 |
| GEORGIA 0.5% | GEORGIA 0.5% | GEORGIA 0.5% |
|  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 |
|  6.637% due 04/01/2057 | 2306 | 2527 |
| MARYLAND 0.3% | MARYLAND 0.3% | MARYLAND 0.3% |
|  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 |
|  3.197% due 07/01/2050 | 2200 | 1514 |
| OHIO 0.4% | OHIO 0.4% | OHIO 0.4% |
|  American Municipal Power, Inc., Ohio Revenue Bonds, Series 2010 | American Municipal Power, Inc., Ohio Revenue Bonds, Series 2010 | American Municipal Power, Inc., Ohio Revenue Bonds, Series 2010 |
|  7.834% due 02/15/2041 | 1700 | 2038 |

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---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| TEXAS 0.3% | TEXAS 0.3% | TEXAS 0.3% |
|  Dallas Fort Worth International Airport, Texas Revenue Bonds, Series 2020 | Dallas Fort Worth International Airport, Texas Revenue Bonds, Series 2020 | Dallas Fort Worth International Airport, Texas Revenue Bonds, Series 2020 |
|  2.919% due 11/01/2050 | 2400 | 1674 |
|  Total Municipal Bonds & Notes (Cost $14,539) | Total Municipal Bonds & Notes (Cost $14,539) | 12469 |
| U.S. GOVERNMENT AGENCIES 45.2% | U.S. GOVERNMENT AGENCIES 45.2% | U.S. GOVERNMENT AGENCIES 45.2% |
|  Fannie Mae | Fannie Mae | Fannie Mae |
|  0.000% due 11/15/2030 (d) | 10700 | 8435 |
|  6.210% due 08/06/2038 | 9643 | 11235 |
|  Freddie Mac | Freddie Mac | Freddie Mac |
|  0.000% due 03/15/2031 (d) | 1100 | 851 |
|  2.750% due 11/25/2029 | 815 | 774 |
|  5.000% due 04/15/2038 | 23 | 24 |
|  6.750% due 03/15/2031 | 1900 | 2163 |
|  Ginnie Mae | Ginnie Mae | Ginnie Mae |
|  3.500% due 11/20/2044 | 1885 | 1613 |
|  4.000% due 06/20/2048 | 100 | 94 |
|  5.500% due 10/20/2037 | 707 | 716 |
|  Ginnie Mae, TBA | Ginnie Mae, TBA | Ginnie Mae, TBA |
|  4.000% due 05/01/2055 | 3500 | 3276 |
|  4.500% due 05/01/2055 | 2400 | 2302 |
|  5.000% due 05/01/2055 | 2500 | 2458 |
|  6.000% due 05/01/2055 | 1000 | 1014 |
|  Resolution Funding Corp. STRIPS | Resolution Funding Corp. STRIPS | Resolution Funding Corp. STRIPS |
|  0.000% due 01/15/2030 - 04/15/2030 (a) | 2300 | 1872 |
|  0.000% due 04/15/2030 (d) | 4100 | 3329 |
|  U.S. Small Business Administration | U.S. Small Business Administration | U.S. Small Business Administration |
|  5.290% due 12/01/2027 | 15 | 15 |
|  Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security |
|  3.500% due 08/01/2046 | 1883 | 1726 |
|  4.000% due 10/01/2047 - 06/01/2049 | 142 | 135 |
|  5.500% due 01/01/2055 | 2390 | 2388 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  3.000% due 05/01/2055 | 3700 | 3206 |
|  4.000% due 05/01/2055 | 44400 | 41311 |
|  4.500% due 05/01/2055 - 06/01/2055 | 12300 | 11759 |
|  5.000% due 05/01/2055 | 74100 | 72567 |
|  5.500% due 05/01/2055 | 62525 | 62393 |
|  6.000% due 06/01/2055 | 3000 | 3041 |
|  Total U.S. Government Agencies (Cost $239,497) | Total U.S. Government Agencies (Cost $239,497) | 238697 |
| U.S. TREASURY OBLIGATIONS 74.2% | U.S. TREASURY OBLIGATIONS 74.2% | U.S. TREASURY OBLIGATIONS 74.2% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  1.375% due 11/15/2040 (i)(k) | 16200 | 10535 |
|  1.875% due 02/15/2041 (i)(k) | 96900 | 68023 |
|  2.000% due 11/15/2041 (i)(k) | 108500 | 76259 |
|  2.000% due 02/15/2050 (m) | 2300 | 1392 |
|  2.250% due 05/15/2041 (i)(k)(m) | 51600 | 38265 |
|  2.250% due 08/15/2049 (i) | 16600 | 10712 |
|  2.375% due 02/15/2042 (k)(m) | 3500 | 2599 |
|  2.375% due 11/15/2049 (k)(m) | 7100 | 4699 |
|  2.750% due 08/15/2042 (k)(m) | 600 | 469 |
|  2.875% due 05/15/2043 (k)(m) | 1637 | 1290 |
|  2.875% due 05/15/2049 (m) | 200 | 147 |
|  3.000% due 02/15/2048 (i) | 14300 | 10904 |
|  3.000% due 08/15/2048 (m) | 2900 | 2203 |
|  3.000% due 02/15/2049 | 6600 | 4993 |
|  3.125% due 02/15/2043 (k) | 17300 | 14205 |
|  3.250% due 05/15/2042 (i) | 25200 | 21303 |
|  3.375% due 11/15/2048 | 6600 | 5359 |
|  3.875% due 05/15/2043 (i) | 30950 | 28261 |
|  4.125% due 08/15/2044 (i) | 4200 | 3936 |
|  4.250% due 08/15/2054 (i) | 4000 | 3777 |
|  4.500% due 11/15/2054 (i) | 37600 | 37060 |
|  4.625% due 02/15/2055 (m) | 800 | 806 |
|  4.750% due 11/15/2043 (i) | 11500 | 11752 |
|  U.S. Treasury Inflation Protected Securities (e) | U.S. Treasury Inflation Protected Securities (e) | U.S. Treasury Inflation Protected Securities (e) |
|  0.125% due 02/15/2051 | 20251 | 11660 |
|  0.125% due 02/15/2052 | 799 | 453 |
|  0.250% due 02/15/2050 | 4200 | 2567 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **197** |

---

------

Schedule of Investments PIMCO StocksPLUS<sup>®</sup><sup></sup>Long Duration Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  0.625% due 02/15/2043 | 691 | 532 |
|  0.750% due 02/15/2045 (k) | 2293 | 1742 |
|  1.000% due 02/15/2049 (k) | 1388 | 1057 |
|  2.125% due 02/15/2054 | 1863 | 1789 |
|  U.S. Treasury STRIPS | U.S. Treasury STRIPS | U.S. Treasury STRIPS |
|  0.000% due 02/15/2040 (a) | 300 | 150 |
|  0.000% due 08/15/2040 (d)(k) | 4500 | 2277 |
|  0.000% due 11/15/2040 (d) | 12200 | 6090 |
|  0.000% due 05/15/2041 (a) | 1100 | 515 |
|  0.000% due 08/15/2041 (a) | 1700 | 784 |
|  0.000% due 11/15/2041 (a) | 600 | 273 |
|  0.000% due 05/15/2043 (d) | 5800 | 2518 |
|  0.000% due 11/15/2043 (d) | 1000 | 424 |
|  Total U.S. Treasury Obligations (Cost $476,758) | Total U.S. Treasury Obligations (Cost $476,758) | 391780 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 1.6% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.6% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.6% |
|  American Home Mortgage Investment Trust | American Home Mortgage Investment Trust | American Home Mortgage Investment Trust |
|  5.015% due 11/25/2045 •  | 574 | 546 |
|  BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust |
|  2.627% due 01/15/2032 | 2500 | 2238 |
|  Barclays Commercial Mortgage Securities Trust | Barclays Commercial Mortgage Securities Trust | Barclays Commercial Mortgage Securities Trust |
|  4.197% due 08/10/2035 | 1100 | 1074 |
|  4.957% due 08/10/2035 ~ | 700 | 644 |
|  Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust |
|  5.172% due 01/25/2035 •  | 1 | 1 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  6.760% due 03/25/2034 •  | 19 | 17 |
|  Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust |
|  3.395% due 04/25/2043 ~ | 322 | 312 |
|  Downey Savings & Loan Association Mortgage Loan Trust | Downey Savings & Loan Association Mortgage Loan Trust | Downey Savings & Loan Association Mortgage Loan Trust |
|  5.443% due 07/19/2044 ~ | 12 | 12 |
|  GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust |
|  4.785% due 01/25/2036 ~ | 609 | 491 |
|  IndyMac IMSC Mortgage Loan Trust | IndyMac IMSC Mortgage Loan Trust | IndyMac IMSC Mortgage Loan Trust |
|  4.795% due 07/25/2047 •  | 56 | 37 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  4.815% due 04/25/2037 •  | 861 | 757 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  6.517% due 11/25/2035 •  | 194 | 181 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  2.750% due 07/25/2059 •  | 526 | 505 |
|  4.500% due 05/25/2058 •  | 109 | 107 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  6.527% due 02/25/2034 •  | 2 | 2 |
|  Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust |
|  4.815% due 07/25/2046 •  | 27 | 19 |
|  4.875% due 05/25/2036 •  | 45 | 36 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  2.900% due 10/25/2059 ~ | 308 | 294 |
|  5.435% due 05/25/2058 ~ | 68 | 70 |
|  5.435% due 10/25/2059 ~ | 55 | 56 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  3.474% due 01/25/2037 ~ | 398 | 338 |
|  4.805% due 05/25/2034 ~ | 501 | 465 |
|  5.275% due 06/25/2044 •  | 42 | 41 |
|  5.683% due 08/25/2046 •  | 348 | 298 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $8,939) | Total Non-Agency Mortgage-Backed Securities (Cost $8,939) | 8541 |
| ASSET-BACKED SECURITIES 2.2% | ASSET-BACKED SECURITIES 2.2% | ASSET-BACKED SECURITIES 2.2% |
| CMBS OTHER 0.4% | CMBS OTHER 0.4% | CMBS OTHER 0.4% |
|  PFP Ltd. | PFP Ltd. | PFP Ltd. |
|  6.595% due 08/19/2035 •  | 1789 | 1792 |
| HOME EQUITY OTHER 0.5% | HOME EQUITY OTHER 0.5% | HOME EQUITY OTHER 0.5% |
|  Accredited Mortgage Loan Trust | Accredited Mortgage Loan Trust | Accredited Mortgage Loan Trust |
|  5.305% due 01/25/2035 •  | 297 | 295 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  3.555% due 04/25/2036 •  | 1800 | 1649 |
|  Equifirst Loan Securitization Trust | Equifirst Loan Securitization Trust | Equifirst Loan Securitization Trust |
|  4.605% due 04/25/2037 •  | 530 | 490 |
|  JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. |
|  5.140% due 09/25/2035 •  | 122 | 122 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.915% due 03/25/2036 •  | 148 | 147 |
|  Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust |
|  4.735% due 06/25/2036 ~ | 101 | 97 |
|  |  | 2800 |
| OTHER ABS 1.3% | OTHER ABS 1.3% | OTHER ABS 1.3% |
|  Barings CLO Ltd. | Barings CLO Ltd. | Barings CLO Ltd. |
|  5.514% due 04/15/2031 •  | 1129 | 1129 |
|  Capital Four U.S. CLO Ltd. | Capital Four U.S. CLO Ltd. | Capital Four U.S. CLO Ltd. |
|  6.193% due 01/20/2037 •  | 2900 | 2913 |
|  Harvest CLO DAC | Harvest CLO DAC | Harvest CLO DAC |
|  3.545% due 07/15/2031 •  | 1276 | 1381 |
|  SLM Private Education Loan Trust | SLM Private Education Loan Trust | SLM Private Education Loan Trust |
|  9.184% due 10/15/2041 •  | 1277 | 1344 |
|  |  | 6767 |
|  Total Asset-Backed Securities (Cost $11,431) | Total Asset-Backed Securities (Cost $11,431) | 11359 |
| SOVEREIGN ISSUES 4.3% | SOVEREIGN ISSUES 4.3% | SOVEREIGN ISSUES 4.3% |
|  Australia Government International Bond | Australia Government International Bond | Australia Government International Bond |
|  1.000% due 11/21/2031 | 1800 | 925 |
|  Brazil Government International Bond | Brazil Government International Bond | Brazil Government International Bond |
|  7.125% due 05/13/2054 | 1700 | 1629 |
|  Israel Government International Bond | Israel Government International Bond | Israel Government International Bond |
|  5.750% due 03/12/2054 | 1800 | 1655 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond |
|  4.000% due 08/24/2034 (e) | 1684 | 77 |
|  6.400% due 05/07/2054 | 1400 | 1281 |
|  Peru Government International Bond | Peru Government International Bond | Peru Government International Bond |
|  6.150% due 08/12/2032 | 10700 | 2926 |
|  6.950% due 08/12/2031 | 300 | 87 |
|  Perusahaan Penerbit SBSN Indonesia | Perusahaan Penerbit SBSN Indonesia | Perusahaan Penerbit SBSN Indonesia |
|  2.800% due 06/23/2030 | 700 | 632 |
|  Republic of South Africa Government International Bond | Republic of South Africa Government International Bond | Republic of South Africa Government International Bond |
|  8.500% due 01/31/2037 | 17300 | 785 |
|  8.875% due 02/28/2035 | 37600 | 1836 |
|  Romania Government International Bond | Romania Government International Bond | Romania Government International Bond |
|  5.625% due 05/30/2037 | 1300 | 1284 |
|  Saudi Government International Bond | Saudi Government International Bond | Saudi Government International Bond |
|  5.000% due 01/16/2034 | 1700 | 1690 |
|  United Kingdom Gilt | United Kingdom Gilt | United Kingdom Gilt |
|  4.375% due 07/31/2054 | 6840 | 7646 |
|  Total Sovereign Issues (Cost $24,297) | Total Sovereign Issues (Cost $24,297) | 22453 |
| SHORT-TERM INSTRUMENTS 3.8% | SHORT-TERM INSTRUMENTS 3.8% | SHORT-TERM INSTRUMENTS 3.8% |
| U.S. TREASURY BILLS 3.8% | U.S. TREASURY BILLS 3.8% | U.S. TREASURY BILLS 3.8% |
|  4.313% due 05/29/2025 - 06/26/2025 (c)(d)(m) | 20473 | 20305 |
| Total Short-Term Instruments (Cost $20,305) | Total Short-Term Instruments (Cost $20,305) | 20305 |
| Total Investments in Securities (Cost $1,167,047) | Total Investments in Securities (Cost $1,167,047) | 1034818 |
|  | **SHARES** |  |
| 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% |
| 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 | 25830 | 251 |
| Total Short-Term Instruments<br>(Cost $251) | Total Short-Term Instruments<br>(Cost $251) | 251 |
| Total Investments in Affiliates<br>(Cost $251) | Total Investments in Affiliates<br>(Cost $251) | 251 |
| Total Investments 196.1% (Cost $1,167,298) | Total Investments 196.1% (Cost $1,167,298) | 1035069 |
|  Financial Derivative<br>Instruments (j)(l) (0.2)%<br> (Cost or Premiums, net $16,856) | Financial Derivative<br>Instruments (j)(l) (0.2)%<br> (Cost or Premiums, net $16,856) | (1225) |
| Other Assets and Liabilities, net (95.9)% | Other Assets and Liabilities, net (95.9)% | (506104) |
| Net Assets 100.0% | Net Assets 100.0% | 527740 |

---

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

(b) Security is not accruing income as of the date of this report.

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

---

| | | |
|:---|:---|:---|
| **198** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

(d) Zero coupon security.

(e) Principal amount of security is adjusted for inflation.

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

(g) Contingent convertible security.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Issuer Description | Coupon | Maturity<br>Date | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  Morgan Stanley | 0.000% | 04/02/2032 | 02/11/2020 | $7676 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5772 | 1.09% |

---

#### 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 |
|  BOO | 4.410% | 04/01/2025 | 04/02/2025 | $(42340) | $(42341) |
|  BRC | 4.400 | 12/20/2024 | TBD<sup>(2)</sup> | (3591) | (3636) |
|  BSN | 4.430 | 03/17/2025 | 04/21/2025 | (91434) | (91602) |
|  JPS | 4.430 | 03/12/2025 | 04/09/2025 | (3790) | (3799) |
|  | 4.440 | 03/18/2025 | 04/01/2025 | (3948) | (3955) |
|  | 4.460 | 04/01/2025 | 04/08/2025 | (3943) | (3943) |
|  | 4.470 | 03/28/2025 | 04/03/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(121612) | (121672) |
|  | 4.490 | 03/31/2025 | 04/03/2025 | (18598) | (18600) |
|  | 4.610 | 03/31/2025 | 04/01/2025 | (4313) | (4314) |
|  STR | 4.440 | 04/01/2025 | 04/02/2025 | (9354) | (9354) |
|  | 4.480 | 03/31/2025 | 04/01/2025 | (41390) | (41395) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(344611) |

---

#### SALE-BUYBACK TRANSACTIONS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(1)</sup> | Borrowing<br>Date | Maturity<br>Date | Amount<br>Borrowed<sup>(1)</sup> | Payable for<br>Sale-Buyback<br>Transactions<sup>(3)</sup> |
|  UBS | 4.410% | 01/28/2025 | 04/07/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6341) | $(6390) |
|  Total Sale-Buyback Transactions | Total Sale-Buyback Transactions | Total Sale-Buyback Transactions | Total Sale-Buyback Transactions |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6390) |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (0.2)% | U.S. Government Agencies (0.2)% | U.S. Government Agencies (0.2)% | U.S. Government Agencies (0.2)% | U.S. Government Agencies (0.2)% | U.S. Government Agencies (0.2)% |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 6.000% | 05/01/2055 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(810) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(812) |
|  Total Short Sales (0.2)% |  |  |  | $(810) | $(812) |

---

#### 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>(</sup> <sup>3)</sup> | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(4)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BOO | $0 | $(42341) | $0 | $(42341) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42341) |
|  BRC | 0 | (3636) | 0 | (3636) | 3808 | 172 |
|  BSN | 0 | (91602) | 0 | (91602) | 91164 | (438) |
|  JPS | 0 | (156283) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(156283) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153027 | (3256) |
|  STR | 0 | (50749) | 0 | (50749) | 41889 | (8860) |
|  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 | (6390) | (6390) | 6318 | (72) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(344611) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6390) |  |  |  |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 199

------

Schedule of Investments PIMCO StocksPLUS<sup>®</sup><sup></sup>Long Duration Fund (Cont.)

#### CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

#### Remaining Contractual Maturity of the Agreements

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Overnight and**<br> **Continuous** | Up to 30 days | 31-90 days | Greater Than 90 days | Total |
|  Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements |
|  Corporate Bonds & Notes | $0 | $0 | $0 | $(3636) | $(3636) |
|  U.S. Treasury Obligations | (49664) | (235673) | 0 | 0 | (285337) |
|  Total | $(49664) | $(235673) | $0 | $(3636) | $(288973) |
|  Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions |
|  U.S. Treasury Obligations | 0 | (6390) | 0 | 0 | (6390) |
|  Total | $0 | $(6390) | $0 | $0 | $(6390) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49664) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(242063) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3636) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(295363) |
|  Payable for reverse repurchase agreements and sale-buyback financing transactions <sup>(5)</sup> | Payable for reverse repurchase agreements and sale-buyback financing transactions <sup>(5)</sup> | Payable for reverse repurchase agreements and sale-buyback financing transactions <sup>(5)</sup> | Payable for reverse repurchase agreements and sale-buyback financing transactions <sup>(5)</sup> | Payable for reverse repurchase agreements and sale-buyback financing transactions <sup>(5)</sup> | $(295363) |

---

(i) Securities with an aggregate market value of $296,455 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 $(397318) at a weighted average interest rate of 4.994%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

<sup>(2)</sup> Open maturity reverse repurchase agreement.

<sup>(3)</sup> Payable for sale-buyback transactions includes $(5) of deferred price drop. 

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

<sup>(5)</sup> Unsettled reverse repurchase agreements liability of $(55638) is outstanding at period end. 

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

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  E-Mini S&P 500 Index June Futures  | 06/2025 | 471 | $133134 | $(1388) | $682 | $(2) |
|  Euro-Bund June Futures  | 06/2025 | 12 | 1672 | (24) | 7 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1412) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;689 | $&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 |
|  Long Gilt June Futures  | 06/2025 | 40 | $(4738) | $49 | $0 | $(51) |
|  U.S. Treasury 5-Year Note June Futures  | 06/2025 | 513 | (55484) | (608) | 0 | (42) |
|  U.S. Treasury 10-Year Note June Futures  | 06/2025 | 360 | (40039) | (546) | 0 | (76) |
|  U.S. Treasury 10-Year Ultra Long-Term Bond June Futures  | 06/2025 | 509 | (58090) | (824) | 0 | (195) |
|  |  |  |  | $(1929) | $0 | $(364) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3341) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;689 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(366) |

---

#### 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>(</sup> <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>(</sup> <sup>3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Asset | Liability |
|  American International Group, Inc. | 1.000% | Quarterly | 12/20/2026 | 0.256% | $600 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | $(5) | $8 | $0 | $0 |
|  AT&T, Inc. | 1.000 | Quarterly | 06/20/2026 | 0.346 | 700 | 13 | (7) | 6 | 0 | 0 |
|  AT&T, Inc. | 1.000 | Quarterly | 12/20/2026 | 0.405 | 1200 | 14 | (2) | 12 | 0 | (1) |
|  AT&T, Inc. | 1.000 | Quarterly | 06/20/2027 | 0.437 | 1300 | (7) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
|  AT&T, Inc. | 1.000 | Quarterly | 06/20/2028 | 0.514 | 200 | (1) | 4 | 3 | 0 | 0 |
|  Boeing Co. | 1.000 | Quarterly | 12/20/2026 | 0.471 | 1600 | (6) | 21 | 15 | 0 | (1) |

---

---

| | | |
|:---|:---|:---|
| **200** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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>(</sup> <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>(</sup> <sup>3)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(4)</sup>** | **Asset** | **Liability** |
|  Boeing Co. | 1.000% | Quarterly | 06/20/2030 | 0.920% | $1700 | $5 | $2 | $7 | $0 | $(1) |
|  British Telecommunications PLC | 1.000 | Quarterly | 12/20/2025 | 0.147 | 800 | 10 | (4) | 6 | 0 | 0 |
|  British Telecommunications PLC | 1.000 | Quarterly | 12/20/2027 | 0.318 | 200 | (2) | 6 | 4 | 0 | 0 |
|  Devon Energy Corp. | 1.000 | Quarterly | 12/20/2026 | 0.369 | $1400 | (2) | 17 | 15 | 0 | (1) |
|  General Electric Co. | 1.000 | Quarterly | 06/20/2026 | 0.077 | 2400 | 15 | 12 | 27 | 0 | 0 |
|  General Electric Co. | 1.000 | Quarterly | 12/20/2026 | 0.097 | 300 | 3 | 2 | 5 | 0 | 0 |
|  General Motors Co. | 5.000 | Quarterly | 12/20/2026 | 0.462 | 390 | 74 | (44) | 30 | 0 | 0 |
|  General Motors Co. | 5.000 | Quarterly | 06/20/2028 | 0.838 | 530 | 64 | 3 | 67 | 0 | 0 |
|  MetLife, Inc. | 1.000 | Quarterly | 06/20/2028 | 0.462 | 700 | (13) | 25 | 12 | 0 | 0 |
|  Rolls-Royce PLC | 1.000 | Quarterly | 06/20/2025 | 0.131 | 1000 | (141) | 143 | 2 | 0 | 0 |
|  Rolls-Royce PLC | 1.000 | Quarterly | 12/20/2025 | 0.127 | 1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(163) | 174 | 11 | 0 | 0 |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 06/20/2026 | 0.317 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4300 | 97 | (60) | 37 | 0 | 0 |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 12/20/2026 | 0.368 | 900 | 21 | (11) | 10 | 0 | 0 |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 06/20/2028 | 0.492 | 700 | 0 | 11 | 11 | 0 | 0 |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 12/20/2028 | 0.547 | 200 | (1) | 4 | 3 | 0 | 0 |
|  Volkswagen International Finance NV | 1.000 | Quarterly | 06/20/2028 | 0.688 | 900 | (13) | 23 | 10 | 0 | (1) |
|  Williams Cos., Inc. | 1.000 | Quarterly | 12/20/2026 | 0.199 | $6300 | 45 | 42 | 87 | 0 | (3) |
|  |  |  |  |  |  | $25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Variation Margin | Variation Margin |
| Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Asset | Liability |
|  CDX.EM-36 5-Year Index | 1.000% | Quarterly | 12/20/2026 | $460 | $(18) | $18 | $0 | $0 | $0 |
|  CDX.EM-40 5-Year Index | 1.000 | Quarterly | 12/20/2028 | 200 | (10) | 7 | (3) | 0 | 0 |
|  CDX.EM-43 5-Year Index | 1.000 | Quarterly | 06/20/2030 | 200 | (7) | 0 | (7) | 0 | 0 |
|  CDX.IG-43 5-Year Index | 1.000 | Quarterly | 12/20/2029 | 33100 | 784 | (140) | 644 | 0 | (2) |
|  CDX.IG-44 5-Year Index | 1.000 | Quarterly | 06/20/2030 | 19800 | 365 | (1) | 364 | 4 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1114 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(116) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;998 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |

---

#### 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 |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 3.500% | Annual | 03/19/2030 | 5800 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193 | $(21) | $172 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25) |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 1.060 | Annual | 02/21/2052 | 700 | (9) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(473) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(482) | 7 | 0 |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 1.101 | Annual | 02/21/2052 | 700 | (9) | (467) | (476) | 7 | 0 |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 1.175 | Annual | 02/28/2052 | 900 | (12) | (587) | (599) | 9 | 0 |
| Pay<sup>(5)</sup> | 1-Day JPY-MUTKCALM Compounded-OIS | 2.000 | Annual | 06/18/2045 | 60000 | 10 | 3 | 13 | 4 | 0 |
| Pay<sup>(5)</sup> | 1-Day JPY-MUTKCALM Compounded-OIS | 2.000 | Annual | 06/18/2055 | 40000 | (2) | 3 | 1 | 3 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.667 | Annual | 05/31/2028 | $22000 | 0 | 224 | 224 | 0 | (8) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.250 | Annual | 06/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89800 | 8115 | 8510 | 16625 | 0 | (20) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2032 | 60600 | 6295 | 2698 | 8993 | 0 | (112) |
| Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.156 | Annual | 03/10/2033 | 1970 | 0 | 48 | 48 | 0 | (4) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.670 | Annual | 01/08/2034 | 700 | (3) | 8 | 5 | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.850 | Annual | 08/05/2034 | 700 | (3) | 2 | (1) | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.715 | Annual | 08/07/2034 | 700 | (3) | 9 | 6 | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.555 | Annual | 08/28/2034 | 900 | (3) | 23 | 20 | 0 | (3) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.514 | Annual | 09/04/2034 | 250 | (1) | 7 | 6 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.525 | Annual | 09/04/2034 | 790 | (3) | 22 | 19 | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.908 | Annual | 03/04/2035 | 400 | (1) | (4) | (5) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.870 | Annual | 03/05/2035 | 200 | (1) | (1) | (2) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.874 | Annual | 03/05/2035 | 500 | (2) | (2) | (4) | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.899 | Annual | 03/11/2035 | 500 | (2) | (4) | (6) | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 03/12/2035 | 400 | (1) | (4) | (5) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 03/24/2035 | 900 | (3) | (9) | (12) | 0 | (3) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.884 | Annual | 03/25/2035 | 500 | (1) | (4) | (5) | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/20/2054 | 1800 | 50 | 67 | 117 | 0 | (13) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.776 | Annual | 02/15/2055 | 700 | 0 | 3 | 3 | 0 | (5) |
| Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2055 | 5300 | 530 | (31) | 499 | 0 | (31) |
| Pay | 1-Year BRL-CDI | 11.496 | Maturity | 01/04/2027 | 39600 | 0 | (295) | (295) | 12 | 0 |
| Receive | 3-Month EUR-EURIBOR | 2.300 | Annual | 09/25/2029 | 700 | (1) | (5) | (6) | 0 | (1) |
| Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/20/2033 | 3100 | (54) | 95 | 41 | 14 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 03/20/2034 | 1900 | (54) | 78 | 24 | 9 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/18/2034 | 3900 | 18 | 28 | 46 | 19 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.920 | Annual | 12/13/2028 | 200 | 0 | (5) | (5) | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.760 | Annual | 01/03/2029 | 600 | (1) | (10) | (11) | 0 | (1) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **201** |

---

------

Schedule of Investments PIMCO StocksPLUS<sup>®</sup><sup></sup>Long Duration Fund (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** |
| Pay | 6-Month EUR-EURIBOR | 0.175% | Annual | 03/17/2033 | EUR | 10370 | $(329) | $(1893) | $(2222) | $30 | $0 |
| Pay | 6-Month EUR-EURIBOR | 2.410 | Annual | 11/05/2034 |  | 400 | (1) | (8) | (9) | 2 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.220 | Annual | 01/08/2035 |  | 400 | (1) | (15) | (16) | 2 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.420 | Annual | 03/07/2035 |  | 300 | (1) | (5) | (6) | 1 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.460 | Annual | 03/13/2035 |  | 300 | (1) | (4) | (5) | 1 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.610 | Annual | 03/24/2035 |  | 300 | (1) | 0 | (1) | 1 | 0 |
| 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 | 2.460 | Annual | 04/01/2035 |  | 300 | (1) | (4) | (5) | 0 | (5) |
| Pay<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2035 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11540 | (492) | 30 | (462) | 49 | 0 |
| Receive | 6-Month EUR-EURIBOR | 0.000 | Annual | 03/17/2053 |  | 4630 | 453 | 2157 | 2610 | 0 | (21) |
| Receive<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2055 |  | 5500 | 446 | 2 | 448 | 0 | (43) |
|  |  |  |  |  |  |  | $15113 | $10163 | $25276 | $171 | $(313) |
|  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;16252 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10426 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26678 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(324) |

---

#### 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;689 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;864 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(366) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(324) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(690) |

---

(k) Securities with an aggregate market value of $22,178 and cash of $3,262 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

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

<sup>(3)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

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

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

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

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | Asset | Liability |
|  AZD | 04/2025 | 14933 | $99 | $0 | $(1) |
|  | 04/2025 | $3985 | 6300 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49) |
|  | 04/2025 | 66 | 9809 | 0 | 0 |
|  | 04/2025 | 73 | 98 | 0 | 0 |
|  | 05/2025 | 6300 | $3986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 | 0 |
|  | 05/2025 | 2036 | 278 | 0 | (3) |
|  | 05/2025 | 98 | 73 | 0 | 0 |
|  | 05/2025 | $1018 | 7374 | 0 | (1) |
|  | 05/2025 | 99 | 14883 | 1 | 0 |
|  | 06/2025 | 4333 | $593 | 0 | (7) |
|  | 06/2025 | $270 | 1950 | 0 | 0 |
|  | 07/2025 | 3670 | $509 | 1 | 0 |
|  | 08/2025 | 3670 | 509 | 0 | (1) |

---

---

| | | |
|:---|:---|:---|
| **202** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  BOA | 04/2025 | 150379 | $103 | $1 | $0 |
|  | 05/2025 | 1990 | 272 | 0 | (3) |
|  | 05/2025 | 980200 | 59 | 0 | 0 |
|  | 05/2025 | $65 | 5624 | 0 | 0 |
|  | 06/2025 | 13765 | $1907 | 4 | (1) |
|  | 06/2025 | $132 | 956 | 0 | 0 |
|  | 06/2025 | 103 | 149813 | 0 | (1) |
|  | 08/2025 | 1452 | $203 | 1 | 0 |
|  | 08/2025 | 83 | 3 | 0 | 0 |
|  BPS | 04/2025 | 2280 | 394 | 0 | (5) |
|  | 04/2025 | 8135 | 8530 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(266) |
|  | 04/2025 | 3700766 | 223 | 1 | 0 |
|  | 04/2025 | 320 | 87 | 1 | 0 |
|  | 04/2025 | 5329 | 35 | 0 | 0 |
|  | 04/2025 | 49852 | 1519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | 0 |
|  | 04/2025 | $400 | 2280 | 0 | (1) |
|  | 04/2025 | 691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11348112 | 0 | (10) |
|  | 04/2025 | 501 | 43458 | 7 | 0 |
|  | 04/2025 | 647 | 96483 | 0 | (4) |
|  | 04/2025 | 504 | 731167 | 0 | (8) |
|  | 04/2025 | 47 | 63 | 0 | 0 |
|  | 04/2025 | 1216 | 39846 | 0 | (17) |
|  | 04/2025 | 4732 | $259 | 1 | 0 |
|  | 05/2025 | 6985 | 961 | 0 | (3) |
|  | 05/2025 | 2916386 | 175 | 1 | 0 |
|  | 05/2025 | 63 | 47 | 0 | 0 |
|  | 05/2025 | $188 | 3112253 | 0 | (1) |
|  | 05/2025 | 589 | 50533 | 1 | 0 |
|  | 05/2025 | 35 | 5312 | 0 | 0 |
|  | 06/2025 | 4729 | $648 | 0 | (6) |
|  | 06/2025 | 36635 | 26 | 1 | 0 |
|  | 06/2025 | 766 | 198 | 1 | 0 |
|  | 06/2025 | $1048 | 4063 | 3 | (5) |
|  | 07/2025 | 19526 | $601 | 9 | 0 |
|  | 08/2025 | 20071 | 616 | 6 | 0 |
|  BRC | 04/2025 | 417 | 540 | 2 | 0 |
|  | 04/2025 | 1205 | 14 | 0 | 0 |
|  | 04/2025 | 1228 | 31 | 0 | (1) |
|  | 04/2025 | $759 | 698 | 0 | (4) |
|  | 04/2025 | 450 | 7363811 | 0 | (8) |
|  | 04/2025 | 14 | 1204 | 0 | 0 |
|  | 04/2025 | 2550 | 98457 | 1 | (27) |
|  | 05/2025 | 1207 | $14 | 0 | 0 |
|  | 05/2025 | 986 | 25 | 1 | 0 |
|  | 05/2025 | $540 | 417 | 0 | (2) |
|  | 05/2025 | 2214 | 86912 | 0 | (57) |
|  | 06/2025 | 3538 | $84 | 0 | (1) |
|  | 06/2025 | $73 | 283 | 0 | 0 |
|  | 06/2025 | 1302 | 51442 | 0 | (62) |
|  BSH | 04/2025 | 6300 | $3991 | 55 | 0 |
|  | 04/2025 | 142409 | 948 | 0 | (1) |
|  | 05/2025 | $948 | 141929 | 1 | 0 |
|  | 06/2025 | 1045 | $286 | 2 | 0 |
|  | 06/2025 | $423 | 1632 | 0 | (3) |
|  CBK | 04/2025 | 1702 | $240 | 0 | (7) |
|  | 04/2025 | 14230542 | 858 | 4 | 0 |
|  | 04/2025 | 1021 | 280 | 5 | 0 |
|  | 04/2025 | 17426 | 204 | 0 | 0 |
|  | 04/2025 | 96352 | 2943 | 42 | 0 |
|  | 04/2025 | $4049 | 5768 | 0 | (41) |
|  | 04/2025 | 942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15417739 | 0 | (17) |
|  | 04/2025 | 694 | 60158 | 9 | 0 |
|  | 04/2025 | 22 | 32181 | 0 | 0 |
|  | 04/2025 | 2067 | 67845 | 0 | (24) |
|  | 05/2025 | 5759 | $4049 | 41 | 0 |
|  | 05/2025 | 3756643 | 226 | 1 | 0 |
|  | 05/2025 | $187 | 3104525 | 0 | (1) |
|  | 06/2025 | 1459 | $201 | 0 | (1) |
|  | 06/2025 | 2515037 | 1750 | 37 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **203** |

---

------

Schedule of Investments PIMCO StocksPLUS<sup>®</sup><sup></sup>Long Duration Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 06/2025 | $120 | 869 | $0 | $0 |
|  | 07/2025 | 31094 | $956 | 14 | 0 |
|  | 08/2025 | 9195 | 2469 | 0 | (26) |
|  | 08/2025 | 45186 | 1386 | 14 | 0 |
|  DUB | 04/2025 | 1031 | 283 | 6 | 0 |
|  | 04/2025 | 29100 | 198 | 4 | 0 |
|  | 04/2025 | 133 | 76 | 1 | 0 |
|  | 04/2025 | 14 | 11 | 0 | 0 |
|  | 04/2025 | $264 | 1827 | 1 | 0 |
|  | 04/2025 | 354 | 5881802 | 0 | (1) |
|  | 04/2025 | 82 | 7018 | 0 | 0 |
|  | 04/2025 | 76 | 133 | 0 | 0 |
|  | 04/2025 | 38 | 50 | 0 | 0 |
|  | 05/2025 | 1824 | $264 | 0 | (1) |
|  | 05/2025 | 435206 | 26 | 0 | 0 |
|  | 05/2025 | 50 | 37 | 0 | 0 |
|  | 05/2025 | $77 | 133 | 0 | (1) |
|  | 06/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4462559 | $3107 | 69 | 0 |
|  FAR | 04/2025 | 3617 | 4057 | 0 | (31) |
|  | 04/2025 | 2704 | 381 | 0 | (11) |
|  | 04/2025 | 1253 | 345 | 8 | 0 |
|  | 04/2025 | 101885 | 677 | 0 | (3) |
|  | 04/2025 | $502 | 74844 | 0 | (3) |
|  | 04/2025 | 33 | 1073 | 0 | 0 |
|  | 05/2025 | 260 | 1874 | 0 | (1) |
|  | 05/2025 | 677 | 101542 | 3 | 0 |
|  | 06/2025 | 798 | 3084 | 0 | (4) |
|  | 07/2025 | 1867 | $260 | 1 | 0 |
|  GLM | 04/2025 | 37044 | 6451 | 0 | (40) |
|  | 04/2025 | 4261756 | 257 | 1 | 0 |
|  | 04/2025 | 228943 | 156 | 1 | 0 |
|  | 04/2025 | 602 | 15 | 0 | 0 |
|  | 04/2025 | $6444 | 37044 | 47 | 0 |
|  | 04/2025 | 624 | 10262399 | 0 | (9) |
|  | 04/2025 | 30 | 43851 | 0 | 0 |
|  | 05/2025 | 1935 | $264 | 0 | (3) |
|  | 05/2025 | 1805091 | 108 | 0 | 0 |
|  | 05/2025 | 1140 | 306 | 0 | (4) |
|  | 05/2025 | $257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4265606 | 0 | (1) |
|  | 06/2025 | 283 | 2042 | 0 | (1) |
|  | 06/2025 | 156 | 228111 | 0 | (1) |
|  | 06/2025 | 643 | 2483 | 0 | (4) |
|  | 07/2025 | 2831 | $87 | 1 | 0 |
|  IND | 04/2025 | $510 | 3529 | 1 | 0 |
|  | 05/2025 | 3522 | $510 | 0 | (1) |
|  JPM | 04/2025 | 2127 | 371 | 0 | (2) |
|  | 04/2025 | 227412 | 14 | 0 | 0 |
|  | 04/2025 | 1507 | 414 | 8 | 0 |
|  | 04/2025 | 31395 | 208 | 0 | (1) |
|  | 04/2025 | 15 | 11 | 0 | 0 |
|  | 04/2025 | 1161 | 29 | 0 | (1) |
|  | 04/2025 | 8783 | 268 | 3 | 0 |
|  | 04/2025 | $370 | 2127 | 2 | 0 |
|  | 04/2025 | 7718 | 7156 | 19 | 0 |
|  | 04/2025 | 539 | 417 | 0 | 0 |
|  | 04/2025 | 173 | 2844971 | 0 | (2) |
|  | 04/2025 | 546 | 47556 | 9 | 0 |
|  | 04/2025 | 539 | 80320 | 0 | (3) |
|  | 04/2025 | 22 | 32167 | 0 | 0 |
|  | 04/2025 | 991 | 32506 | 0 | (12) |
|  | 04/2025 | 2568 | $141 | 1 | 0 |
|  | 05/2025 | 2069 | 283 | 0 | (2) |
|  | 05/2025 | 7156 | 7731 | 0 | (19) |
|  | 05/2025 | 1165302 | 70 | 0 | 0 |
|  | 05/2025 | $954 | 6918 | 1 | (1) |
|  | 05/2025 | 208 | 31290 | 1 | 0 |
|  | 05/2025 | 546 | 24302 | 66 | 0 |
|  | 06/2025 | 572 | $78 | 0 | (1) |
|  | 06/2025 | $359 | 7249 | 0 | (8) |

---

---

| | | |
|:---|:---|:---|
| **204** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 06/2025 | $1166 | 4518 | $1 | $(3) |
|  | 07/2025 | 3537 | $490 | 0 | (1) |
|  | 07/2025 | 19743 | 607 | 9 | 0 |
|  | 07/2025 | $371 | 2169 | 2 | 0 |
|  | 08/2025 | 3349 | $464 | 0 | (1) |
|  | 08/2025 | 24132 | 740 | 7 | 0 |
|  MBC | 04/2025 | 128 | 96 | 1 | 0 |
|  | 04/2025 | 13683 | 423 | 11 | 0 |
|  | 04/2025 | $4091 | 3614 | 0 | (6) |
|  | 04/2025 | 14 | 97 | 0 | 0 |
|  | 04/2025 | 301 | 281 | 3 | 0 |
|  | 04/2025 | 147 | 12713 | 2 | 0 |
|  | 04/2025 | 697 | 22898 | 0 | (7) |
|  | 04/2025 | 7272 | $398 | 2 | 0 |
|  | 05/2025 | 3601 | 4091 | 6 | 0 |
|  | 05/2025 | 3226 | 445 | 0 | (1) |
|  | 05/2025 | 97 | 14 | 0 | 0 |
|  | 05/2025 | 724184 | 44 | 0 | 0 |
|  | 05/2025 | $471 | 3412 | 1 | 0 |
|  | 06/2025 | 462622 | $322 | 6 | 0 |
|  | 06/2025 | $172 | 664 | 0 | (1) |
|  | 07/2025 | 1696 | $235 | 0 | 0 |
|  | 07/2025 | 11738 | 360 | 5 | 0 |
|  | 08/2025 | 3148 | 437 | 1 | (1) |
|  | 08/2025 | 11022 | 337 | 2 | 0 |
|  MYI | 04/2025 | 5770 | 4053 | 44 | 0 |
|  | 04/2025 | 1047 | 146 | 0 | (6) |
|  | 04/2025 | 6712 | 8504 | 0 | (165) |
|  | 04/2025 | 54 | 40 | 0 | 0 |
|  | 04/2025 | $80 | 2608 | 0 | (1) |
|  | 04/2025 | 597 | 10908 | 0 | (2) |
|  | 05/2025 | 597101 | $36 | 0 | 0 |
|  | 06/2025 | 668 | 92 | 0 | 0 |
|  | 06/2025 | $39 | 155 | 1 | 0 |
|  NGF | 06/2025 | 557374 | $391 | 12 | 0 |
|  SCX | 04/2025 | 36039 | 6166 | 0 | (150) |
|  | 04/2025 | 8226 | 55 | 0 | 0 |
|  | 04/2025 | 7247 | 223 | 5 | 0 |
|  | 04/2025 | $6276 | 36039 | 39 | 0 |
|  | 04/2025 | 561 | 9174814 | 0 | (11) |
|  | 04/2025 | 22 | 32133 | 0 | 0 |
|  | 04/2025 | 202 | 6648 | 0 | (2) |
|  | 05/2025 | 2505 | $348 | 2 | 0 |
|  | 05/2025 | 282771 | 17 | 0 | 0 |
|  | 05/2025 | $66 | 9964 | 0 | 0 |
|  | 06/2025 | 6166 | 36496 | 149 | 0 |
|  | 08/2025 | 6592 | $202 | 2 | 0 |
|  SSB | 04/2025 | $8680 | 6712 | 0 | (10) |
|  | 05/2025 | 6712 | $8679 | 10 | 0 |
|  UAG | 04/2025 | 542931 | 33 | 0 | 0 |
|  | 04/2025 | $33 | 542931 | 0 | 0 |
|  | 04/2025 | 495 | 73588 | 0 | (4) |
|  | 05/2025 | 33 | 543695 | 0 | 0 |
|  | 06/2025 | 55 | 210 | 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;913 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1220) |

---

#### WRITTEN OPTIONS:

#### CREDIT DEFAULT SWAPTIONS ON CREDIT INDEXES

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Buy/Sell<br>Protection | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| GST | Put - OTC CDX.IG-43 5-Year Index | Sell | 0.700% | 05/21/2025 | 900 | $(1) | $(1) |
|  | Put - OTC CDX.IG-43 5-Year Index | Sell | 0.700 | 06/18/2025 | 900 | (2) | (1) |
|  | Put - OTC CDX.IG-43 5-Year Index | Sell | 0.750 | 06/18/2025 | 1900 | (3) | (2) |
|  | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.850 | 06/18/2025 | 1700 | (1) | (1) |
|  | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.900 | 07/16/2025 | 1700 | (2) | (2) |
| JPM | Put - OTC CDX.IG-44 5-Year Index | Sell | 1.000 | 07/16/2025 | 800 | (1) | (1) |
|  |  |  |  |  |  | $(10) | $(8) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 205

------

Schedule of Investments PIMCO StocksPLUS<sup>®</sup><sup></sup>Long Duration 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  | 6-Month EUR-EURIBOR | Receive | 2.400% | 04/07/2025 | 500 | $(1) | $(1) |
| Put - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.750 | 04/07/2025 | 500 | (1) | 0 |
| BRC Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.510 | 04/07/2025 | 300 | (1) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.860 | 04/07/2025 | 300 | (1) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.550 | 04/11/2025 | 300 | (1) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.900 | 04/11/2025 | 300 | (1) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.550 | 04/14/2025 | 200 | (1) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.920 | 04/14/2025 | 200 | (1) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.450 | 04/30/2025 | 200 | (1) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.760 | 04/30/2025 | 200 | (1) | (1) |
| CBK Call - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.350 | 04/25/2025 | 300 | (1) | (1) |
| Put - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.650 | 04/25/2025 | 300 | (1) | 0 |
| 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 | 3.723 | 04/14/2025 | 400 | (2) | (2) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.073 | 04/14/2025 | 400 | (2) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.695 | 04/17/2025 | 400 | (2) | (2) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.045 | 04/17/2025 | 400 | (2) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.710 | 04/21/2025 | 400 | (1) | (3) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.060 | 04/21/2025 | 400 | (1) | (1) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.713 | 04/28/2025 | 400 | (1) | (3) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.063 | 04/28/2025 | 400 | (1) | (1) |
| MYC Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.710 | 04/14/2025 | 400 | (1) | (2) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.060 | 04/14/2025 | 400 | (2) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.520 | 04/07/2025 | 300 | (1) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.890 | 04/07/2025 | 300 | (1) | 0 |
|  |  |  |  |  |  | $(35) | $(22) |
|  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;(45) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>March 31, 2025<sup>(3)</sup> | **Notional<br>Amount<sup>(4)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(5)</sup> | Swap Agreements,<br>at Value<sup>(5)</sup> |
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>March 31, 2025<sup>(3)</sup> | **Notional<br>Amount<sup>(4)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BOA | Brazil Government International Bond | 1.000% | Quarterly | 06/20/2026 | 0.660% | $100 | $(4) | $4 | $0 | $0 |
| GST | Mexico Government International Bond | 1.000 | Quarterly | 12/20/2028 | 1.029 | 100 | (1) | 1 | 0 | 0 |
| JPM | Mexico Government International Bond | 1.000 | Quarterly | 06/20/2026 | 0.540 | 100 | (1) | 2 | 1 | 0 |
| MYC | Brazil Government International Bond | 1.000 | Quarterly | 06/20/2027 | 0.939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | (62) | 64 | 2 | 0 |
|  | Mexico Government International Bond | 1.000 | Quarterly | 12/20/2026 | 0.654 | 400 | 1 | 1 | 2 | 0 |
|  | Mexico Government International Bond | 1.000 | Quarterly | 06/20/2027 | 0.716 | 100 | 0 | 1 | 1 | 0 |
|  | Mexico Government International Bond | 1.000 | Quarterly | 06/20/2028 | 0.908 | 100 | (2) | 2 | 0 | 0 |
|  | Mexico Government International Bond | 1.000 | Quarterly | 12/20/2028 | 1.029 | 400 | (4) | 4 | 0 | 0 |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(73) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Index/Tranches** | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(5)</sup> | Swap Agreements,<br>at Value<sup>(5)</sup> |
| **Counterparty** | **Index/Tranches** | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BPS | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000% | Quarterly | 12/20/2029 | EUR 886 | $173 | $2 | $175 | $0 |
| JPM | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 | 984 | 195 | 0 | 195 | 0 |
| MYC | CDX.HY-37 5-Year 25-35% Index | 5.000 | Quarterly | 12/20/2026 | $2600 | 354 | (147) | 207 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(145) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

206 PIMCO EQUITY-RELATED STRATEGY FUNDS See Accompanying Notes

------

March 31, 2025

#### TOTAL RETURN SWAPS ON INDEXES

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/Receive<sup>(6)</sup>** | **# 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>** | **# of Units** | **Financing Rate** | **Payment<br>Frequency** | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  CIB | Receive<br> S&P 500 Total Return Index  | 10298 | 5.110% (FEDL01 plus a specified spread) | Monthly | 04/02/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127285 | $0 | $(520) | $0 | $(520) |
|  | Receive<br> S&P 500 Total Return Index  | 1576 | 4.910% (FEDL01 plus a specified spread) | Monthly | 04/09/2025 | 19480 | 0 | (82) | 0 | (82) |
|  | Receive<br> S&P 500 Total Return Index  | 5720 | 5.180% (FEDL01 plus a specified spread) | Monthly | 05/07/2025 | 70700 | 0 | (302) | 0 | (302) |
|  | Receive<br> S&P 500 Total Return Index  | 1577 | 5.050% (FEDL01 plus a specified spread) | Monthly | 01/07/2026 | 19492 | 0 | (84) | 0 | (84) |
|  | Receive<br> S&P 500 Total Return Index  | 1444 | 5.090% (FEDL01 plus a specified spread) | Monthly | 01/07/2026 | 17848 | 0 | (78) | 0 | (78) |
|  | Receive<br> S&P 500 Total Return Index  | 1454 | 5.080% (FEDL01 plus a specified spread) | Monthly | 01/21/2026 | 17972 | 0 | (78) | 0 | (78) |
|  | Receive<br> S&P 500 Total Return Index  | 112 | 5.010% (FEDL01 plus a specified spread) | Monthly | 02/18/2026 | 1384 | 0 | (6) | 0 | (6) |
|  RBC | Receive<br> S&P 500 Total Return Index  | 2933 | 4.970% (FEDL01 plus a specified spread) | Monthly | 04/09/2025 | 36252 | 0 | (154) | 0 | (154) |
|  | Receive<br> S&P 500 Total Return Index  | 726 | 4.980% (FEDL01 plus a specified spread) | Monthly | 04/16/2025 | 8974 | 0 | (38) | 0 | (38) |
|  | Receive<br> S&P 500 Total Return Index  | 402 | 5.060% | Monthly | 06/04/2025 | 4969 | 0 | (19) | 0 | (19) |
|  | Receive<br> S&P 500 Total Return Index  | 1107 | 5.030% (FEDL01 plus a specified spread) | Monthly | 07/09/2025 | 13683 | 0 | (57) | 0 | (57) |
|  | Receive<br> S&P 500 Total Return Index  | 910 | 5.050% (FEDL01 plus a specified spread) | Monthly | 08/06/2025 | 11248 | 0 | (47) | 0 | (47) |
|  | Receive<br> S&P 500 Total Return Index  | 402 | 5.050% (FEDL01 plus a specified spread) | Monthly | 09/03/2025 | 4969 | 0 | (21) | 0 | (21) |
|  | Receive<br> S&P 500 Total Return Index  | 725 | 5.070% (FEDL01 plus a specified spread) | Monthly | 09/24/2025 | 8961 | 0 | (37) | 0 | (37) |
|  | Receive<br> S&P 500 Total Return Index  | 2101 | 5.140% (FEDL01 plus a specified spread) | Monthly | 10/15/2025 | 25969 | 0 | (110) | 0 | (110) |
|  TOR | Receive<br> S&P 500 Total Return Index  | 108 | 4.930% (FEDL01 plus a specified spread) | Monthly | 05/21/2025 | 1335 | 0 | (6) | 0 | (6) |
|  | Receive<br> S&P 500 Total Return Index  | 109 | 4.970% (FEDL01 plus a specified spread) | Monthly | 08/20/2025 | 1347 | 0 | (6) | 0 | (6) |
|  |  |  |  |  |  |  | $0 | $(1645) | $0 | $(1645) |
|  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;649 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1711) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1645) |

---

#### 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 | $51 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $51 | $(62) | $0 | $0 | $(62) | $(11) | $0 | $(11) |
|  BOA | 6 | 0 | 0 | 6 | (5) | 0 | 0 | (5) | 1 | 0 | 1 |
|  BPS | 50 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 | 225 | (326) | (1) | 0 | (327) | (102) | 283 | 181 |
|  BRC | 4 | 0 | 0 | 4 | (162) | (4) | 0 | (166) | (162) | 282 | 120 |
|  BSH | 58 | 0 | 0 | 58 | (4) | 0 | 0 | (4) | 54 | 0 | 54 |
|  CBK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167 | 0 | 0 | 167 | (117) | (1) | 0 | (118) | 49 | 0 | 49 |
|  CIB | 0 | 0 | 0 | 0 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1150) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1150) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1150) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17852 |
|  DUB | 81 | 0 | 0 | 81 | (3) | 0 | 0 | (3) | 78 | 0 | 78 |
|  FAR | 12 | 0 | 0 | 12 | (53) | 0 | 0 | (53) | (41) | 0 | (41) |
|  GLM | 50 | 0 | 0 | 50 | (63) | (14) | 0 | (77) | (27) | 0 | (27) |
|  GST | 0 | 0 | 0 | 0 | 0 | (7) | 0 | (7) | (7) | 0 | (7) |
|  IND | 1 | 0 | 0 | 1 | (1) | 0 | 0 | (1) | 0 | 0 | 0 |
|  JPM | 129 | 0 | 196 | 325 | (57) | (1) | 0 | (58) | 267 | (100) | 167 |
|  MBC | 40 | 0 | 0 | 40 | (16) | 0 | 0 | (16) | 24 | 0 | 24 |
|  MYC | 0 | 0 | 212 | 212 | 0 | (2) | 0 | (2) | 210 | (304) | (94) |
|  MYI | 45 | 0 | 0 | 45 | (174) | 0 | 0 | (174) | (129) | (10) | (139) |
|  NGF | 12 | 0 | 0 | 12 | 0 | 0 | 0 | 0 | 12 | 0 | 12 |
|  RBC | 0 | 0 | 0 | 0 | 0 | 0 | (483) | (483) | (483) | 8280 | 7797 |
|  SCX | 197 | 0 | 0 | 197 | (163) | 0 | 0 | (163) | 34 | 0 | 34 |
|  SSB | 10 | 0 | 0 | 10 | (10) | 0 | 0 | (10) | 0 | 0 | 0 |
|  TOR | 0 | 0 | 0 | 0 | 0 | 0 | (12) | (12) | (12) | 0 | (12) |
|  UAG | 0 | 0 | 0 | 0 | (4) | 0 | 0 | (4) | (4) | 0 | (4) |
|  Total Over the Counter | $913 | $0 | $583 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1496 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1220) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30) | $(1645) | $(2895) |  |  |  |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 207

------

Schedule of Investments PIMCO StocksPLUS<sup>®</sup><sup></sup>Long Duration Fund (Cont.)

(m) Securities with an aggregate market value of $27,847 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of March 31, 2025.

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

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

<sup>(4)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

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

<sup>(6)</sup> Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference. 

<sup>(7)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets |  |  |  |  |  |  |
|  Exchange-traded or centrally cleared |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $682 | $0 | $7 | $689 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 4 | 0 | 0 | 171 | 175 |
|  | $0 | $4 | $682 | $0 | $178 | $864 |
|  Over the counter |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $913 | $0 | $913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 583 | 0 | 0 | 0 | 583 |
|  | $0 | $583 | $0 | $913 | $0 | $1496 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587 | $682 | $913 | $178 | $2360 |
|  Financial Derivative Instruments - Liabilities |  |  |  |  |  |  |
|  Exchange-traded or centrally cleared |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $2 | $0 | $364 | $366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 11 | 0 | 0 | 313 | 324 |
|  | $0 | $11 | $2 | $0 | $677 | $690 |
|  Over the counter |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $1220 | $0 | $1220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 8 | 0 | 0 | 22 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 1645 | 0 | 0 | 1645 |
|  | $0 | $8 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1645 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1220 | $22 | $2895 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $19 | $1647 | $1220 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;699 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3585 |

---

208 PIMCO EQUITY-RELATED STRATEGY FUNDS See Accompanying Notes

------

March 31, 2025

The effect of Financial Derivative Instruments on the Statements of Operations for the year ended March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |  |  |  |
|  Exchange-traded or centrally cleared |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $101 | $101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 9280 | 0 | 2254 | 11534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 721 | 0 | 0 | 4623 | 5344 |
|  | $0 | $721 | $9280 | $0 | $6978 | $16979 |
|  Over the counter |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $2493 | $0 | $2493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | (85) | (85) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 650 | 650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (809) | 9414 | 0 | 0 | 8605 |
|  | $0 | $(809) | $9414 | $2493 | $565 | $11663 |
|  | $0 | $(88) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18694 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2493 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7543 | $28642 |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |  |  |  |
|  Exchange-traded or centrally cleared |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $(19) | $(19) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | (7214) | 0 | (1396) | (8610) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (451) | 0 | 0 | (4112) | (4563) |
|  | $0 | $(451) | $(7214) | $0 | $(5527) | $(13192) |
|  Over the counter |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(642) | $0 | $(642) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 17 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 1 | 0 | 0 | (58) | (57) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 862 | 984 | 0 | 0 | 1846 |
|  | $0 | $863 | $984 | $(642) | $(41) | $1164 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412 | $(6230) | $(642) | $(5568) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12028) |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |  |  |
|  Loan Participations and Assignments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $338 | $2 | $340 |
|  Corporate Bonds & Notes |  |  |  |  |
| &nbsp;&nbsp; Banking & Finance | 0 | 133598 | 0 | 133598 |
| &nbsp;&nbsp; Industrials | 0 | 156043 | 0 | 156043 |
| &nbsp;&nbsp; Utilities | 0 | 39233 | 0 | 39233 |
|  Municipal Bonds & Notes |  |  |  |  |
| &nbsp;&nbsp; California | 0 | 4716 | 0 | 4716 |
| &nbsp;&nbsp; Georgia | 0 | 2527 | 0 | 2527 |
| &nbsp;&nbsp; Maryland | 0 | 1514 | 0 | 1514 |
| &nbsp;&nbsp; Ohio | 0 | 2038 | 0 | 2038 |
| &nbsp;&nbsp; Texas | 0 | 1674 | 0 | 1674 |
|  U.S. Government Agencies | 0 | 238697 | 0 | 238697 |
|  U.S. Treasury Obligations | 0 | 391780 | 0 | 391780 |
|  Non-Agency Mortgage-Backed Securities | 0 | 8541 | 0 | 8541 |
|  Asset-Backed Securities |  |  |  |  |
| &nbsp;&nbsp; CMBS Other | 0 | 1792 | 0 | 1792 |
| &nbsp;&nbsp; Home Equity Other | 0 | 2800 | 0 | 2800 |
| &nbsp;&nbsp; Other ABS | 0 | 6767 | 0 | 6767 |
|  Sovereign Issues | 0 | 22453 | 0 | 22453 |
|  Short-Term Instruments |  |  |  |  |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 20305 | 0 | 20305 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1034816 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1034818 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments |  |  |  |  |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $251 | $0 | $0 | $251 |
|  Total Investments | $251 | $1034816 | $2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1035069 |
|  Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities |  |  |  |
| &nbsp;&nbsp; U.S. Government Agencies | $0 | $(812) | $0 | $(812) |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |  |
|  Exchange-traded or centrally cleared | 689 | 175 | 0 | 864 |
|  Over the counter | 0 | 1496 | 0 | 1496 |
|  | $689 | $1671 | $0 | $2360 |
|  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 | (53) | (637) | 0 | (690) |
|  Over the counter | 0 | (2895) | 0 | (2895) |
|  | $(53) | $(3532) | $0 | $(3585) |
|  Total Financial Derivative Instruments | $636 | $(1861) | $0 | $(1225) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;887 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1032143 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $1033032 |

---

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 | **209** |

---

------

Schedule of Investments PIMCO StocksPLUS<sup>®</sup><sup></sup>Short 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 124.2% | INVESTMENTS IN SECURITIES 124.2% | INVESTMENTS IN SECURITIES 124.2% |
| CORPORATE BONDS & NOTES 7.2% | CORPORATE BONDS & NOTES 7.2% | CORPORATE BONDS & NOTES 7.2% |
| BANKING & FINANCE 5.6% | BANKING & FINANCE 5.6% | BANKING & FINANCE 5.6% |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  3.705% due 04/24/2028 •  | 1025 | 1008 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  6.224% due 05/09/2034 •  | 400 | 417 |
|  Credit Suisse AG AT1 Claim | 1078 | 129 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  3.615% due 03/15/2028 •  | 1000 | 982 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  3.782% due 02/01/2028 •  | 200 | 197 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  4.654% due 10/18/2030 •  | 200 | 199 |
|  6.296% due 10/18/2028 •  | 100 | 104 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  6.327% due 12/22/2027 •  | 600 | 616 |
|  VICI Properties LP | VICI Properties LP | VICI Properties LP |
|  4.750% due 02/15/2028 | 100 | 100 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  2.393% due 06/02/2028 •  | 1100 | 1050 |
|  |  | 4802 |
| INDUSTRIALS 1.2% | INDUSTRIALS 1.2% | INDUSTRIALS 1.2% |
|  Boeing Co. | Boeing Co. | Boeing Co. |
|  6.528% due 05/01/2034 | 100 | 107 |
|  Cheniere Corpus Christi Holdings LLC | Cheniere Corpus Christi Holdings LLC | Cheniere Corpus Christi Holdings LLC |
|  3.700% due 11/15/2029 | 300 | 287 |
|  CVS Pass-Through Trust | CVS Pass-Through Trust | CVS Pass-Through Trust |
|  6.943% due 01/10/2030 | 282 | 290 |
|  MPLX LP | MPLX LP | MPLX LP |
|  2.650% due 08/15/2030 | 400 | 356 |
|  |  | 1040 |
| UTILITIES 0.4% | UTILITIES 0.4% | UTILITIES 0.4% |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  4.550% due 07/01/2030 | 400 | 387 |
|  Total Corporate Bonds & Notes (Cost $6,065) | Total Corporate Bonds & Notes (Cost $6,065) | 6229 |
| U.S. GOVERNMENT AGENCIES 57.3% | U.S. GOVERNMENT AGENCIES 57.3% | U.S. GOVERNMENT AGENCIES 57.3% |
|  Fannie Mae | Fannie Mae | Fannie Mae |
|  4.202% due 10/01/2029 ~ | 600 | 597 |
|  4.705% due 09/01/2031 •  | 1100 | 1112 |
|  4.720% due 10/01/2028 | 700 | 711 |
|  4.804% due 07/25/2037 - 09/25/2042 •  | 25 | 25 |
|  4.834% due 07/25/2037 •  | 30 | 30 |
|  4.854% due 09/25/2035 •  | 57 | 57 |
|  4.864% due 09/25/2035 •  | 123 | 122 |
|  4.930% due 06/01/2029 | 300 | 307 |
|  5.174% due 06/25/2037 •  | 246 | 246 |
|  6.397% due 11/01/2035 •  | 1 | 1 |
|  6.435% due 12/01/2033 •  | 3 | 3 |
|  6.576% due 09/01/2035 •  | 4 | 4 |
|  6.606% due 12/01/2033 •  | 1 | 1 |
|  6.897% due 06/01/2035 •  | 2 | 2 |
|  7.273% due 06/01/2034 •  | 4 | 4 |
|  7.430% due 07/01/2035 •  | 1 | 1 |
|  7.564% due 06/01/2035 •  | 2 | 2 |
|  Freddie Mac | Freddie Mac | Freddie Mac |
|  3.000% due 09/01/2032 | 569 | 551 |
|  4.000% due 01/01/2048 - 03/01/2049 | 76 | 72 |
|  4.843% due 03/15/2037 •  | 161 | 159 |
|  5.000% due 06/01/2030 - 01/01/2039 | 518 | 526 |
|  5.163% due 08/15/2037 •  | 370 | 370 |
|  5.173% due 10/15/2037 •  | 55 | 55 |
|  5.183% due 05/15/2037 - 09/15/2037 •  | 409 | 409 |
|  5.500% due 01/01/2035 - 03/01/2039 | 91 | 94 |
|  6.000% due 08/01/2027 - 12/01/2037 | 17 | 19 |
|  7.427% due 06/01/2035 •  | 4 | 4 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  7.647% due 11/01/2034 •  | 1 | 1 |
|  Ginnie Mae | Ginnie Mae | Ginnie Mae |
|  5.000% due 04/15/2035 - 03/15/2042 | 1901 | 1922 |
|  6.000% due 07/15/2037 - 08/15/2037 | 19 | 19 |
|  Ginnie Mae, TBA | Ginnie Mae, TBA | Ginnie Mae, TBA |
|  5.000% due 04/01/2055 | 1530 | 1505 |
|  U.S. Small Business Administration | U.S. Small Business Administration | U.S. Small Business Administration |
|  4.430% due 05/01/2029 | 33 | 33 |
|  Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security |
|  3.000% due 01/01/2027 | 103 | 102 |
|  4.000% due 06/01/2026 | 6 | 6 |
|  4.500% due 06/01/2025 - 02/01/2044 | 1051 | 1030 |
|  5.000% due 11/01/2025 - 01/01/2029 | 9 | 9 |
|  5.500% due 11/01/2025 - 09/01/2041 | 2639 | 2689 |
|  6.000% due 10/01/2026 - 05/01/2041 | 1911 | 1988 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  3.000% due 05/01/2055 | 2200 | 1906 |
|  4.000% due 05/01/2055 | 5930 | 5517 |
|  4.500% due 05/01/2055 | 4140 | 3958 |
|  5.000% due 04/01/2055 | 2630 | 2578 |
|  5.500% due 05/01/2055 | 1850 | 1846 |
|  6.000% due 06/01/2055 | 7160 | 7259 |
|  6.500% due 06/01/2055 | 11180 | 11510 |
|  Total U.S. Government Agencies (Cost $49,582) | Total U.S. Government Agencies (Cost $49,582) | 49362 |
| U.S. TREASURY OBLIGATIONS 5.8% | U.S. TREASURY OBLIGATIONS 5.8% | U.S. TREASURY OBLIGATIONS 5.8% |
|  U.S. Treasury Inflation Protected Securities (c) | U.S. Treasury Inflation Protected Securities (c) | U.S. Treasury Inflation Protected Securities (c) |
|  0.625% due 07/15/2032 | 2077 | 1940 |
|  1.875% due 07/15/2034 | 1539 | 1553 |
|  2.125% due 04/15/2029 | 1335 | 1375 |
|  2.125% due 01/15/2035 | 151 | 155 |
|  Total U.S. Treasury Obligations (Cost $5,047) | Total U.S. Treasury Obligations (Cost $5,047) | 5023 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 17.7% | NON-AGENCY MORTGAGE-BACKED SECURITIES 17.7% | NON-AGENCY MORTGAGE-BACKED SECURITIES 17.7% |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  5.697% due 05/25/2035 ~ | 1 | 1 |
|  Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust |
|  6.362% due 07/25/2035 •  | 80 | 77 |
|  Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust |
|  5.967% due 11/25/2034 ~ | 10 | 9 |
|  6.351% due 11/25/2034 •  | 1 | 1 |
|  7.728% due 12/25/2035 •  | 2 | 2 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  5.362% due 10/25/2035 ~ | 410 | 342 |
|  BX Trust | BX Trust | BX Trust |
|  5.068% due 04/15/2039 •  | 505 | 502 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  4.762% due 12/25/2035 ~ | 19 | 17 |
|  4.906% due 09/25/2036 •  | 90 | 75 |
|  6.000% due 12/25/2036 | 129 | 55 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  6.170% due 09/25/2062 þ | 1180 | 1181 |
|  7.230% due 10/25/2035 ~ | 2 | 2 |
|  7.410% due 05/25/2035 •  | 1 | 1 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.815% due 09/25/2046 •  | 478 | 463 |
|  4.995% due 02/25/2037 •  | 62 | 52 |
|  5.500% due 07/25/2035 | 2 | 1 |
|  6.000% due 05/25/2037 | 1297 | 576 |
|  Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust |
|  5.160% due 11/25/2034 •  | 99 | 95 |
|  5.415% due 02/20/2035 •  | 1 | 1 |
|  6.662% due 02/20/2036 •  | 1 | 1 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  4.632% due 11/25/2035 •  | 3 | 2 |
|  4.752% due 11/25/2035 •  | 140 | 118 |
|  5.328% due 09/25/2035 ~ | 3 | 2 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.000% due 02/25/2036 | $| 2660 | 1053 |
|  6.000% due 07/25/2037 |  | 671 | 436 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.347% due 06/19/2036 •  |  | 644 | 330 |
|  4.771% due 12/19/2036 •  |  | 53 | 48 |
|  4.871% due 05/19/2035 •  |  | 4 | 4 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  3.229% due 06/25/2037 •  |  | 1262 | 1019 |
|  4.152% due 06/25/2036 •  |  | 1150 | 1008 |
|  JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust |
|  4.308% due 05/25/2036 •  |  | 637 | 358 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  4.471% due 10/25/2036 ~ |  | 35 | 20 |
|  4.619% due 10/25/2036 •  |  | 280 | 204 |
|  5.750% due 01/25/2036 |  | 22 | 10 |
|  6.057% due 02/25/2035 ~ |  | 1 | 1 |
|  Lehman Mortgage Trust | Lehman Mortgage Trust | Lehman Mortgage Trust | Lehman Mortgage Trust |
|  6.000% due 09/25/2037 |  | 323 | 314 |
|  MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust |
|  3.269% due 07/25/2035 ~ |  | 88 | 78 |
|  Mellon Residential Funding Corp. Mortgage Pass-Through Trust | Mellon Residential Funding Corp. Mortgage Pass-Through Trust | Mellon Residential Funding Corp. Mortgage Pass-Through Trust | Mellon Residential Funding Corp. Mortgage Pass-Through Trust |
|  4.874% due 12/15/2030 ~ |  | 6 | 6 |
|  Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust |
|  5.035% due 03/25/2037 •  |  | 922 | 217 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.855% due 02/25/2036 •  |  | 8 | 8 |
|  4.935% due 11/25/2035 •  |  | 6 | 5 |
|  5.312% due 09/25/2035 •  |  | 239 | 191 |
|  6.058% due 05/25/2033 ~ |  | 5 | 5 |
|  Mortgage Equity Conversion Asset Trust | Mortgage Equity Conversion Asset Trust | Mortgage Equity Conversion Asset Trust | Mortgage Equity Conversion Asset Trust |
|  4.540% due 05/25/2042 ~ |  | 429 | 422 |
|  New Orleans Hotel Trust | New Orleans Hotel Trust | New Orleans Hotel Trust | New Orleans Hotel Trust |
|  5.356% due 04/15/2032 •  |  | 1000 | 989 |
|  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 |
|  5.476% due 05/25/2035 þ |  | 26 | 12 |
|  5.769% due 06/25/2036 ~ |  | 885 | 241 |
|  Prime Mortgage Trust | Prime Mortgage Trust | Prime Mortgage Trust | Prime Mortgage Trust |
|  6.000% due 06/25/2036 |  | 1 | 1 |
|  Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust |
|  4.735% due 02/25/2037 •  |  | 576 | 508 |
|  4.795% due 07/25/2036 •  |  | 2345 | 781 |
|  4.805% due 08/25/2036 •  |  | 1048 | 954 |
|  4.815% due 07/25/2036 •  |  | 904 | 822 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  6.035% due 01/25/2035 ~ |  | 10 | 9 |
|  6.527% due 02/25/2034 •  |  | 3 | 3 |
|  Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust |
|  4.995% due 02/25/2036 ~ |  | 5 | 4 |
|  Taurus U.K. DAC | Taurus U.K. DAC | Taurus U.K. DAC | Taurus U.K. DAC |
|  5.316% due 05/17/2031 •  | GBP | 199 | 256 |
|  Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust |
|  5.989% due 06/25/2047 •  | $| 236 | 209 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  4.091% due 02/25/2037 •  |  | 161 | 137 |
|  5.075% due 08/25/2045 •  |  | 777 | 780 |
|  5.835% due 11/25/2042 •  |  | 1 | 1 |
|  6.135% due 10/25/2046 •  |  | 42 | 39 |
|  Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust |
|  6.931% due 12/25/2036 •  |  | 164 | 160 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $19,028) | Total Non-Agency Mortgage-Backed Securities (Cost $19,028) | Total Non-Agency Mortgage-Backed Securities (Cost $19,028) | 15219 |
| ASSET-BACKED SECURITIES 20.3% | ASSET-BACKED SECURITIES 20.3% | ASSET-BACKED SECURITIES 20.3% | ASSET-BACKED SECURITIES 20.3% |
| AUTOMOBILE SEQUENTIAL 2.3% | AUTOMOBILE SEQUENTIAL 2.3% | AUTOMOBILE SEQUENTIAL 2.3% | AUTOMOBILE SEQUENTIAL 2.3% |
|  Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
|  5.380% due 03/12/2029 |  | 400 | 406 |
|  5.420% due 04/10/2028 |  | 477 | 479 |
|  6.360% due 04/12/2027 |  | 49 | 49 |
|  GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust |
|  6.270% due 08/16/2027 |  | 82 | 82 |
|  Hertz Vehicle Financing LLC | Hertz Vehicle Financing LLC | Hertz Vehicle Financing LLC | Hertz Vehicle Financing LLC |
|  5.490% due 06/25/2027 |  | 300 | 302 |

---

---

| | | |
|:---|:---|:---|
| **210** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust |
|  5.320% due 09/25/2030 | 168 | 168 |
|  7.130% due 01/26/2032 | 281 | 283 |
|  Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust |
|  6.310% due 07/15/2027 | 22 | 23 |
|  Veros Auto Receivables Trust | Veros Auto Receivables Trust | Veros Auto Receivables Trust |
|  7.120% due 11/15/2028 | 195 | 196 |
|  |  | 1988 |
| CMBS OTHER 2.7% | CMBS OTHER 2.7% | CMBS OTHER 2.7% |
|  AREIT Trust | AREIT Trust | AREIT Trust |
|  5.597% due 01/20/2037 •  | 698 | 695 |
|  6.561% due 06/17/2039 ~ | 924 | 926 |
|  MF1 Ltd. | MF1 Ltd. | MF1 Ltd. |
|  5.511% due 10/16/2036 ~ | 500 | 500 |
|  Ready Capital Mortgage Financing LLC | Ready Capital Mortgage Financing LLC | Ready Capital Mortgage Financing LLC |
|  6.787% due 06/25/2037 •  | 175 | 175 |
|  |  | 2296 |
| HOME EQUITY OTHER 10.0% | HOME EQUITY OTHER 10.0% | HOME EQUITY OTHER 10.0% |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  4.555% due 10/25/2036 ~ | 6 | 2 |
|  5.455% due 04/25/2035 •  | 710 | 694 |
|  Aegis Asset-Backed Securities Trust | Aegis Asset-Backed Securities Trust | Aegis Asset-Backed Securities Trust |
|  5.170% due 08/25/2035 •  | 1300 | 1099 |
|  Argent Securities Trust | Argent Securities Trust | Argent Securities Trust |
|  4.795% due 04/25/2036 •  | 910 | 287 |
|  Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates |
|  5.095% due 11/25/2035 •  | 410 | 400 |
|  Centex Home Equity Loan Trust | Centex Home Equity Loan Trust | Centex Home Equity Loan Trust |
|  4.930% due 06/25/2036 •  | 500 | 472 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  4.755% due 12/25/2036 •  | 596 | 327 |
|  Equifirst Loan Securitization Trust | Equifirst Loan Securitization Trust | Equifirst Loan Securitization Trust |
|  4.605% due 04/25/2037 •  | 625 | 578 |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  4.735% due 05/25/2036 ~ | 557 | 294 |
|  4.995% due 10/25/2034 ~ | 5 | 5 |
|  5.680% due 11/25/2032 •  | 544 | 569 |
|  Merrill Lynch First Franklin Mortgage Loan Trust | Merrill Lynch First Franklin Mortgage Loan Trust | Merrill Lynch First Franklin Mortgage Loan Trust |
|  4.715% due 04/25/2037 ~ | 1316 | 578 |
|  Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust |
|  4.495% due 05/25/2037 •  | 313 | 281 |
|  Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust |
|  4.605% due 04/25/2037 •  | 849 | 440 |
|  Ownit Mortgage Loan Trust | Ownit Mortgage Loan Trust | Ownit Mortgage Loan Trust |
|  5.260% due 08/25/2036 •  | 711 | 637 |
|  Residential Asset Securities Corp. Trust | Residential Asset Securities Corp. Trust | Residential Asset Securities Corp. Trust |
|  5.320% due 12/25/2035 •  | 1100 | 997 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.915% due 07/25/2036 •  | 1080 | 423 |
|  Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust |
|  4.615% due 09/25/2036 ~ | 876 | 539 |
|  |  | 8622 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| HOME EQUITY SEQUENTIAL 0.0% | HOME EQUITY SEQUENTIAL 0.0% | HOME EQUITY SEQUENTIAL 0.0% |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  4.775% due 12/25/2036 •  | 32 | 32 |
| WHOLE LOAN COLLATERAL 2.4% | WHOLE LOAN COLLATERAL 2.4% | WHOLE LOAN COLLATERAL 2.4% |
|  First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust |
|  4.755% due 04/25/2036 ~ | 74 | 72 |
|  4.935% due 06/25/2036 •  | 500 | 453 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.595% due 08/25/2036 •  | 1223 | 398 |
|  5.395% due 01/25/2036 •  | 1186 | 1117 |
|  |  | 2040 |
| OTHER ABS 2.9% | OTHER ABS 2.9% | OTHER ABS 2.9% |
|  CRB Securitization Trust | CRB Securitization Trust | CRB Securitization Trust |
|  6.960% due 10/20/2033 | 231 | 233 |
|  Harvest CLO DAC | Harvest CLO DAC | Harvest CLO DAC |
|  3.425% due 10/15/2031 •  | 267 | 288 |
|  Lendingpoint Asset Securitization Trust | Lendingpoint Asset Securitization Trust | Lendingpoint Asset Securitization Trust |
|  4.770% due 10/15/2029 | 15 | 15 |
|  LendingPoint Pass-Through Trust | LendingPoint Pass-Through Trust | LendingPoint Pass-Through Trust |
|  3.250% due 04/15/2028 | 116 | 113 |
|  5.700% due 07/15/2029 | 140 | 138 |
|  Massachusetts Educational Financing Authority | Massachusetts Educational Financing Authority | Massachusetts Educational Financing Authority |
|  5.768% due 04/25/2038 ~ | 55 | 55 |
|  Nelnet Student Loan Trust | Nelnet Student Loan Trust | Nelnet Student Loan Trust |
|  5.174% due 04/20/2062 •  | 745 | 742 |
|  Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust |
|  7.600% due 12/16/2030 | 37 | 37 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  5.285% due 09/15/2054 •  | 611 | 608 |
|  Theorem Funding Trust | Theorem Funding Trust | Theorem Funding Trust |
|  6.060% due 12/15/2028 | 84 | 84 |
|  Upstart Pass-Through Trust | Upstart Pass-Through Trust | Upstart Pass-Through Trust |
|  3.800% due 04/20/2030 | 63 | 63 |
|  Upstart Securitization Trust | Upstart Securitization Trust | Upstart Securitization Trust |
|  5.500% due 06/20/2032 | 146 | 146 |
|  |  | 2522 |
|  Total Asset-Backed Securities (Cost $18,681) | Total Asset-Backed Securities (Cost $18,681) | 17500 |
| SOVEREIGN ISSUES 6.5% | SOVEREIGN ISSUES 6.5% | SOVEREIGN ISSUES 6.5% |
|  Czech Republic Government International Bond | Czech Republic Government International Bond | Czech Republic Government International Bond |
|  4.200% due 12/04/2036 | 2000 | 85 |
|  Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond |
|  2.750% due 11/27/2031 (c) | 1684 | 72 |
|  3.000% due 12/03/2026 (c) | 1684 | 79 |
|  4.000% due 08/24/2034 (c) | 8422 | 384 |
|  8.500% due 03/01/2029 | 4600 | 222 |
|  Peru Government International Bond | Peru Government International Bond | Peru Government International Bond |
|  5.400% due 08/12/2034 | 2200 | 546 |
|  6.150% due 08/12/2032 | 6100 | 1668 |
|  6.900% due 08/12/2037 | 700 | 188 |
|  6.950% due 08/12/2031 | 600 | 175 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  7.300% due 08/12/2033 |  | 800 | $— | 230 |
|  7.600% due 08/12/2039 |  | 300 |  | 85 |
|  Province of Quebec | Province of Quebec | Province of Quebec | Province of Quebec | Province of Quebec |
|  4.450% due 09/01/2034 |  | 1300 |  | 965 |
|  Republic of South Africa Government International Bond | Republic of South Africa Government International Bond | Republic of South Africa Government International Bond | Republic of South Africa Government International Bond | Republic of South Africa Government International Bond |
|  7.000% due 02/28/2031 |  | 3100 |  | 150 |
|  8.000% due 01/31/2030 |  | 3300 |  | 173 |
|  8.250% due 03/31/2032 |  | 900 |  | 45 |
|  8.500% due 01/31/2037 |  | 2000 |  | 91 |
|  9.000% due 01/31/2040 |  | 9100 |  | 410 |
|  Turkey Government International Bond | Turkey Government International Bond | Turkey Government International Bond | Turkey Government International Bond | Turkey Government International Bond |
|  45.031% due 05/20/2026 ~ |  | 100 |  | 3 |
|  Total Sovereign Issues (Cost $5,490) | Total Sovereign Issues (Cost $5,490) | Total Sovereign Issues (Cost $5,490) |  | 5571 |
|  | **SHARES** | **SHARES** |  |  |
| SHORT-TERM INSTRUMENTS 9.4% | SHORT-TERM INSTRUMENTS 9.4% | SHORT-TERM INSTRUMENTS 9.4% | SHORT-TERM INSTRUMENTS 9.4% | SHORT-TERM INSTRUMENTS 9.4% |
| MUTUAL FUNDS 1.1% | MUTUAL FUNDS 1.1% | MUTUAL FUNDS 1.1% | MUTUAL FUNDS 1.1% | MUTUAL FUNDS 1.1% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | 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) |  | 948652 |  | 949 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |  |
| U.S. TREASURY BILLS 8.3% | U.S. TREASURY BILLS 8.3% | U.S. TREASURY BILLS 8.3% | U.S. TREASURY BILLS 8.3% | U.S. TREASURY BILLS 8.3% |
|  4.307% due 04/10/2025 - 06/05/2025 (a)(b)(g) | $— | 7189 |  | 7168 |
| Total Short-Term Instruments (Cost $8,117) | Total Short-Term Instruments (Cost $8,117) | Total Short-Term Instruments (Cost $8,117) |  | 8117 |
| Total Investments in Securities (Cost $112,010) | Total Investments in Securities (Cost $112,010) | Total Investments in Securities (Cost $112,010) |  | 107021 |
|  | **SHARES** | **SHARES** |  |  |
| INVESTMENTS IN AFFILIATES 14.7% | INVESTMENTS IN AFFILIATES 14.7% | INVESTMENTS IN AFFILIATES 14.7% | INVESTMENTS IN AFFILIATES 14.7% | INVESTMENTS IN AFFILIATES 14.7% |
| SHORT-TERM INSTRUMENTS 14.7% | SHORT-TERM INSTRUMENTS 14.7% | SHORT-TERM INSTRUMENTS 14.7% | SHORT-TERM INSTRUMENTS 14.7% | SHORT-TERM INSTRUMENTS 14.7% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 14.7% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 14.7% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 14.7% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 14.7% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 14.7% |
|  PIMCO Short Asset Portfolio |  | 635895 |  | 6225 |
|  PIMCO Short-Term Floating NAV Portfolio III |  | 657864 |  | 6404 |
| Total Short-Term Instruments (Cost $12,546) | Total Short-Term Instruments (Cost $12,546) | Total Short-Term Instruments (Cost $12,546) |  | 12629 |
| Total Investments in Affiliates (Cost $12,546) | Total Investments in Affiliates (Cost $12,546) | Total Investments in Affiliates (Cost $12,546) |  | 12629 |
| Total Investments 138.9%<br> (Cost $124,556) | Total Investments 138.9%<br> (Cost $124,556) | Total Investments 138.9%<br> (Cost $124,556) | $— | 119650 |
|  Financial Derivative Instruments (e)(f) (1.7)%<br> (Cost or Premiums, net $375) | Financial Derivative Instruments (e)(f) (1.7)%<br> (Cost or Premiums, net $375) | Financial Derivative Instruments (e)(f) (1.7)%<br> (Cost or Premiums, net $375) |  | (1448) |
| Other Assets and Liabilities, net (37.2)% | Other Assets and Liabilities, net (37.2)% | Other Assets and Liabilities, net (37.2)% |  | (32087) |
| Net Assets 100.0% | Net Assets 100.0% | Net Assets 100.0% | $— | 86115 |

---

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

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

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

(b) Zero coupon security.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **211** |

---

------

Schedule of Investments PIMCO StocksPLUS<sup>®</sup><sup></sup>Short Fund (Cont.)

(c) Principal amount of security is adjusted for inflation.

(d) Coupon represents a 7-Day Yield.

#### 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 (4.6)% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.500% | 05/01/2055 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4400 | $(3949) | $(3966) |
|  Total Short Sales (4.6)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3949) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3966) |

---

**The average amount of borrowings outstanding during the period ended March 31, 2025 was $(1,248) at a weighted average interest rate of 5.432%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** 

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

#### WRITTEN OPTIONS:

#### OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Premiums<br>(Received) | Market<br>Value |
|  Put - CBOE U.S. Treasury 10-Year Note May Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109.000 | 04/25/2025 | 1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $0 | $0 |
|  Put - CBOE U.S. Treasury 10-Year Note May Futures | 110.000 | 04/25/2025 | 2 | 2 | (1) | 0 |
|  Call - CBOE U.S. Treasury 10-Year Note May Futures | 112.000 | 04/25/2025 | 1 | 1 | 0 | (1) |
|  Call - CBOE U.S. Treasury 10-Year Note May Futures | 112.500 | 04/25/2025 | 2 | 2 | (1) | (1) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |

---

#### 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 |
|  U.S. Treasury 2-Year Note June Futures  | 06/2025 | 10 | $2072 | $13 | $0 | $0 |
|  U.S. Treasury 10-Year Ultra Long-Term Bond June Futures  | 06/2025 | 36 | 4109 | 95 | 3 | 0 |
|  U.S. Treasury Long-Term Bond June Futures  | 06/2025 | 8 | 938 | 9 | 2 | 0 |
|  U.S. Treasury Ultra Long-Term Bond June Futures  | 06/2025 | 11 | 1345 | 34 | 5 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| 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 |
|  E-Mini S&P 500 Index June Futures  | 06/2025 | 34 | $(9611) | $48 | $0 | $(51) |
|  U.S. Treasury 5-Year Note June Futures  | 06/2025 | 9 | (973) | (5) | 0 | 0 |
|  U.S. Treasury 10-Year Note June Futures  | 06/2025 | 29 | (3225) | (19) | 0 | (1) |
|  |  |  |  | $24 | $0 | $(52) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52) |

---

#### 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 |
|  Volkswagen International Finance NV | 1.000% | Quarterly | 06/20/2028 | 0.688% | EUR 500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

212 PIMCO EQUITY-RELATED STRATEGY FUNDS See Accompanying Notes

------

March 31, 2025

#### 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-42 5-Year Index | (1.000)% | Quarterly | 06/20/2029 | $3200 | $(73) | $10 | $(63) | $0 | $0 |
|  CDX.IG-43 5-Year Index | (1.000) | Quarterly | 12/20/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12140 | (256) | 23 | (233) | 0 | 0 |
|  CDX.IG-44 5-Year Index | (1.000) | Quarterly | 06/20/2030 | 9400 | (188) | 15 | (173) | 0 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(517) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(469) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive <br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/Receive <br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.500% | Annual | 03/19/2030 | 6100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(167) | $(14) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(181) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | $0 |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 4.320 | Annual | 10/20/2033 | 100 | (1) | 3 | 2 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/21/2025 | $8300 | 122 | (36) | 86 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 06/20/2026 | 1110 | 4 | 2 | 6 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2028 | 8510 | (42) | 93 | 51 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 02/28/2029 | 15000 | 0 | 101 | 101 | 9 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 03/04/2030 | 200 | 0 | (2) | (2) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/21/2030 | 3900 | 76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104 | 180 | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2030 | 2800 | 34 | (2) | 32 | 0 | (4) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.809 | Annual | 06/30/2031 | 3300 | 0 | 18 | 18 | 6 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2031 | 1400 | 4 | (7) | (3) | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2032 | 2700 | 251 | 150 | 401 | 0 | (5) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2033 | 11600 | (83) | 195 | 112 | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.854 | Annual | 12/29/2033 | 100 | (1) | 0 | (1) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 01/02/2034 | 100 | (1) | 1 | 0 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.810 | Annual | 01/02/2034 | 100 | (1) | 1 | 0 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.648 | Annual | 01/08/2034 | 100 | (1) | 2 | 1 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.594 | Annual | 01/09/2034 | 100 | 0 | 1 | 1 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2034 | 2240 | (12) | 33 | 21 | 0 | (7) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.645 | Annual | 08/07/2034 | 90 | 0 | 1 | 1 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.232 | Annual | 09/10/2034 | 100 | (1) | 6 | 5 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.278 | Annual | 09/16/2034 | 100 | (1) | 6 | 5 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.248 | Annual | 09/18/2034 | 100 | 0 | 5 | 5 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.860 | Annual | 11/14/2034 | 100 | 0 | 1 | 1 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.866 | Annual | 11/14/2034 | 100 | 0 | 1 | 1 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.793 | Annual | 11/19/2034 | 100 | (1) | 1 | 0 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 | 5200 | (33) | 62 | 29 | 0 | (3) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.015 | Annual | 12/30/2034 | 100 | 0 | 2 | 2 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.933 | Annual | 01/06/2035 | 100 | 0 | 1 | 1 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.840 | Annual | 01/08/2035 | 100 | 0 | 1 | 1 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.900 | Annual | 01/08/2035 | 100 | 0 | 1 | 1 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.880 | Annual | 01/13/2035 | 100 | 0 | 1 | 1 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.013 | Annual | 01/15/2035 | 100 | 0 | 2 | 2 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.090 | Annual | 01/22/2035 | 100 | 0 | 3 | 3 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 02/26/2035 | 50 | 0 | (1) | (1) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.874 | Annual | 03/05/2035 | 100 | 0 | (1) | (1) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.899 | Annual | 03/11/2035 | 100 | 0 | (1) | (1) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 03/12/2035 | 100 | 0 | (1) | (1) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.975 | Annual | 03/21/2035 | 100 | 0 | (2) | (2) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 03/24/2035 | 100 | 0 | (1) | (1) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2039 | 1700 | 28 | 9 | 37 | 0 | (7) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2044 | 900 | 14 | 13 | 27 | 0 | (5) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 02/20/2049 | 1050 | 16 | 13 | 29 | 0 | (7) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.750 | Annual | 06/21/2053 | 1000 | 54 | 147 | 201 | 0 | (6) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/18/2054 | 2650 | 39 | 122 | 161 | 0 | (7) |
|  Receive | 3-Month EUR-EURIBOR | 2.580 | Annual | 08/29/2034 | 100 | 0 | (1) | (1) | 0 | (1) |
|  Receive | 3-Month EUR-EURIBOR | 2.390 | Annual | 10/01/2034 | 100 | 0 | 3 | 3 | 0 | (1) |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/20/2033 | 3300 | (20) | 64 | 44 | 15 | 0 |
|  Receive | 6-Month CZK-PRIBOR | 3.760 | Annual | 11/01/2034 | 2200 | 0 | 0 | 0 | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 2.280 | Annual | 03/04/2030 | 100 | 0 | 1 | 1 | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 3.250 | Annual | 11/06/2033 | 100 | (1) | (5) | (6) | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 3.280 | Annual | 11/22/2033 | 100 | (1) | (5) | (6) | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 3.305 | Annual | 11/27/2033 | 90 | 0 | (6) | (6) | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 3.128 | Annual | 12/04/2033 | 100 | (1) | (4) | (5) | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 2.990 | Annual | 12/08/2033 | 100 | 0 | (3) | (3) | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 2.890 | Annual | 12/22/2033 | 100 | 0 | (3) | (3) | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 2.910 | Annual | 12/29/2033 | 100 | 0 | (3) | (3) | 0 | (1) |
|  Pay | 6-Month EUR-EURIBOR | 2.220 | Annual | 01/08/2035 | 100 | 0 | (4) | (4) | 1 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **213** |

---

------

Schedule of Investments PIMCO StocksPLUS<sup>®</sup><sup></sup>Short 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 | 6-Month EUR-EURIBOR | 2.400% | Annual | 02/12/2035 |  | 100 | $0 | $2 | $2 | $0 | $(1) |
|  Pay | 6-Month EUR-EURIBOR | 2.460 | Annual | 03/13/2035 |  | 100 | 0 | (2) | (2) | 1 | 0 |
|  Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.460 | Annual | 04/01/2035 |  | 100 | 0 | (2) | (2) | 0 | (2) |
|  Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2035 |  | 2350 | (106) | 12 | (94) | 10 | 0 |
|  Receive<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2055 |  | 1020 | 93 | (10) | 83 | 0 | (8) |
|  Receive | 28-Day MXN-TIIE | 9.000 | Lunar | 03/01/2029 |  | 4300 | 0 | (7) | (7) | 0 | 0 |
|  Receive | CAONREPO | 2.740 | Semi-Annual | 06/01/2034 |  | 100 | 0 | 0 | 0 | 0 | 0 |
|  Receive | CAONREPO | 2.900 | Semi-Annual | 06/01/2034 |  | 1200 | 0 | (15) | (15) | 0 | (3) |
|  Receive | CPURNSA | 0.000 | Maturity | 03/25/2030 |  | $1600 | 0 | 8 | 8 | 2 | 0 |
|  Receive | CPURNSA | 0.000 | Maturity | 03/27/2030 |  | 1100 | 0 | 5 | 5 | 1 | 0 |
|  |  |  |  |  |  |  | $261 | $1059 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1320 | $73 | $(86) |
|  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;(261) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1117 | $856 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(86) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of March 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | Total |  | Variation Margin<br>Liability<sup>(7)</sup> | Variation Margin<br>Liability<sup>(7)</sup> | Total |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total |  | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83 | $(2) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(86) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(145) |

---

Cash of $3,653 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> 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 liability of $(5) for closed futures is outstanding at period end. 

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

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Asset | Liability |
|  AZD | 04/2025 | 1684 | $11 | $0 | $0 |
|  | 04/2025 | $1337 | 2113 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) |
|  | 04/2025 | 19 | 2864 | 0 | 0 |
|  | 04/2025 | 16 | 22 | 0 | 0 |
|  | 05/2025 | 2113 | $1337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | 0 |
|  | 05/2025 | 1055 | 144 | 0 | (2) |
|  | 05/2025 | 22 | 16 | 0 | 0 |
|  | 05/2025 | $525 | 3805 | 0 | (1) |
|  | 05/2025 | 11 | 1678 | 0 | 0 |
|  | 06/2025 | 1928 | $264 | 0 | (3) |
|  | 06/2025 | $179 | 1292 | 0 | 0 |

---

---

| | | |
|:---|:---|:---|
| **214** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 07/2025 | 1893 | $263 | $1 | $0 |
|  | 08/2025 | 1894 | 263 | 0 | 0 |
|  BOA | 04/2025 | 52 | 32 | 0 | 0 |
|  | 04/2025 | 26 | 28 | 0 | 0 |
|  | 04/2025 | 75190 | 51 | 0 | 0 |
|  | 04/2025 | $201 | 3646 | 0 | (2) |
|  | 05/2025 | 1032 | $141 | 0 | (1) |
|  | 05/2025 | 347337 | 21 | 0 | 0 |
|  | 05/2025 | $25 | 2109 | 0 | 0 |
|  | 06/2025 | 1863 | $257 | 0 | (1) |
|  | 06/2025 | $225 | 1626 | 0 | 0 |
|  | 06/2025 | 51 | 74907 | 0 | 0 |
|  | 06/2025 | 401 | 1549 | 0 | (2) |
|  | 08/2025 | 726 | $101 | 1 | 0 |
|  | 08/2025 | 31 | 1 | 0 | 0 |
|  BPS | 04/2025 | 401 | 253 | 2 | 0 |
|  | 04/2025 | 1221 | 213 | 0 | (1) |
|  | 04/2025 | 417 | 291 | 2 | 0 |
|  | 04/2025 | 1939 | 80 | 0 | (4) |
|  | 04/2025 | 99 | 126 | 0 | (3) |
|  | 04/2025 | 3528573 | 213 | 1 | 0 |
|  | 04/2025 | 601 | 4 | 0 | 0 |
|  | 04/2025 | 585644 | 400 | 2 | 0 |
|  | 04/2025 | 2663 | 69 | 0 | 0 |
|  | 04/2025 | 38629 | 1175 | 12 | 0 |
|  | 04/2025 | $101 | 160 | 0 | (1) |
|  | 04/2025 | 213 | 1221 | 1 | 0 |
|  | 04/2025 | 547 | 8990344 | 0 | (7) |
|  | 04/2025 | 228 | 19800 | 4 | 0 |
|  | 04/2025 | 189 | 28176 | 0 | (1) |
|  | 04/2025 | 252 | 365583 | 0 | (4) |
|  | 04/2025 | 10 | 14 | 0 | 0 |
|  | 04/2025 | 782 | 25657 | 0 | (9) |
|  | 04/2025 | 63 | 1158 | 0 | 0 |
|  | 04/2025 | 1182 | $65 | 0 | 0 |
|  | 05/2025 | 3608 | 496 | 0 | (2) |
|  | 05/2025 | 1023087 | 61 | 0 | 0 |
|  | 05/2025 | 14 | 10 | 0 | 0 |
|  | 05/2025 | $112 | 1865735 | 0 | (1) |
|  | 05/2025 | 221 | 18950 | 0 | 0 |
|  | 05/2025 | 4 | 599 | 0 | 0 |
|  | 06/2025 | 1903 | $261 | 0 | (3) |
|  | 06/2025 | 18328 | 13 | 0 | 0 |
|  | 06/2025 | $132 | 953 | 0 | 0 |
|  | 06/2025 | 415 | 1614 | 3 | (2) |
|  | 07/2025 | 6356 | $196 | 3 | 0 |
|  | 08/2025 | 3628 | 505 | 1 | 0 |
|  | 08/2025 | 16989 | 520 | 4 | 0 |
|  BRC | 04/2025 | 220 | 286 | 2 | 0 |
|  | 04/2025 | 744 | 201 | 1 | 0 |
|  | 04/2025 | 603 | 7 | 0 | 0 |
|  | 04/2025 | 5393 | 140 | 1 | 0 |
|  | 04/2025 | $77 | 1252147 | 0 | (1) |
|  | 04/2025 | 418 | 16110 | 0 | (5) |
|  | 04/2025 | 62 | 2029 | 0 | (1) |
|  | 04/2025 | 852 | $47 | 0 | 0 |
|  | 05/2025 | 1169 | 29 | 0 | 0 |
|  | 06/2025 | 173 | 45 | 0 | 0 |
|  | 06/2025 | 4692 | 113 | 0 | (1) |
|  | 06/2025 | $8 | 30 | 0 | 0 |
|  | 06/2025 | 339 | 13375 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) |
|  BSH | 04/2025 | 1890 | $1198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | 0 |
|  | 04/2025 | 50710 | 338 | 0 | 0 |
|  | 04/2025 | 4305 | 1130 | 0 | (41) |
|  | 05/2025 | 94 | 25 | 0 | (1) |
|  | 05/2025 | $338 | 50539 | 0 | 0 |
|  | 06/2025 | 1616 | $438 | 0 | (1) |
|  | 06/2025 | $75 | 290 | 0 | (1) |
|  CBK | 04/2025 | 4132 | $718 | 0 | (6) |
|  | 04/2025 | 265 | 301 | 2 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **215** |

---

------

Schedule of Investments PIMCO StocksPLUS<sup>®</sup><sup></sup>Short 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 | 2808082 | $169 | $1 | $0 |
|  | 04/2025 | 595 | 163 | 3 | 0 |
|  | 04/2025 | 9586 | 112 | 0 | 0 |
|  | 04/2025 | 1343 | 361 | 0 | (5) |
|  | 04/2025 | 33914 | 1035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | 0 |
|  | 04/2025 | $720 | 4132 | 5 | 0 |
|  | 04/2025 | 2540 | 3618 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26) |
|  | 04/2025 | 83 | 73 | 0 | 0 |
|  | 04/2025 | 257 | 4209743 | 0 | (4) |
|  | 04/2025 | 124 | 10590 | 0 | 0 |
|  | 04/2025 | 11 | 16090 | 0 | 0 |
|  | 04/2025 | 1358 | 4964 | 0 | (7) |
|  | 04/2025 | 1010 | 33106 | 0 | (13) |
|  | 05/2025 | 3613 | $2540 | 26 | 0 |
|  | 05/2025 | 1252181 | 75 | 0 | 0 |
|  | 05/2025 | 83 | 22 | 0 | (1) |
|  | 05/2025 | $112 | 1861084 | 0 | (1) |
|  | 06/2025 | 730 | $101 | 0 | 0 |
|  | 06/2025 | 1166386 | 812 | 17 | 0 |
|  | 06/2025 | 688 | 188 | 1 | 0 |
|  | 07/2025 | 11174 | 343 | 5 | 0 |
|  | 07/2025 | $594 | 3473 | 3 | 0 |
|  | 08/2025 | 1044 | $280 | 0 | (4) |
|  | 08/2025 | 13140 | 403 | 4 | 0 |
|  | 08/2025 | $108 | 3509 | 0 | (1) |
|  | 09/2025 | 4458 | $1215 | 6 | 0 |
|  DUB | 04/2025 | 789 | 828 | 0 | (25) |
|  | 04/2025 | 410 | 113 | 2 | 0 |
|  | 04/2025 | 14700 | 100 | 2 | 0 |
|  | 04/2025 | $350 | 5797141 | 0 | (2) |
|  | 04/2025 | 33 | 2807 | 0 | 0 |
|  | 04/2025 | 8 | 11 | 0 | 0 |
|  | 05/2025 | 152446 | $9 | 0 | 0 |
|  | 05/2025 | 186 | 49 | 0 | (2) |
|  | 05/2025 | 11 | 8 | 0 | 0 |
|  | 06/2025 | 905252 | 630 | 14 | 0 |
|  | 08/2025 | $113 | 810 | 0 | (1) |
|  FAR | 04/2025 | 79 | $49 | 0 | 0 |
|  | 04/2025 | 1018 | 1142 | 0 | (9) |
|  | 04/2025 | 531 | 146 | 3 | 0 |
|  | 04/2025 | 36280 | 241 | 0 | (1) |
|  | 04/2025 | $94 | 149 | 0 | (1) |
|  | 04/2025 | 146 | 21857 | 0 | (1) |
|  | 04/2025 | 16 | 536 | 0 | 0 |
|  | 05/2025 | 134 | 967 | 0 | (1) |
|  | 05/2025 | 241 | 36158 | 1 | 0 |
|  | 06/2025 | 154 | 597 | 0 | (1) |
|  | 07/2025 | 963 | $134 | 1 | 0 |
|  GLM | 04/2025 | 10720 | 1867 | 0 | (12) |
|  | 04/2025 | 64 | 45 | 0 | 0 |
|  | 04/2025 | 2404122 | 145 | 1 | 0 |
|  | 04/2025 | 114470 | 78 | 0 | 0 |
|  | 04/2025 | 602 | 159 | 0 | (5) |
|  | 04/2025 | 54 | 1 | 0 | 0 |
|  | 04/2025 | $1854 | 10720 | 25 | 0 |
|  | 04/2025 | 205 | 3381023 | 0 | (2) |
|  | 04/2025 | 15 | 21925 | 0 | 0 |
|  | 05/2025 | 1003 | $137 | 0 | (2) |
|  | 05/2025 | 601686 | 36 | 0 | 0 |
|  | 05/2025 | $145 | 2406293 | 0 | (1) |
|  | 06/2025 | 231 | 1672 | 1 | (1) |
|  | 06/2025 | 78 | 114054 | 0 | 0 |
|  | 06/2025 | 68 | 264 | 0 | 0 |
|  | 07/2025 | 2486 | $76 | 1 | 0 |
|  | 09/2025 | 426 | 116 | 1 | 0 |
|  JPM | 04/2025 | 3065 | 534 | 0 | (3) |
|  | 04/2025 | 1129251 | 68 | 1 | 0 |
|  | 04/2025 | 463 | 128 | 3 | 0 |
|  | 04/2025 | 18541 | 123 | 0 | 0 |
|  | 04/2025 | 3720 | 113 | 1 | 0 |

---

---

| | | |
|:---|:---|:---|
| **216** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 04/2025 | $534 | 3065 | $3 | $0 |
|  | 04/2025 | 893 | 828 | 2 | 0 |
|  | 04/2025 | 35 | 581417 | 0 | (1) |
|  | 04/2025 | 52 | 4511 | 0 | 0 |
|  | 04/2025 | 157 | 23456 | 0 | (1) |
|  | 04/2025 | 11 | 16083 | 0 | 0 |
|  | 04/2025 | 449 | 14742 | 0 | (5) |
|  | 04/2025 | 1538 | $84 | 1 | 0 |
|  | 05/2025 | 1072 | 147 | 0 | (1) |
|  | 05/2025 | 828 | 895 | 0 | (2) |
|  | 05/2025 | 400721 | 24 | 0 | 0 |
|  | 05/2025 | 873 | 20 | 0 | (2) |
|  | 05/2025 | $492 | 3569 | 1 | 0 |
|  | 05/2025 | 23 | 3529 | 0 | 0 |
|  | 06/2025 | 18199 | $882 | 2 | 0 |
|  | 06/2025 | 690 | 178 | 1 | 0 |
|  | 06/2025 | 108 | 3 | 0 | 0 |
|  | 06/2025 | $34 | 252 | 0 | 0 |
|  | 06/2025 | 153 | 3150 | 0 | (1) |
|  | 06/2025 | 371 | 1439 | 1 | (2) |
|  | 07/2025 | 860 | $147 | 0 | (1) |
|  | 07/2025 | 1825 | 253 | 0 | 0 |
|  | 07/2025 | 6571 | 202 | 3 | 0 |
|  | 08/2025 | 1728 | 240 | 0 | (1) |
|  | 08/2025 | 13625 | 417 | 4 | 0 |
|  MBC | 04/2025 | 89 | 101 | 0 | 0 |
|  | 04/2025 | 55 | 60 | 1 | 0 |
|  | 04/2025 | 4000 | 27 | 0 | 0 |
|  | 04/2025 | 47 | 35 | 0 | 0 |
|  | 04/2025 | 6623 | 205 | 5 | 0 |
|  | 04/2025 | $1470 | 1298 | 0 | (2) |
|  | 04/2025 | 46 | 42 | 0 | 0 |
|  | 04/2025 | 564 | 436 | 0 | (1) |
|  | 04/2025 | 165 | 14291 | 2 | 0 |
|  | 04/2025 | 199 | 29800 | 0 | (1) |
|  | 04/2025 | 193 | 6343 | 0 | (2) |
|  | 04/2025 | 1836 | $100 | 0 | 0 |
|  | 05/2025 | 1294 | 1470 | 2 | 0 |
|  | 05/2025 | 1660 | 229 | 0 | 0 |
|  | 05/2025 | 241389 | 15 | 0 | 0 |
|  | 05/2025 | $243 | 1760 | 0 | 0 |
|  | 06/2025 | 208856 | $145 | 3 | 0 |
|  | 06/2025 | $135 | 521 | 0 | (1) |
|  | 07/2025 | 875 | $121 | 0 | 0 |
|  | 07/2025 | 3273 | 100 | 1 | 0 |
|  | 08/2025 | 1988 | 276 | 0 | (1) |
|  | 08/2025 | 3032 | 93 | 1 | 0 |
|  | 08/2025 | $50 | 1641 | 0 | 0 |
|  MYI | 04/2025 | 3138 | $2205 | 24 | 0 |
|  | 05/2025 | 219649 | 13 | 0 | 0 |
|  | 06/2025 | 417 | 57 | 0 | 0 |
|  | 06/2025 | $30 | 121 | 1 | 0 |
|  NGF | 06/2025 | 278849 | $196 | 6 | 0 |
|  RBC | 04/2025 | $105 | 3427 | 0 | (2) |
|  SCX | 04/2025 | 10387 | $1777 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43) |
|  | 04/2025 | 928 | 6 | 0 | 0 |
|  | 04/2025 | 3508 | 108 | 2 | 0 |
|  | 04/2025 | $1809 | 10387 | 11 | 0 |
|  | 04/2025 | 95 | 1560096 | 0 | (2) |
|  | 04/2025 | 11 | 16066 | 0 | 0 |
|  | 04/2025 | 56 | 1828 | 0 | (1) |
|  | 05/2025 | 1274 | $177 | 1 | 0 |
|  | 05/2025 | 94257 | 6 | 0 | 0 |
|  | 05/2025 | $6 | 925 | 0 | 0 |
|  | 06/2025 | 506 | $69 | 0 | (1) |
|  | 06/2025 | $1777 | 10519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 | 0 |
|  | 07/2025 | 802 | $215 | 0 | (3) |
|  | 08/2025 | 1813 | 56 | 1 | 0 |
|  | 08/2025 | $64 | 458 | 0 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **217** |

---

------

Schedule of Investments PIMCO StocksPLUS<sup>®</sup><sup></sup>Short 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** |
|  SOG | 04/2025 | 831 | $146 | $0 | $0 |
|  | 04/2025 | $143 | 831 | 3 | 0 |
|  SSB | 04/2025 | 117 | $151 | 0 | 0 |
|  | 04/2025 | 69 | 18 | 0 | (1) |
|  | 04/2025 | 2527 | 77 | 1 | 0 |
|  | 05/2025 | 326 | 86 | 0 | (3) |
|  | 05/2025 | $151 | 117 | 0 | 0 |
|  UAG | 04/2025 | 325482 | $20 | 0 | 0 |
|  | 04/2025 | $20 | 325482 | 0 | 0 |
|  | 04/2025 | 144 | 21490 | 0 | (1) |
|  | 05/2025 | 20 | 325940 | 0 | 0 |
|  | 06/2025 | 43 | 164 | 0 | 0 |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(354) |

---

#### PURCHASED OPTIONS:

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BRC Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.750% | 10/30/2025 | 12800 | $62 | $50 |
|  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;62 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 |

---

#### WRITTEN OPTIONS:

#### CREDIT DEFAULT SWAPTIONS ON CREDIT INDEXES

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Buy/Sell<br>Protection | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| GST | Put - OTC CDX.IG-43 5-Year Index | Sell | 0.700% | 05/21/2025 | 100 | $0 | $0 |
|  | Put - OTC CDX.IG-43 5-Year Index | Sell | 0.700 | 06/18/2025 | 100 | 0 | 0 |
|  | Put - OTC CDX.IG-43 5-Year Index | Sell | 0.750 | 06/18/2025 | 300 | (1) | (1) |
|  | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.850 | 06/18/2025 | 200 | 0 | 0 |
|  | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.900 | 07/16/2025 | 200 | 0 | 0 |
| JPM | Put - OTC CDX.IG-44 5-Year Index | Sell | 1.000 | 07/16/2025 | 100 | 0 | 0 |
| RBC | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.900 | 07/16/2025 | 200 | 0 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |

---

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BRC Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 2.830% | 10/30/2025 | 12800 | $(23) | $(15) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.290 | 10/30/2025 | 12800 | (38) | (27) |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.550 | 04/11/2025 | 100 | 0 | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.900 | 04/11/2025 | 100 | 0 | 0 |
| CBK Call - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.350 | 04/25/2025 | 100 | 0 | 0 |
| Put - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.650 | 04/25/2025 | 100 | 0 | 0 |
| FAR Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.593 | 04/30/2025 | 100 | (1) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.943 | 04/30/2025 | 100 | 0 | 0 |
| GLM Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.535 | 04/10/2025 | 200 | (1) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.985 | 04/10/2025 | 200 | (1) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.723 | 04/14/2025 | 100 | (1) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.073 | 04/14/2025 | 100 | (1) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.710 | 04/21/2025 | 100 | 0 | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.060 | 04/21/2025 | 100 | 0 | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.600 | 04/30/2025 | 100 | (1) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.950 | 04/30/2025 | 100 | (1) | 0 |
| MYC Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.520 | 04/07/2025 | 100 | 0 | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.890 | 04/07/2025 | 100 | 0 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68) | $(46) |
|  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;(69) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47) |

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218 PIMCO EQUITY-RELATED STRATEGY FUNDS See Accompanying Notes

------

March 31, 2025

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(3)</sup> | 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> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BOA | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000% | Quarterly | 12/20/2029 | EUR | 99 | $19 | $1 | $20 | $0 |
| BPS | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 |  | 492 | 97 | 0 | 97 | 0 |
| GST | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 |  | 295 | 59 | (1) | 58 | 0 |
| JPM | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 |  | 2264 | 470 | (22) | 448 | 0 |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### TOTAL RETURN SWAPS ON INDEXES

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Pay/Receive<sup>(5)</sup> | Underlying Reference | # of Units | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| Counterparty | Pay/Receive<sup>(5)</sup> | Underlying Reference | # of Units | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BOA | Pay | S&P 500 Total Return Index | 60 | 5.070% (FEDL01 plus<br>a specified spread) | Monthly | 03/11/2026 | $742 | $0 | $2 | $2 | $0 |
| FAR | Pay | S&P 500 Total Return Index | 4462 | 4.940% (FEDL01 plus<br>a specified spread) | Maturity | 04/16/2025 | 50051 | 0 | (2089) | 0 | (2089) |
|  | Pay | S&P 500 Total Return Index | 39 | 5.150% (FEDL01 plus<br>a specified spread) | Monthly | 01/07/2026 | 482 | 0 | 2 | 2 | 0 |
| JPM | Pay | S&P 500 Total Return Index | 1507 | 5.110% (FEDL01 plus<br>a specified spread) | Monthly | 08/06/2025 | 18627 | 0 | 79 | 79 | 0 |
|  | Pay | S&P 500 Total Return Index | 73 | 5.110% (FEDL01 plus<br>a specified spread) | Monthly | 02/04/2026 | 902 | 0 | 4 | 4 | 0 |
|  |  |  |  |  |  |  |  | $0 | $(2002) | $87 | $(2089) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $645 | $(2024) | $710 | $(2089) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of March 31, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(6)</sup> |
|  AZD | $17 | $0 | $0 | $17 | $(22) | $0 | $0 | $(22) | $(5) | $0 | $(5) |
|  BOA | 1 | 0 | 22 | 23 | (6) | 0 | 0 | (6) | 17 | 0 | 17 |
|  BPS | 35 | 0 | 97 | 132 | (38) | 0 | 0 | (38) | 94 | 0 | 94 |
|  BRC | 4 | 50 | 0 | 54 | (24) | (42) | 0 | (66) | (12) | 0 | (12) |
|  BSH | 17 | 0 | 0 | 17 | (44) | 0 | 0 | (44) | (27) | 0 | (27) |
|  CBK | 87 | 0 | 0 | 87 | (68) | 0 | 0 | (68) | 19 | 0 | 19 |
|  DUB | 18 | 0 | 0 | 18 | (30) | 0 | 0 | (30) | (12) | 0 | (12) |
|  FAR | 5 | 0 | 2 | 7 | (14) | (1) | (2089) | (2104) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2097) | 1791 | (306) |
|  GLM | 29 | 0 | 0 | 29 | (23) | (3) | 0 | (26) | 3 | 0 | 3 |
|  GST | 0 | 0 | 58 | 58 | 0 | (1) | 0 | (1) | 57 | 0 | 57 |
|  JPM | 23 | 0 | 531 | 554 | (20) | 0 | 0 | (20) | 534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1800) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1266) |
|  MBC | 15 | 0 | 0 | 15 | (8) | 0 | 0 | (8) | 7 | 0 | 7 |
|  MYI | 25 | 0 | 0 | 25 | 0 | 0 | 0 | 0 | 25 | 0 | 25 |
|  NGF | 6 | 0 | 0 | 6 | 0 | 0 | 0 | 0 | 6 | 0 | 6 |
|  RBC | 0 | 0 | 0 | 0 | (2) | 0 | 0 | (2) | (2) | 0 | (2) |
|  SCX | 58 | 0 | 0 | 58 | (50) | 0 | 0 | (50) | 8 | 0 | 8 |
|  SOG | 3 | 0 | 0 | 3 | 0 | 0 | 0 | 0 | 3 | 0 | 3 |
|  SSB | 1 | 0 | 0 | 1 | (4) | 0 | 0 | (4) | (3) | 0 | (3) |
|  UAG | 0 | 0 | 0 | 0 | (1) | 0 | 0 | (1) | (1) | 0 | (1) |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1104 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(354) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2089) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2490) |  |  |  |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 219

------

Schedule of Investments PIMCO StocksPLUS<sup>®</sup><sup></sup>Short Fund (Cont.)

(g) Securities with an aggregate market value of $1,791 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of March 31, 2025.

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

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

<sup>(5)</sup> Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference. 

<sup>(6)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $10 | $10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 73 | 73 |
|  | $0 | $0 | $0 | $0 | $83 | $83 |
|  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 | $344 | $0 | $344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 623 | 87 | 0 | 0 | 710 |
|  | $0 | $623 | $87 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344 | $50 | $1104 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623 | $87 | $344 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1187 |
|  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 | $2 | $2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 56 | 0 | 1 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 86 | 86 |
|  | $0 | $0 | $56 | $0 | $89 | $145 |
|  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 | $354 | $0 | $354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 1 | 0 | 0 | 46 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 2089 | 0 | 0 | 2089 |
|  | $0 | $1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2089 | $354 | $46 | $2490 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $1 | $2145 | $354 | $135 | $2635 |

---

220 PIMCO EQUITY-RELATED STRATEGY FUNDS See Accompanying Notes

------

March 31, 2025

The effect of Financial Derivative Instruments on the Statements of Operations for the year ended March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $15 | $15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | (4959) | 0 | 451 | (4508) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (66) | 0 | 0 | 593 | 527 |
|  | $0 | $(66) | $(4959) | $0 | $1059 | $(3966) |
|  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 | $629 | $0 | $629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | (14) | (14) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 88 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 35 | (1714) | 0 | 0 | (1679) |
|  | $0 | $35 | $(1714) | $629 | $74 | $(976) |
|  | $0 | $(31) | $(6673) | $629 | $1133 | $(4942) |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $(1) | $(1) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 641 | 0 | (14) | 627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 46 | 0 | 0 | (1302) | (1256) |
|  | $0 | $46 | $641 | $0 | $(1317) | $(630) |
|  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 | $(130) | $0 | $(130) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | (21) | (21) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 16 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (22) | (1409) | 0 | 0 | (1431) |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1409) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(130) | $(5) | $(1566) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $24 | $(768) | $(130) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1322) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2196) |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | $0 | $4802 | $0 | $4802 |
| &nbsp;&nbsp; Industrials | 0 | 1040 | 0 | 1040 |
| &nbsp;&nbsp; Utilities | 0 | 387 | 0 | 387 |
|  U.S. Government Agencies | 0 | 49362 | 0 | 49362 |
|  U.S. Treasury Obligations | 0 | 5023 | 0 | 5023 |
|  Non-Agency Mortgage-Backed Securities | 0 | 15219 | 0 | 15219 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile Sequential | 0 | 1988 | 0 | 1988 |
| &nbsp;&nbsp; CMBS Other | 0 | 2296 | 0 | 2296 |
| &nbsp;&nbsp; Home Equity Other | 0 | 8622 | 0 | 8622 |
| &nbsp;&nbsp; Home Equity Sequential | 0 | 32 | 0 | 32 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 2040 | 0 | 2040 |
| &nbsp;&nbsp; Other ABS | 0 | 2522 | 0 | 2522 |
|  Sovereign Issues | 0 | 5571 | 0 | 5571 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 949 | 0 | 949 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 7168 | 0 | 7168 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107021 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107021 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| 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 | $12629 | $0 | $0 | $12629 |
|  Total Investments | $12629 | $107021 | $0 | $119650 |
|  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 | $(3966) | $0 | $(3966) |
|  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 | 83 | 0 | 83 |
|  Over the counter | 0 | 1104 | 0 | 1104 |
|  | $0 | $1187 | $0 | $1187 |
|  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 | (51) | (89) | 0 | (140) |
|  Over the counter | 0 | (2490) | 0 | (2490) |
|  | $(51) | $(2579) | $0 | $(2630) |
|  Total Financial Derivative Instruments | $(51) | $(1392) | $0 | $(1443) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12578 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101663 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114241 |

---

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 | **221** |

---

------

Schedule of Investments PIMCO StocksPLUS<sup>®</sup><sup></sup>Small 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 178.3% | INVESTMENTS IN SECURITIES 178.3% | INVESTMENTS IN SECURITIES 178.3% |
| CORPORATE BONDS & NOTES 11.0% | CORPORATE BONDS & NOTES 11.0% | CORPORATE BONDS & NOTES 11.0% |
| BANKING & FINANCE 7.6% | BANKING & FINANCE 7.6% | BANKING & FINANCE 7.6% |
|  AerCap Ireland Capital DAC | AerCap Ireland Capital DAC | AerCap Ireland Capital DAC |
|  3.000% due 10/29/2028 | 1000 | 940 |
|  3.300% due 01/30/2032 | 1000 | 886 |
|  American Express Co. | American Express Co. | American Express Co. |
|  5.284% due 07/26/2035 •  | 2000 | 2000 |
|  5.442% due 01/30/2036 ~ | 300 | 303 |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  3.250% due 02/15/2027 | 800 | 776 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  1.734% due 07/22/2027 •  | 1100 | 1060 |
|  5.202% due 04/25/2029 •  | 1000 | 1016 |
|  Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia |
|  5.450% due 08/01/2029 | 3400 | 3494 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  5.690% due 03/12/2030 •  | 1500 | 1538 |
|  7.437% due 11/02/2033 •  | 1100 | 1228 |
|  Credit Suisse AG AT1 Claim | 5820 | 698 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  1.375% due 09/03/2026 ~ | 2400 | 2578 |
|  Discover Bank | Discover Bank | Discover Bank |
|  3.450% due 07/27/2026 | 1700 | 1672 |
|  4.650% due 09/13/2028 | 2700 | 2677 |
|  Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP |
|  5.400% due 06/15/2035 | 400 | 398 |
|  Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. |
|  2.750% due 03/29/2028 | 900 | 958 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  2.900% due 02/16/2028 | 200 | 185 |
|  4.687% due 06/09/2025 | 200 | 200 |
|  5.125% due 06/16/2025 | 200 | 200 |
|  5.800% due 03/05/2027 | 800 | 804 |
|  5.800% due 03/08/2029 | 300 | 297 |
|  5.918% due 03/20/2028 | 600 | 603 |
|  6.950% due 03/06/2026 | 200 | 202 |
|  6.950% due 06/10/2026 | 200 | 203 |
|  GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust |
|  5.500% due 04/01/2032 (a) | 400 | 403 |
|  GLP Capital LP | GLP Capital LP | GLP Capital LP |
|  5.625% due 09/15/2034 | 200 | 197 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  2.848% due 06/04/2031 •  | 200 | 180 |
|  5.887% due 08/14/2027 •  | 300 | 305 |
|  Jackson National Life Global Funding | Jackson National Life Global Funding | Jackson National Life Global Funding |
|  5.600% due 04/10/2026 | 2100 | 2120 |
|  Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. |
|  5.594% due 07/10/2035 •  | 200 | 205 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  1.512% due 07/20/2027 •  | 2000 | 1923 |
|  Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA |
|  4.952% due 01/14/2028 •  | 3200 | 3221 |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
|  4.892% due 05/18/2029 •  | 2679 | 2685 |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
|  2.679% due 07/16/2030 | 1300 | 1160 |
|  3.103% due 01/16/2030 | 1900 | 1753 |
|  Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC |
|  0.000% due 04/05/2032 (d) | 1500 | 1058 |
|  Prologis LP | Prologis LP | Prologis LP |
|  4.200% due 02/15/2033 | 200 | 140 |
|  5.000% due 01/31/2035 | 600 | 596 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  3.091% due 05/14/2032 •  | 1300 | 1158 |
|  VICI Properties LP | VICI Properties LP | VICI Properties LP |
|  4.750% due 02/15/2028 | 1800 | 1801 |
|  |  | 43821 |
| INDUSTRIALS 2.0% | INDUSTRIALS 2.0% | INDUSTRIALS 2.0% |
|  AngloGold Ashanti Holdings PLC | AngloGold Ashanti Holdings PLC | AngloGold Ashanti Holdings PLC |
|  3.375% due 11/01/2028 | 2000 | 1888 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC |
|  6.125% due 11/21/2026 | 200 | 204 |
|  6.375% due 11/21/2030 | 400 | 419 |
|  DAE Funding LLC | DAE Funding LLC | DAE Funding LLC |
|  3.375% due 03/20/2028 | 900 | 859 |
|  Imperial Brands Finance PLC | Imperial Brands Finance PLC | Imperial Brands Finance PLC |
|  3.500% due 07/26/2026 | 200 | 197 |
|  MPLX LP | MPLX LP | MPLX LP |
|  2.650% due 08/15/2030 | 1300 | 1158 |
|  Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. |
|  5.550% due 10/01/2034 | 2600 | 2542 |
|  Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. |
|  4.900% due 06/15/2030 | 1200 | 1147 |
|  Sands China Ltd. | Sands China Ltd. | Sands China Ltd. |
|  5.125% due 08/08/2025 | 1300 | 1300 |
|  5.400% due 08/08/2028 | 1300 | 1303 |
|  United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust |
|  5.450% due 08/15/2038 | 397 | 401 |
|  |  | 11418 |
| UTILITIES 1.4% | UTILITIES 1.4% | UTILITIES 1.4% |
|  Eversource Energy | Eversource Energy | Eversource Energy |
|  5.850% due 04/15/2031 | 2400 | 2496 |
|  Oncor Electric Delivery Co. LLC | Oncor Electric Delivery Co. LLC | Oncor Electric Delivery Co. LLC |
|  2.700% due 11/15/2051 | 600 | 356 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  2.100% due 08/01/2027 | 459 | 431 |
|  3.000% due 06/15/2028 | 1000 | 940 |
|  3.300% due 12/01/2027 | 100 | 96 |
|  4.550% due 07/01/2030 | 1200 | 1162 |
|  5.700% due 03/01/2035 | 100 | 100 |
|  6.150% due 03/01/2055 | 300 | 294 |
|  San Diego Gas & Electric Co. | San Diego Gas & Electric Co. | San Diego Gas & Electric Co. |
|  3.320% due 04/15/2050 | 200 | 136 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  5.150% due 06/01/2029 | 1500 | 1510 |
|  5.950% due 11/01/2032 | 425 | 437 |
|  |  | 7958 |
|  Total Corporate Bonds & Notes<br>(Cost $63,716) | Total Corporate Bonds & Notes<br>(Cost $63,716) | 63197 |
| U.S. GOVERNMENT AGENCIES 68.1% | U.S. GOVERNMENT AGENCIES 68.1% | U.S. GOVERNMENT AGENCIES 68.1% |
|  Fannie Mae | Fannie Mae | Fannie Mae |
|  4.202% due 10/01/2029 ~ | 4400 | 4374 |
|  4.804% due 07/25/2037 •  | 4 | 4 |
|  4.834% due 07/25/2037 •  | 9 | 9 |
|  4.854% due 09/25/2035 •  | 24 | 24 |
|  4.930% due 06/01/2029 | 1900 | 1944 |
|  5.290% due 11/25/2054 •  | 3210 | 3207 |
|  Freddie Mac | Freddie Mac | Freddie Mac |
|  4.000% due 01/01/2048 | 941 | 888 |
|  5.173% due 10/15/2037 •  | 10 | 10 |
|  6.000% due 04/01/2040 | 2 | 2 |
|  Ginnie Mae | Ginnie Mae | Ginnie Mae |
|  4.787% due 08/20/2047 •  | 270 | 263 |
|  6.000% due 12/15/2038 | 28 | 29 |
|  Ginnie Mae, TBA | Ginnie Mae, TBA | Ginnie Mae, TBA |
|  4.500% due 05/01/2055 | 6430 | 6168 |
|  5.000% due 04/01/2055 | 19070 | 18759 |
|  U.S. Small Business Administration | U.S. Small Business Administration | U.S. Small Business Administration |
|  5.290% due 12/01/2027 | 4 | 4 |
|  5.720% due 01/01/2029 | 97 | 97 |
|  6.020% due 08/01/2028 | 50 | 51 |
|  Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security |
|  3.500% due 12/01/2047 - 08/01/2048 | 7453 | 6810 |
|  4.000% due 01/01/2026 - 03/01/2026 | 3 | 3 |
|  4.500% due 08/01/2052 - 12/01/2053 | 5116 | 4907 |
|  6.000% due 07/01/2035 - 05/01/2041 | 339 | 353 |
|  7.500% due 08/01/2025 - 11/01/2037 | 26 | 25 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  3.000% due 05/01/2055 | 19900 | 17245 |
|  4.000% due 05/01/2055 | 54150 | 50382 |
|  4.500% due 05/01/2055 - 06/01/2055 | 29877 | 28556 |
|  5.000% due 04/01/2055 - 05/01/2055 | 23220 | 22746 |
|  5.500% due 05/01/2055 | 21350 | 21305 |
|  6.000% due 05/01/2055 - 06/01/2055 | 69190 | 70165 |
|  6.500% due 06/01/2055 | 128710 | 132504 |
|  Total U.S. Government Agencies<br>(Cost $390,542) | Total U.S. Government Agencies<br>(Cost $390,542) | 390834 |
| U.S. TREASURY OBLIGATIONS 6.0% | U.S. TREASURY OBLIGATIONS 6.0% | U.S. TREASURY OBLIGATIONS 6.0% |
|  U.S. Treasury Inflation Protected Securities (e) | U.S. Treasury Inflation Protected Securities (e) | U.S. Treasury Inflation Protected Securities (e) |
|  0.750% due 02/15/2045 (h) | 1753 | 1332 |
|  1.000% due 02/15/2046 (h) | 2466 | 1948 |
|  1.875% due 07/15/2034 | 19434 | 19621 |
|  2.125% due 04/15/2029 | 10987 | 11315 |
|  Total U.S. Treasury Obligations<br>(Cost $35,272) | Total U.S. Treasury Obligations<br>(Cost $35,272) | 34216 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 13.2% | NON-AGENCY MORTGAGE-BACKED SECURITIES 13.2% | NON-AGENCY MORTGAGE-BACKED SECURITIES 13.2% |
|  Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust |
|  6.078% due 11/25/2037 ~ | 4115 | 2759 |
|  American Home Mortgage Assets Trust | American Home Mortgage Assets Trust | American Home Mortgage Assets Trust |
|  5.555% due 11/25/2046 ~ | 6038 | 1504 |
|  Atrium Hotel Portfolio Trust | Atrium Hotel Portfolio Trust | Atrium Hotel Portfolio Trust |
|  6.117% due 12/15/2036 •  | 4600 | 4499 |
|  Avon Finance PLC | Avon Finance PLC | Avon Finance PLC |
|  5.357% due 12/28/2049 •  | 3183 | 4121 |
|  BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust |
|  4.572% due 03/26/2037 ~ | 4012 | 1717 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  4.358% due 11/25/2035 ~ | 2506 | 1360 |
|  4.630% due 11/25/2035 •  | 87 | 79 |
|  ChaseFlex Trust | ChaseFlex Trust | ChaseFlex Trust |
|  5.035% due 07/25/2037 •  | 2439 | 2116 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  4.505% due 01/25/2037 •  | 2 | 1 |
|  6.170% due 09/25/2062 þ | 5112 | 5116 |
|  6.300% due 03/25/2036 ~ | 37 | 37 |
|  6.759% due 08/25/2035 ~ | 7 | 7 |
|  CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust |
|  5.035% due 04/25/2037 •  | 839 | 705 |
|  Commercial Mortgage Trust | Commercial Mortgage Trust | Commercial Mortgage Trust |
|  5.367% due 06/15/2034 ~ | 2735 | 2545 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.675% due 12/25/2046 •  | 2185 | 1939 |
|  4.755% due 02/25/2047 •  | 8 | 8 |
|  4.755% due 09/25/2047 •  | 1141 | 1054 |
|  4.835% due 06/25/2037 •  | 30 | 27 |
|  5.635% due 02/25/2036 ~ | 3 | 3 |
|  5.750% due 02/25/2037 | 668 | 332 |
|  6.000% due 08/25/2035 | 1059 | 426 |
|  6.000% due 06/25/2047 | 1737 | 894 |
|  Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust |
|  4.669% due 11/25/2037 •  | 412 | 388 |
|  5.160% due 11/25/2034 •  | 2 | 2 |
|  5.500% due 11/25/2035 | 19 | 10 |
|  Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust |
|  2.000% due 01/25/2060 ~ | 2581 | 2272 |
|  Deutsche ALT-A Securities, Inc. Mortgage Loan Trust | Deutsche ALT-A Securities, Inc. Mortgage Loan Trust | Deutsche ALT-A Securities, Inc. Mortgage Loan Trust |
|  5.095% due 08/25/2037 •  | 1632 | 1320 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  4.632% due 11/25/2035 •  | 1 | 1 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.771% due 12/19/2036 •  | 138 | 125 |
|  4.811% due 01/19/2038 •  | 190 | 170 |
|  4.841% due 12/19/2036 •  | 706 | 556 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  5.211% due 08/25/2034 •  | 9 | 9 |

---

---

| | | |
|:---|:---|:---|
| **222** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.750% due 01/25/2036 | $| 10 | 5 |
|  6.382% due 07/25/2035 ~ |  | 637 | 647 |
|  JP Morgan Resecuritization Trust | JP Morgan Resecuritization Trust | JP Morgan Resecuritization Trust | JP Morgan Resecuritization Trust |
|  3.339% due 06/26/2037 ~ |  | 3905 | 2915 |
|  4.554% due 06/26/2037 •  |  | 968 | 966 |
|  Lehman Mortgage Trust | Lehman Mortgage Trust | Lehman Mortgage Trust | Lehman Mortgage Trust |
|  5.085% due 11/25/2036 •  |  | 1091 | 514 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.885% due 08/25/2046 •  |  | 975 | 996 |
|  MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust |
|  5.435% due 12/25/2046 •  |  | 5056 | 3900 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  5.312% due 09/25/2035 •  |  | 38 | 31 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  5.365% due 11/25/2035 •  |  | 576 | 577 |
|  MortgageIT Mortgage Loan Trust | MortgageIT Mortgage Loan Trust | MortgageIT Mortgage Loan Trust | MortgageIT Mortgage Loan Trust |
|  4.895% due 06/25/2047 •  |  | 606 | 526 |
|  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 •  |  | 1381 | 1325 |
|  2.750% due 11/25/2059 •  |  | 2477 | 2366 |
|  New York Mortgage Trust | New York Mortgage Trust | New York Mortgage Trust | New York Mortgage Trust |
|  5.250% due 07/25/2062 þ |  | 3183 | 3168 |
|  PRKCM Trust | PRKCM Trust | PRKCM Trust | PRKCM Trust |
|  7.225% due 11/25/2058 þ |  | 1093 | 1114 |
|  Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust |
|  4.805% due 08/25/2036 •  |  | 279 | 254 |
|  4.835% due 05/25/2047 •  |  | 2793 | 2554 |
|  Stratton Mortgage Funding PLC | Stratton Mortgage Funding PLC | Stratton Mortgage Funding PLC | Stratton Mortgage Funding PLC |
|  5.608% due 06/20/2060 •  | GBP | 786 | 1018 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  5.520% due 04/25/2035 ~ | $| 44 | 40 |
|  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 ~ |  | 3137 | 2762 |
|  Structured Asset Securities Corp. | Structured Asset Securities Corp. | Structured Asset Securities Corp. | Structured Asset Securities Corp. |
|  4.785% due 04/25/2035 •  |  | 1079 | 958 |
|  Taurus U.K. DAC | Taurus U.K. DAC | Taurus U.K. DAC | Taurus U.K. DAC |
|  5.316% due 05/17/2031 •  | GBP | 1191 | 1535 |
|  Towd Point Mortgage Funding | Towd Point Mortgage Funding | Towd Point Mortgage Funding | Towd Point Mortgage Funding |
|  5.483% due 07/20/2053 •  |  | 2062 | 2671 |
|  Trinity Square PLC | Trinity Square PLC | Trinity Square PLC | Trinity Square PLC |
|  5.470% due 07/15/2059 ~ |  | 936 | 1212 |
|  UBS Commercial Mortgage Trust | UBS Commercial Mortgage Trust | UBS Commercial Mortgage Trust | UBS Commercial Mortgage Trust |
|  3.504% due 12/15/2050 | $| 1594 | 1572 |
|  Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust |
|  4.910% due 06/25/2067 þ |  | 2278 | 2269 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  3.474% due 01/25/2037 ~ |  | 123 | 104 |
|  4.584% due 08/25/2036 •  |  | 51 | 46 |
|  4.640% due 06/25/2037 ~ |  | 415 | 368 |
|  5.179% due 12/25/2035 ~ |  | 688 | 644 |
|  5.365% due 01/25/2047 •  |  | 8 | 8 |
|  5.405% due 05/25/2047 ~ |  | 1671 | 1459 |
|  5.595% due 11/25/2045 •  |  | 1366 | 1277 |
|  6.135% due 09/25/2046 •  |  | 21 | 20 |
|  6.135% due 10/25/2046 •  |  | 15 | 14 |
|  Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust |
|  6.931% due 12/25/2036 •  |  | 49 | 48 |
|  Total Non-Agency Mortgage-Backed Securities<br>(Cost $83,431) | Total Non-Agency Mortgage-Backed Securities<br>(Cost $83,431) | Total Non-Agency Mortgage-Backed Securities<br>(Cost $83,431) | 75985 |
| ASSET-BACKED SECURITIES 31.2% | ASSET-BACKED SECURITIES 31.2% | ASSET-BACKED SECURITIES 31.2% | ASSET-BACKED SECURITIES 31.2% |
| AUTOMOBILE SEQUENTIAL 2.6% | AUTOMOBILE SEQUENTIAL 2.6% | AUTOMOBILE SEQUENTIAL 2.6% | AUTOMOBILE SEQUENTIAL 2.6% |
|  Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC |
|  5.900% due 08/21/2028 |  | 2400 | 2464 |
|  Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
|  5.620% due 01/10/2029 |  | 300 | 304 |
|  6.090% due 11/10/2026 |  | 21 | 21 |
|  6.410% due 09/10/2027 |  | 501 | 503 |
|  Citizens Auto Receivables Trust | Citizens Auto Receivables Trust | Citizens Auto Receivables Trust | Citizens Auto Receivables Trust |
|  5.110% due 04/17/2028 |  | 500 | 504 |
|  5.430% due 10/15/2026 |  | 292 | 292 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust |
|  5.630% due 10/15/2026 | 136 | 136 |
|  Hertz Vehicle Financing LLC | Hertz Vehicle Financing LLC | Hertz Vehicle Financing LLC |
|  5.440% due 01/25/2029 | 4200 | 4260 |
|  M&T Bank Auto Receivables Trust | M&T Bank Auto Receivables Trust | M&T Bank Auto Receivables Trust |
|  5.590% due 02/17/2032 | 341 | 342 |
|  Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust |
|  2.650% due 03/25/2030 | 610 | 596 |
|  5.320% due 09/25/2030 | 471 | 471 |
|  5.380% due 11/25/2030 | 712 | 713 |
|  SCCU Auto Receivables Trust | SCCU Auto Receivables Trust | SCCU Auto Receivables Trust |
|  5.110% due 06/15/2029 | 1600 | 1615 |
|  5.450% due 12/15/2027 | 1568 | 1573 |
|  Tricolor Auto Securitization Trust | Tricolor Auto Securitization Trust | Tricolor Auto Securitization Trust |
|  6.610% due 10/15/2027 | 460 | 463 |
|  Veros Auto Receivables Trust | Veros Auto Receivables Trust | Veros Auto Receivables Trust |
|  7.120% due 11/15/2028 | 563 | 565 |
|  |  | 14822 |
| CMBS OTHER 2.1% | CMBS OTHER 2.1% | CMBS OTHER 2.1% |
|  M360 Ltd. | M360 Ltd. | M360 Ltd. |
|  6.684% due 11/22/2038 •  | 3100 | 3051 |
|  MF1 LLC | MF1 LLC | MF1 LLC |
|  6.952% due 09/17/2037 •  | 2534 | 2535 |
|  MF1 Ltd. | MF1 Ltd. | MF1 Ltd. |
|  6.067% due 02/19/2037 •  | 6100 | 6125 |
|  Ready Capital Mortgage Financing LLC | Ready Capital Mortgage Financing LLC | Ready Capital Mortgage Financing LLC |
|  5.635% due 11/25/2036 •  | 378 | 378 |
|  |  | 12089 |
| HOME EQUITY OTHER 10.8% | HOME EQUITY OTHER 10.8% | HOME EQUITY OTHER 10.8% |
|  ABFC Trust | ABFC Trust | ABFC Trust |
|  4.695% due 01/25/2037 ~ | 1643 | 1174 |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  4.755% due 08/25/2036 ~ | 249 | 240 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  4.495% due 07/25/2045 •  | 72 | 50 |
|  4.755% due 12/25/2036 •  | 1986 | 1088 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.625% due 11/25/2037 •  | 91 | 86 |
|  4.639% due 05/25/2036 •  | 1169 | 1151 |
|  4.685% due 06/25/2047 •  | 613 | 591 |
|  4.715% due 06/25/2037 ~ | 545 | 519 |
|  4.715% due 06/25/2047 •  | 627 | 574 |
|  4.955% due 12/25/2036 •  | 2049 | 1950 |
|  4.975% due 03/25/2036 •  | 688 | 607 |
|  Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC |
|  4.554% due 07/25/2037 ~ | 5 | 3 |
|  Fieldstone Mortgage Investment Trust | Fieldstone Mortgage Investment Trust | Fieldstone Mortgage Investment Trust |
|  5.170% due 12/25/2035 •  | 951 | 939 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  4.535% due 08/25/2036 ~ | 80 | 25 |
|  4.775% due 02/25/2036 •  | 719 | 696 |
|  GSAA Home Equity Trust | GSAA Home Equity Trust | GSAA Home Equity Trust |
|  4.261% due 03/25/2036 ~ | 3094 | 1855 |
|  4.835% due 03/25/2037 •  | 3967 | 1101 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  4.895% due 01/25/2037 •  | 2700 | 2309 |
|  5.755% due 12/25/2034 •  | 819 | 718 |
|  Home Equity Loan Trust | Home Equity Loan Trust | Home Equity Loan Trust |
|  4.775% due 04/25/2037 •  | 5300 | 4664 |
|  Indymac Home Equity Loan Asset-Backed Trust | Indymac Home Equity Loan Asset-Backed Trust | Indymac Home Equity Loan Asset-Backed Trust |
|  5.215% due 11/25/2034 ~ | 112 | 111 |
|  IndyMac Residential Asset Backed Trust | IndyMac Residential Asset Backed Trust | IndyMac Residential Asset Backed Trust |
|  5.500% due 08/25/2035 •  | 2000 | 1964 |
|  JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. |
|  4.645% due 10/25/2036 •  | 10 | 9 |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  4.875% due 02/25/2036 •  | 1159 | 1141 |
|  5.350% due 08/25/2035 •  | 1700 | 1563 |
|  MASTR Specialized Loan Trust | MASTR Specialized Loan Trust | MASTR Specialized Loan Trust |
|  4.955% due 02/25/2036 ~ | 276 | 270 |
|  4.955% due 06/25/2046 •  | 1132 | 1106 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.655% due 08/25/2037 ~ | $| 5102 | 2506 |
|  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 ~ |  | 3 | 1 |
|  4.650% due 03/25/2037 •  |  | 13108 | 5176 |
|  4.755% due 09/25/2036 •  |  | 2253 | 990 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  6.465% due 09/25/2046 þ |  | 3451 | 1136 |
|  Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust |
|  4.535% due 07/25/2036 •  |  | 1841 | 802 |
|  4.565% due 07/25/2037 •  |  | 2150 | 1373 |
|  4.575% due 01/25/2037 ~ |  | 2576 | 1509 |
|  4.655% due 04/25/2037 ~ |  | 1954 | 1339 |
|  4.655% due 05/25/2037 •  |  | 1151 | 693 |
|  4.745% due 04/25/2037 •  |  | 250 | 141 |
|  Park Place Securities, Inc. Asset-Backed Pass-Through Certificates | Park Place Securities, Inc. Asset-Backed Pass-Through Certificates | Park Place Securities, Inc. Asset-Backed Pass-Through Certificates | Park Place Securities, Inc. Asset-Backed Pass-Through Certificates |
|  6.160% due 02/25/2035 •  |  | 6262 | 5727 |
|  Popular ABS Mortgage Pass-Through Trust | Popular ABS Mortgage Pass-Through Trust | Popular ABS Mortgage Pass-Through Trust | Popular ABS Mortgage Pass-Through Trust |
|  4.930% due 07/25/2036 •  |  | 1879 | 1787 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  5.586% due 11/25/2036 þ |  | 3588 | 1184 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  5.500% due 05/25/2035 •  |  | 2300 | 2235 |
|  Residential Asset Securities Corp. Trust | Residential Asset Securities Corp. Trust | Residential Asset Securities Corp. Trust | Residential Asset Securities Corp. Trust |
|  5.035% due 02/25/2036 •  |  | 69 | 69 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.915% due 07/25/2036 •  |  | 883 | 346 |
|  5.080% due 10/25/2035 •  |  | 1150 | 931 |
|  SG Mortgage Securities Trust | SG Mortgage Securities Trust | SG Mortgage Securities Trust | SG Mortgage Securities Trust |
|  4.795% due 02/25/2036 •  |  | 3814 | 1867 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  4.555% due 11/25/2036 ~ |  | 6 | 2 |
|  4.605% due 07/25/2037 ~ |  | 968 | 851 |
|  4.735% due 03/25/2037 •  |  | 225 | 214 |
|  4.935% due 10/25/2036 •  |  | 2469 | 2356 |
|  5.275% due 08/25/2035 •  |  | 1723 | 1579 |
|  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 |
|  4.665% due 05/25/2047 ~ |  | 546 | 531 |
|  |  |  | 61849 |
| HOME EQUITY SEQUENTIAL 0.0% | HOME EQUITY SEQUENTIAL 0.0% | HOME EQUITY SEQUENTIAL 0.0% | HOME EQUITY SEQUENTIAL 0.0% |
|  BNC Mortgage Loan Trust | BNC Mortgage Loan Trust | BNC Mortgage Loan Trust | BNC Mortgage Loan Trust |
|  4.025% due 10/25/2036 •  |  | 80 | 79 |
| WHOLE LOAN COLLATERAL 2.5% | WHOLE LOAN COLLATERAL 2.5% | WHOLE LOAN COLLATERAL 2.5% | WHOLE LOAN COLLATERAL 2.5% |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  4.885% due 10/25/2036 •  |  | 186 | 186 |
|  PRET LLC | PRET LLC | PRET LLC | PRET LLC |
|  4.744% due 07/25/2051 þ |  | 1145 | 1141 |
|  4.843% due 09/25/2051 þ |  | 3461 | 3448 |
|  5.487% due 10/25/2051 þ |  | 2311 | 2312 |
|  6.721% due 07/25/2051 þ |  | 3023 | 3026 |
|  PRPM LLC | PRPM LLC | PRPM LLC | PRPM LLC |
|  6.720% due 02/25/2027 þ |  | 2148 | 2151 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.935% due 05/25/2036 •  |  | 2730 | 1407 |
|  Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust |
|  5.035% due 12/25/2036 ~ |  | 408 | 399 |
|  |  |  | 14070 |
| OTHER ABS 13.2% | OTHER ABS 13.2% | OTHER ABS 13.2% | OTHER ABS 13.2% |
|  ACHV ABS Trust | ACHV ABS Trust | ACHV ABS Trust | ACHV ABS Trust |
|  5.430% due 10/27/2031 |  | 1571 | 1577 |
|  Anchorage Credit Funding Ltd. | Anchorage Credit Funding Ltd. | Anchorage Credit Funding Ltd. | Anchorage Credit Funding Ltd. |
|  2.871% due 01/28/2039 |  | 300 | 282 |
|  2.875% due 07/27/2039 |  | 300 | 278 |
|  3.928% due 04/25/2038 |  | 400 | 388 |
|  4.300% due 07/25/2036 |  | 353 | 349 |
|  4.620% due 04/25/2037 |  | 279 | 279 |
|  Bain Capital Euro CLO DAC | Bain Capital Euro CLO DAC | Bain Capital Euro CLO DAC | Bain Capital Euro CLO DAC |
|  3.484% due 01/20/2032 •  | EUR | 2340 | 2532 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **223** |

---

------

Schedule of Investments PIMCO StocksPLUS<sup>®</sup><sup></sup>Small Fund (Cont.)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Blackrock European CLO DAC | Blackrock European CLO DAC | Blackrock European CLO DAC | Blackrock European CLO DAC |
|  3.405% due 10/15/2031 •  | EUR | 2153 | 2326 |
|  Cairn CLO DAC | Cairn CLO DAC | Cairn CLO DAC | Cairn CLO DAC |
|  3.565% due 10/15/2031 •  |  | 1857 | 2009 |
|  Carlyle Euro CLO DAC | Carlyle Euro CLO DAC | Carlyle Euro CLO DAC | Carlyle Euro CLO DAC |
|  3.446% due 08/15/2032 •  |  | 3466 | 3749 |
|  Carlyle Global Market Strategies Euro CLO DAC | Carlyle Global Market Strategies Euro CLO DAC | Carlyle Global Market Strategies Euro CLO DAC | Carlyle Global Market Strategies Euro CLO DAC |
|  3.485% due 01/15/2031 •  |  | 1345 | 1447 |
|  CVC Cordatus Loan Fund DAC | CVC Cordatus Loan Fund DAC | CVC Cordatus Loan Fund DAC | CVC Cordatus Loan Fund DAC |
|  3.131% due 09/15/2031 •  |  | 1834 | 1982 |
|  3.435% due 10/15/2031 •  |  | 4414 | 4774 |
|  DLLAA LLC | DLLAA LLC | DLLAA LLC | DLLAA LLC |
|  5.930% due 07/20/2026 | $| 152 | 152 |
|  Euro-Galaxy CLO DAC | Euro-Galaxy CLO DAC | Euro-Galaxy CLO DAC | Euro-Galaxy CLO DAC |
|  3.291% due 04/24/2034 •  | EUR | 2293 | 2477 |
|  GreenSky Home Improvement Trust | GreenSky Home Improvement Trust | GreenSky Home Improvement Trust | GreenSky Home Improvement Trust |
|  5.550% due 06/25/2059 | $| 1300 | 1320 |
|  Griffith Park CLO DAC | Griffith Park CLO DAC | Griffith Park CLO DAC | Griffith Park CLO DAC |
|  3.249% due 11/21/2031 •  | EUR | 3837 | 4131 |
|  Harvest CLO DAC | Harvest CLO DAC | Harvest CLO DAC | Harvest CLO DAC |
|  1.040% due 07/15/2031 |  | 798 | 835 |
|  3.424% due 10/20/2031 •  |  | 3940 | 4260 |
|  3.425% due 10/15/2031 •  |  | 1401 | 1514 |
|  3.545% due 07/15/2031 •  |  | 6303 | 6818 |
|  Jubilee CLO DAC | Jubilee CLO DAC | Jubilee CLO DAC | Jubilee CLO DAC |
|  3.435% due 04/15/2031 •  |  | 1361 | 1471 |
|  KKR CLO Ltd. | KKR CLO Ltd. | KKR CLO Ltd. | KKR CLO Ltd. |
|  5.495% due 07/18/2030 •  | $| 500 | 500 |
|  6.155% due 07/18/2030 •  |  | 4200 | 4207 |
|  Marlette Funding Trust | Marlette Funding Trust | Marlette Funding Trust | Marlette Funding Trust |
|  5.950% due 11/15/2032 |  | 292 | 292 |
|  Nelnet Student Loan Trust | Nelnet Student Loan Trust | Nelnet Student Loan Trust | Nelnet Student Loan Trust |
|  6.544% due 02/20/2041 •  |  | 359 | 368 |
|  6.640% due 02/20/2041 |  | 299 | 310 |
|  OZLME DAC | OZLME DAC | OZLME DAC | OZLME DAC |
|  3.556% due 01/14/2032 •  | EUR | 7937 | 8566 |
|  Romark Credit Funding Ltd. | Romark Credit Funding Ltd. | Romark Credit Funding Ltd. | Romark Credit Funding Ltd. |
|  2.625% due 10/25/2039 | $| 400 | 372 |
|  Segovia European CLO DAC | Segovia European CLO DAC | Segovia European CLO DAC | Segovia European CLO DAC |
|  3.624% due 07/20/2032 •  | EUR | 2633 | 2849 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  4.550% due 02/16/2055 | $| 4055 | 3974 |
|  5.500% due 06/17/2052 |  | 1798 | 1836 |
|  5.897% due 11/15/2052 •  |  | 484 | 490 |
|  SoFi Professional Loan Program Trust | SoFi Professional Loan Program Trust | SoFi Professional Loan Program Trust | SoFi Professional Loan Program Trust |
|  2.540% due 05/15/2046 |  | 1378 | 1323 |
|  Sound Point CLO Ltd. | Sound Point CLO Ltd. | Sound Point CLO Ltd. | Sound Point CLO Ltd. |
|  5.542% due 07/25/2030 •  |  | 302 | 301 |
|  TCI-Symphony CLO Ltd. | TCI-Symphony CLO Ltd. | TCI-Symphony CLO Ltd. | TCI-Symphony CLO Ltd. |
|  6.101% due 10/13/2032 •  |  | 4900 | 4908 |
|  Theorem Funding Trust | Theorem Funding Trust | Theorem Funding Trust | Theorem Funding Trust |
|  6.060% due 12/15/2028 |  | 238 | 238 |
|  Upstart Pass-Through Trust | Upstart Pass-Through Trust | Upstart Pass-Through Trust | Upstart Pass-Through Trust |
|  3.800% due 04/20/2030 |  | 451 | 448 |
|  |  |  | 75932 |
|  Total Asset-Backed Securities<br>(Cost $196,900) | Total Asset-Backed Securities<br>(Cost $196,900) | Total Asset-Backed Securities<br>(Cost $196,900) | 178841 |
| SOVEREIGN ISSUES 10.3% | SOVEREIGN ISSUES 10.3% | SOVEREIGN ISSUES 10.3% | SOVEREIGN ISSUES 10.3% |
|  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 | 107100 | 17514 |
|  CPPIB Capital, Inc. | CPPIB Capital, Inc. | CPPIB Capital, Inc. | CPPIB Capital, Inc. |
|  4.300% due 06/02/2034 | CAD | 1300 | 957 |
|  Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond |
|  2.750% due 11/27/2031 (e) | MXN | 13391 | 572 |
|  3.000% due 12/03/2026 (e) |  | 39583 | 1862 |
|  4.000% due 11/30/2028 (e) |  | 8127 | 385 |
|  4.000% due 08/24/2034 (e) |  | 60217 | 2743 |
|  Peru Government International Bond | Peru Government International Bond | Peru Government International Bond | Peru Government International Bond |
|  5.400% due 08/12/2034 | PEN | 13900 | 3452 |
|  6.150% due 08/12/2032 |  | 49500 | 13537 |
|  6.900% due 08/12/2037 |  | 4800 | 1290 |
|  6.950% due 08/12/2031 |  | 1100 | 320 |
|  7.300% due 08/12/2033 |  | 5300 | 1524 |
|  7.600% due 08/12/2039 |  | 600 | 169 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Province of Quebec | Province of Quebec | Province of Quebec | Province of Quebec |
|  4.450% due 09/01/2034 | CAD | 8400 | 6234 |
|  Republic of South Africa Government International Bond | Republic of South Africa Government International Bond | Republic of South Africa Government International Bond | Republic of South Africa Government International Bond |
|  7.000% due 02/28/2031 | ZAR | 25200 | 1220 |
|  8.000% due 01/31/2030 |  | 27700 | 1448 |
|  8.250% due 03/31/2032 |  | 13800 | 692 |
|  8.500% due 01/31/2037 |  | 17000 | 771 |
|  9.000% due 01/31/2040 |  | 73100 | 3297 |
|  Turkey Government International Bond | Turkey Government International Bond | Turkey Government International Bond | Turkey Government International Bond |
|  45.031% due 05/20/2026 ~ | TRY | 300 | 8 |
|  45.031% due 08/19/2026 ~ |  | 300 | 8 |
|  45.031% due 05/17/2028 ~ |  | 35200 | 877 |
|  Total Sovereign Issues (Cost $58,335) | Total Sovereign Issues (Cost $58,335) | Total Sovereign Issues (Cost $58,335) | 58880 |
|  |  | **SHARES** |  |
| COMMON STOCKS 0.9% | COMMON STOCKS 0.9% | COMMON STOCKS 0.9% | COMMON STOCKS 0.9% |
| COMMUNICATION SERVICES 0.0% | COMMUNICATION SERVICES 0.0% | COMMUNICATION SERVICES 0.0% | COMMUNICATION SERVICES 0.0% |
|  Verizon Communications, Inc. |  | 726 | 33 |
|  Walt Disney Co. |  | 726 | 72 |
|  |  |  | 105 |
| CONSUMER DISCRETIONARY 0.1% | CONSUMER DISCRETIONARY 0.1% | CONSUMER DISCRETIONARY 0.1% | CONSUMER DISCRETIONARY 0.1% |
|  Amazon.com, Inc. (b) |  | 726 | 138 |
|  Home Depot, Inc. |  | 726 | 266 |
|  McDonald's Corp. |  | 726 | 227 |
|  NIKE, Inc. 'B' |  | 726 | 46 |
|  |  |  | 677 |
| CONSUMER STAPLES 0.1% | CONSUMER STAPLES 0.1% | CONSUMER STAPLES 0.1% | CONSUMER STAPLES 0.1% |
|  Coca-Cola Co. |  | 726 | 52 |
|  Procter & Gamble Co. |  | 726 | 123 |
|  Walmart, Inc. |  | 726 | 64 |
|  |  |  | 239 |
| ENERGY 0.0% | ENERGY 0.0% | ENERGY 0.0% | ENERGY 0.0% |
|  Chevron Corp. |  | 726 | 121 |
| FINANCIALS 0.2% | FINANCIALS 0.2% | FINANCIALS 0.2% | FINANCIALS 0.2% |
|  American Express Co. |  | 726 | 195 |
|  Goldman Sachs Group, Inc. |  | 726 | 397 |
|  JPMorgan Chase & Co. |  | 726 | 178 |
|  Travelers Cos., Inc. |  | 726 | 192 |
|  Visa, Inc. 'A' |  | 726 | 254 |
|  |  |  | 1216 |
| HEALTH CARE 0.1% | HEALTH CARE 0.1% | HEALTH CARE 0.1% | HEALTH CARE 0.1% |
|  Amgen, Inc. |  | 726 | 226 |
|  Johnson & Johnson |  | 726 | 121 |
|  Merck & Co., Inc. |  | 726 | 65 |
|  UnitedHealth Group, Inc. |  | 726 | 380 |
|  |  |  | 792 |
| INDUSTRIALS 0.1% | INDUSTRIALS 0.1% | INDUSTRIALS 0.1% | INDUSTRIALS 0.1% |
|  3M Co. |  | 726 | 107 |
|  Boeing Co. (b) |  | 726 | 124 |
|  Caterpillar, Inc. |  | 726 | 239 |
|  Honeywell International, Inc. |  | 726 | 154 |
|  |  |  | 624 |
| INFORMATION TECHNOLOGY 0.2% | INFORMATION TECHNOLOGY 0.2% | INFORMATION TECHNOLOGY 0.2% | INFORMATION TECHNOLOGY 0.2% |
|  Apple, Inc. |  | 726 | 161 |
|  Cisco Systems, Inc. |  | 726 | 45 |
|  International Business Machines Corp. |  | 726 | 180 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SHARES** | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Microsoft Corp. |  | 726 | $— | 273 |
|  NVIDIA Corp. |  | 726 |  | 79 |
|  Salesforce, Inc. |  | 726 |  | 195 |
|  |  |  |  | 933 |
| MATERIALS 0.1% | MATERIALS 0.1% | MATERIALS 0.1% | MATERIALS 0.1% | MATERIALS 0.1% |
|  Sherwin-Williams Co. |  | 726 |  | 254 |
|  Total Common Stocks (Cost $4,391) | Total Common Stocks (Cost $4,391) | Total Common Stocks (Cost $4,391) |  | 4961 |
|  | **PRINCIPAL<br>AMOUNT<br>(000s)** | **PRINCIPAL<br>AMOUNT<br>(000s)** |  |  |
| SHORT-TERM INSTRUMENTS 37.6% | SHORT-TERM INSTRUMENTS 37.6% | SHORT-TERM INSTRUMENTS 37.6% | SHORT-TERM INSTRUMENTS 37.6% | SHORT-TERM INSTRUMENTS 37.6% |
| COMMERCIAL PAPER 5.3% | COMMERCIAL PAPER 5.3% | COMMERCIAL PAPER 5.3% | COMMERCIAL PAPER 5.3% | COMMERCIAL PAPER 5.3% |
|  AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. |
|  4.640% due 04/15/2025 | $— | 2970 |  | 2964 |
|  AES Corp. | AES Corp. | AES Corp. | AES Corp. | AES Corp. |
|  4.880% due 04/02/2025 |  | 3020 |  | 3019 |
|  Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
|  4.560% due 04/10/2025 |  | 3430 |  | 3426 |
|  Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. |
|  4.800% due 04/21/2025 |  | 3020 |  | 3012 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  4.910% due 04/29/2025 |  | 2970 |  | 2958 |
|  Entergy Corp. | Entergy Corp. | Entergy Corp. | Entergy Corp. | Entergy Corp. |
|  4.550% due 05/12/2025 |  | 3440 |  | 3422 |
|  Equifax, Inc. | Equifax, Inc. | Equifax, Inc. | Equifax, Inc. | Equifax, Inc. |
|  4.630% due 04/09/2025 |  | 2690 |  | 2687 |
|  Jabil, Inc. | Jabil, Inc. | Jabil, Inc. | Jabil, Inc. | Jabil, Inc. |
|  4.820% due 04/07/2025 |  | 2970 |  | 2967 |
|  Marsh & McLennan Cos, Inc. | Marsh & McLennan Cos, Inc. | Marsh & McLennan Cos, Inc. | Marsh & McLennan Cos, Inc. | Marsh & McLennan Cos, Inc. |
|  4.630% due 04/21/2025 |  | 3020 |  | 3012 |
|  Targa Resources Corp. | Targa Resources Corp. | Targa Resources Corp. | Targa Resources Corp. | Targa Resources Corp. |
|  4.700% due 04/21/2025 |  | 3020 |  | 3011 |
|  |  |  |  | 30478 |
| REPURCHASE AGREEMENTS (f) 21.3% | REPURCHASE AGREEMENTS (f) 21.3% | REPURCHASE AGREEMENTS (f) 21.3% | REPURCHASE AGREEMENTS (f) 21.3% | REPURCHASE AGREEMENTS (f) 21.3% |
|  |  |  |  | 122000 |
| U.S. TREASURY BILLS 11.0% | U.S. TREASURY BILLS 11.0% | U.S. TREASURY BILLS 11.0% | U.S. TREASURY BILLS 11.0% | U.S. TREASURY BILLS 11.0% |
|  4.297% due 04/03/2025 - 06/05/2025 (c)(d)(j) |  | 63306 |  | 62899 |
| Total Short-Term Instruments<br> (Cost $215,383) | Total Short-Term Instruments<br> (Cost $215,383) | Total Short-Term Instruments<br> (Cost $215,383) |  | 215377 |
| Total Investments in Securities<br> (Cost $1,047,970) | Total Investments in Securities<br> (Cost $1,047,970) | Total Investments in Securities<br> (Cost $1,047,970) |  | 1022291 |
|  | **SHARES** | **SHARES** |  |  |
| INVESTMENTS IN AFFILIATES 1.9% | INVESTMENTS IN AFFILIATES 1.9% | INVESTMENTS IN AFFILIATES 1.9% | INVESTMENTS IN AFFILIATES 1.9% | INVESTMENTS IN AFFILIATES 1.9% |
| SHORT-TERM INSTRUMENTS 1.9% | SHORT-TERM INSTRUMENTS 1.9% | SHORT-TERM INSTRUMENTS 1.9% | SHORT-TERM INSTRUMENTS 1.9% | SHORT-TERM INSTRUMENTS 1.9% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 1.9% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 1.9% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 1.9% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 1.9% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 1.9% |
|  PIMCO Short-Term<br>Floating NAV Portfolio III |  | 1150341 |  | 11197 |
| Total Short-Term Instruments<br> (Cost $11,199) | Total Short-Term Instruments<br> (Cost $11,199) | Total Short-Term Instruments<br> (Cost $11,199) |  | 11197 |
| Total Investments in Affiliates<br> (Cost $11,199) | Total Investments in Affiliates<br> (Cost $11,199) | Total Investments in Affiliates<br> (Cost $11,199) |  | 11197 |
| Total Investments 180.2%<br> (Cost $1,059,169) | Total Investments 180.2%<br> (Cost $1,059,169) | Total Investments 180.2%<br> (Cost $1,059,169) | $— | 1033488 |
|  Financial Derivative<br>Instruments (g)(i) (9.4)%<br> (Cost or Premiums, net $13,613) | Financial Derivative<br>Instruments (g)(i) (9.4)%<br> (Cost or Premiums, net $13,613) | Financial Derivative<br>Instruments (g)(i) (9.4)%<br> (Cost or Premiums, net $13,613) |  | (54098) |
| Other Assets and Liabilities, net (70.8)% | Other Assets and Liabilities, net (70.8)% | Other Assets and Liabilities, net (70.8)% |  | (405928) |
| Net Assets 100.0% | Net Assets 100.0% | Net Assets 100.0% | $— | 573462 |

---

224 PIMCO EQUITY-RELATED STRATEGY FUNDS See Accompanying Notes

------

March 31, 2025

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

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

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a) When-issued security.

(b) Security 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.

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS
&nbsp;&nbsp;&nbsp;&nbsp;(f) 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> |
| FICC STR | 4.360% | 03/31/2025 | 04/01/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54100 | U.S. Treasury Inflation Protected Securities 2.375% due 12/31/2099 | $(55182) | $54100 | $54107 |
| JPS | 4.500 | 03/31/2025 | 04/01/2025 | 11000 | U.S. Treasury Notes 0.750% due 03/31/2026 | (11225) | 11000 | 11001 |
| SAL | 4.350 | 04/01/2025 | 04/02/2025 | 18400 | U.S. Treasury Notes 4.375% due 12/31/2029 | (18799) | 18400 | 18400 |
|  | 4.380 | 04/01/2025 | 04/02/2025 | 38500 | U.S. Treasury Notes 3.875% due 12/31/2027 | (39312) | 38500 | 38500 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(124518) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122008 |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (6.3)% | U.S. Government Agencies (6.3)% | U.S. Government Agencies (6.3)% | U.S. Government Agencies (6.3)% | U.S. Government Agencies (6.3)% | U.S. Government Agencies (6.3)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.500% | 05/01/2055 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39800 | $(35721) | $(35875) |
|  Total Short Sales (6.3)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35721) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35875) |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(2)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  FICC STR | $54107 | $0 | $0 | $54107 | $(55182) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1075) |
|  JPS | 11001 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11001 | (11225) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(224) |
|  SAL | 56900 | 0 | 0 | 56900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58111) | (1211) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122008 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |  |  |  |

---

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

**The average amount of borrowings outstanding during the period ended March 31, 2025 was $(569) at a weighted average interest rate of 5.243%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **225** |

---

------

Schedule of Investments PIMCO StocksPLUS<sup>®</sup><sup></sup>Small Fund (Cont.)

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

#### WRITTEN OPTIONS:

#### OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Premiums<br>(Received) | Market<br>Value |
|  Put - CBOE U.S. Treasury 10-Year Note May Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109.000 | 04/25/2025 | 6 | $6 | $(1) | $0 |
|  Put - CBOE U.S. Treasury 10-Year Note May Futures | 109.500 | 04/25/2025 | 7 | 7 | (2) | (1) |
|  Put - CBOE U.S. Treasury 10-Year Note May Futures | 110.000 | 04/25/2025 | 12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | (3) | (3) |
|  Call - CBOE U.S. Treasury 10-Year Note May Futures | 112.000 | 04/25/2025 | 6 | 6 | (2) | (3) |
|  Call - CBOE U.S. Treasury 10-Year Note May Futures | 112.250 | 04/25/2025 | 7 | 7 | (2) | (3) |
|  Call - CBOE U.S. Treasury 10-Year Note May Futures | 112.500 | 04/25/2025 | 12 | 12 | (4) | (5) |
|  Total Written Options |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) |

---

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  E-Mini Russell 2000 Index June Futures  | 06/2025 | 635 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64360 | $(1544) | $0 | $(317) |
|  U.S. Treasury 5-Year Note June Futures  | 06/2025 | 835 | 90310 | 55 | 0 | (26) |
|  U.S. Treasury 10-Year Ultra Long-Term Bond June Futures  | 06/2025 | 269 | 30700 | 357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | 0 |
|  U.S. Treasury Ultra Long-Term Bond June Futures  | 06/2025 | 115 | 14059 | 87 | 51 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1045) | $76 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(343) |
| SHORT FUTURES CONTRACTS |  |  |  |  |  |  |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  U.S. Treasury 2-Year Note June Futures  | 06/2025 | 147 | $(30454) | $(21) | $1 | $0 |
|  U.S. Treasury 10-Year Note June Futures  | 06/2025 | 682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(75851) | (74) | 0 | (11) |
|  U.S. Treasury Long-Term Bond June Futures  | 06/2025 | 7 | (821) | (20) | 0 | (1) |
|  |  |  |  | $(115) | $1 | $(12) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1160) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(355) |

---

#### SWAP AGREEMENTS:

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>March 31, 2025<sup>(3)</sup> | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(5)</sup>** | Variation Margin | Variation Margin |
| **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>March 31, 2025<sup>(3)</sup> | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(5)</sup>** | Asset | Liability |
|  AT&T, Inc. | 1.000% | Quarterly | 06/20/2026 | 0.346% | $1700 | $27 | $(13) | $14 | $0 | $0 |
|  AT&T, Inc. | 1.000 | Quarterly | 06/20/2028 | 0.514 | 500 | (3) | 11 | 8 | 0 | 0 |
|  Barclays Bank PLC | 1.000 | Quarterly | 12/20/2025 | 0.328 | 400 | 2 | 0 | 2 | 0 | 0 |
|  BNP Paribas SNR | 1.000 | Quarterly | 12/20/2025 | 0.204 | 100 | 1 | 0 | 1 | 0 | 0 |
|  British Telecommunications PLC | 1.000 | Quarterly | 12/20/2027 | 0.318 | 800 | (4) | 20 | 16 | 0 | (1) |
|  General Electric Co. | 1.000 | Quarterly | 06/20/2026 | 0.077 | $1400 | 9 | 7 | 16 | 0 | 0 |
|  General Electric Co. | 1.000 | Quarterly | 12/20/2026 | 0.097 | 200 | 2 | 1 | 3 | 0 | 0 |
|  General Motors Co. | 5.000 | Quarterly | 12/20/2026 | 0.462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2520 | 500 | (305) | 195 | 0 | (2) |
|  General Motors Co. | 5.000 | Quarterly | 06/20/2028 | 0.838 | 2985 | 359 | 21 | 380 | 1 | 0 |
|  Volkswagen International Finance NV | 1.000 | Quarterly | 06/20/2028 | 0.688 | 400 | (4) | 8 | 4 | 0 | (1) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;889 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(250) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) |

---

#### 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.EM-40 5-Year Index | (1.000)% | Quarterly | 12/20/2028 | $900 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  CDX.EM-41 5-Year Index | (1.000) | Quarterly | 06/20/2029 | 200 | (8) | 4 | (4) | 0 | 0 |
|  CDX.EM-42 5-Year Index | (1.000) | Quarterly | 12/20/2029 | 500 | (15) | 1 | (14) | 0 | 0 |

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| | | |
|:---|:---|:---|
| **226** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

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March 31, 2025

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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-42 5-Year Index | (1.000)% | Quarterly | 06/20/2029 | $600 | $(13) | $2 | $(11) | $0 | $0 |
|  CDX.IG-43 5-Year Index | (1.000) | Quarterly | 12/20/2029 | 67920 | (1519) | 212 | (1307) | 0 | 0 |
|  CDX.IG-44 5-Year Index | (1.000) | Quarterly | 06/20/2030 | 51800 | (1037) | 84 | (953) | 0 | (1) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2637) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2302) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |

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

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(4)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(5)</sup>** | Variation Margin | Variation Margin |
| **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(4)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(5)</sup>** | Asset | Liability |
|  CDX.EM-34 5-Year Index | 1.000% | Quarterly | 12/20/2025 | $3956 | $(145) | $148 | $3 | $5 | $0 |
|  CDX.EM-35 5-Year Index | 1.000 | Quarterly | 06/20/2026 | 92 | (3) | 3 | 0 | 0 | 0 |
|  CDX.EM-38 5-Year Index | 1.000 | Quarterly | 12/20/2027 | 800 | (68) | 64 | (4) | 1 | 0 |
|  CDX.EM-39 5-Year Index | 1.000 | Quarterly | 06/20/2028 | 100 | (7) | 6 | (1) | 0 | 0 |
|  CDX.EM-43 5-Year Index | 1.000 | Quarterly | 06/20/2030 | 500 | (18) | (1) | (19) | 0 | 0 |
|  CDX.HY-40 5-Year Index | 5.000 | Quarterly | 06/20/2028 | 98 | 0 | 6 | 6 | 0 | 0 |
|  CDX.HY-43 5-Year Index | 5.000 | Quarterly | 12/20/2029 | 6300 | 457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(110) | 347 | 2 | (1) |
|  CDX.HY-44 5-Year Index | 5.000 | Quarterly | 06/20/2030 | 1700 | 89 | 2 | 91 | 1 | 0 |
|  CDX.IG-35 5-Year Index | 1.000 | Quarterly | 12/20/2025 | 900 | 20 | (14) | 6 | 0 | 0 |
|  CDX.IG-36 5-Year Index | 1.000 | Quarterly | 06/20/2026 | 3200 | 78 | (47) | 31 | 0 | 0 |
|  CDX.IG-37 5-Year Index | 1.000 | Quarterly | 12/20/2026 | 800 | 18 | (8) | 10 | 0 | 0 |
|  CDX.IG-38 5-Year Index | 1.000 | Quarterly | 06/20/2027 | 400 | 4 | 2 | 6 | 0 | 0 |
|  CDX.IG-39 5-Year Index | 1.000 | Quarterly | 12/20/2027 | 300 | 4 | 1 | 5 | 0 | 0 |
|  CDX.IG-40 5-Year Index | 1.000 | Quarterly | 06/20/2028 | 1300 | 19 | 6 | 25 | 0 | 0 |
|  CDX.IG-41 5-Year Index | 1.000 | Quarterly | 12/20/2028 | 100 | 2 | 0 | 2 | 0 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450 | $58 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |

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#### INTEREST RATE SWAPS

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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/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value** | Variation Margin | Variation Margin |
| Pay/Receive <br>Floating Rate | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value** | Asset | Liability |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.500% | Annual | 03/19/2030 | 48900 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1344) | $(105) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1449) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213 | $0 |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 4.320 | Annual | 10/20/2033 | 300 | (2) | 7 | 5 | 2 | 0 |
|  Receive | 1-Day GBP-SONIO Compounded-OIS | 3.700 | Annual | 03/28/2034 | 200 | (1) | 9 | 8 | 0 | (2) |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.930 | Annual | 01/06/2035 | 400 | (1) | (9) | (10) | 4 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.982 | Annual | 09/30/2026 | $7300 | 0 | 6 | 6 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/20/2028 | 2000 | (2) | (1) | (3) | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 02/28/2029 | 5600 | 0 | 38 | 38 | 3 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2029 | 19300 | 175 | (78) | 97 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 03/04/2030 | 1000 | (2) | (6) | (8) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2030 | 28890 | 284 | 44 | 328 | 0 | (38) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.063 | Semi-Annual | 03/15/2031 | 50900 | 332 | 7571 | 7903 | 0 | (59) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.809 | Annual | 06/30/2031 | 31900 | 0 | 172 | 172 | 53 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2031 | 11700 | 34 | (55) | (21) | 0 | (22) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58300 | 5978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2771 | 8749 | 0 | (9) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2033 | 7900 | 593 | (431) | 162 | 0 | (21) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2034 | 30950 | (236) | 594 | 358 | 0 | (17) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.595 | Annual | 08/19/2034 | 90 | 0 | 2 | 2 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.232 | Annual | 09/10/2034 | 30 | 0 | 1 | 1 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.860 | Annual | 11/14/2034 | 900 | (3) | 9 | 6 | 3 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.866 | Annual | 11/14/2034 | 600 | (2) | 6 | 4 | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.793 | Annual | 11/19/2034 | 1000 | (4) | 5 | 1 | 3 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.855 | Annual | 11/19/2034 | 400 | (2) | 4 | 2 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.865 | Annual | 11/20/2034 | 300 | (1) | 3 | 2 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 | 2260 | (14) | 21 | 7 | 0 | (7) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.015 | Annual | 12/30/2034 | 300 | (1) | 7 | 6 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.933 | Annual | 01/06/2035 | 600 | (2) | 10 | 8 | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.840 | Annual | 01/08/2035 | 500 | (1) | 4 | 3 | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.850 | Annual | 01/08/2035 | 300 | (1) | 3 | 2 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.890 | Annual | 01/08/2035 | 300 | (1) | 4 | 3 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.896 | Annual | 01/08/2035 | 400 | (1) | 5 | 4 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.900 | Annual | 01/08/2035 | 600 | (2) | 8 | 6 | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.880 | Annual | 01/13/2035 | 700 | (2) | 8 | 6 | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.970 | Annual | 01/15/2035 | 100 | 0 | 2 | 2 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.013 | Annual | 01/15/2035 | 700 | (2) | 16 | 14 | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.071 | Annual | 01/15/2035 | 300 | (1) | 8 | 7 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 01/21/2035 | 300 | (1) | 9 | 8 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.090 | Annual | 01/22/2035 | 700 | (2) | 20 | 18 | 2 | 0 |

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| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **227** |

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Schedule of Investments PIMCO StocksPLUS<sup>®</sup><sup></sup>Small 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/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.000% | Annual | 02/26/2035 |  | $200 | $(1) | $(3) | $(4) | $0 | $(1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.890 | Annual | 03/03/2035 |  | 250 | (1) | (2) | (3) | 0 | (1) |
|  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 | 3.870 | Annual | 03/05/2035 |  | 200 | (1) | (1) | (2) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.874 | Annual | 03/05/2035 |  | 400 | (1) | (3) | (4) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.899 | Annual | 03/11/2035 |  | 400 | (1) | (3) | (4) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 03/12/2035 |  | 500 | (1) | (5) | (6) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.975 | Annual | 03/21/2035 |  | 700 | (2) | (10) | (12) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 03/24/2035 |  | 800 | (2) | (9) | (11) | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.884 | Annual | 03/25/2035 |  | 500 | (1) | (4) | (5) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 02/20/2049 |  | 9260 | 140 | 119 | 259 | 0 | (61) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2052 |  | 18700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(97) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/18/2054 |  | 29300 | 457 | 1326 | 1783 | 0 | (72) |
|  Receive | 3-Month EUR-EURIBOR | 2.680 | Annual | 08/07/2034 |  | 200 | (1) | (3) | (4) | 0 | (1) |
|  Receive | 3-Month EUR-EURIBOR | 2.580 | Annual | 08/29/2034 |  | 500 | (1) | (4) | (5) | 0 | (2) |
|  Receive | 3-Month EUR-EURIBOR | 2.390 | Annual | 10/01/2034 |  | 500 | (1) | 14 | 13 | 0 | (2) |
|  Pay | 3-Month EUR-EURIBOR | 2.380 | Annual | 12/31/2034 |  | 300 | (1) | (6) | (7) | 1 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/20/2033 |  | 25700 | (111) | 453 | 342 | 112 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.280 | Annual | 03/04/2030 |  | 500 | (1) | 4 | 3 | 0 | (1) |
|  Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2030 |  | 2240 | (21) | 2 | (19) | 5 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 3.148 | Annual | 11/20/2033 |  | 500 | (2) | (22) | (24) | 0 | (2) |
|  Receive | 6-Month EUR-EURIBOR | 3.280 | Annual | 11/22/2033 |  | 200 | (1) | (11) | (12) | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 3.305 | Annual | 11/27/2033 |  | 200 | (1) | (11) | (12) | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 3.128 | Annual | 12/04/2033 |  | 400 | (2) | (17) | (19) | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 3.063 | Annual | 12/06/2033 |  | 400 | (1) | (15) | (16) | 0 | (2) |
|  Receive | 6-Month EUR-EURIBOR | 2.890 | Annual | 12/22/2033 |  | 570 | (2) | (12) | (14) | 0 | (2) |
|  Receive | 6-Month EUR-EURIBOR | 2.910 | Annual | 12/29/2033 |  | 400 | (1) | (10) | (11) | 0 | (2) |
|  Receive | 6-Month EUR-EURIBOR | 2.670 | Annual | 04/03/2034 |  | 300 | (1) | (4) | (5) | 0 | (1) |
|  Pay | 6-Month EUR-EURIBOR | 2.220 | Annual | 01/08/2035 |  | 400 | (1) | (15) | (16) | 2 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.400 | Annual | 02/12/2035 |  | 300 | (1) | 8 | 7 | 0 | (1) |
|  Pay | 6-Month EUR-EURIBOR | 2.420 | Annual | 03/07/2035 |  | 200 | (1) | (3) | (4) | 1 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.460 | Annual | 03/13/2035 |  | 300 | (1) | (4) | (5) | 1 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.610 | Annual | 03/24/2035 |  | 300 | (1) | 0 | (1) | 1 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.520 | Annual | 03/27/2035 |  | 200 | (1) | (1) | (2) | 1 | 0 |
|  Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.460 | Annual | 04/01/2035 |  | 300 | (1) | (4) | (5) | 0 | (5) |
|  Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2035 |  | 20120 | (968) | 162 | (806) | 85 | 0 |
|  Receive<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2055 |  | 8300 | 673 | 3 | 676 | 0 | (65) |
|  Receive | CAONREPO | 2.740 | Semi-Annual | 06/01/2034 |  | 400 | 0 | (2) | (2) | 0 | (1) |
|  Receive | CAONREPO | 2.900 | Semi-Annual | 06/01/2034 |  | 4700 | (1) | (59) | (60) | 0 | (11) |
|  Receive | CAONREPO | 3.000 | Semi-Annual | 06/01/2034 |  | 4570 | 4 | (89) | (85) | 0 | (10) |
|  Receive | CPURNSA | 0.000 | Maturity | 03/25/2030 |  | $100 | 0 | 1 | 1 | 0 | 0 |
|  Receive | CPURNSA | 0.000 | Maturity | 03/27/2030 |  | 12600 | 0 | 52 | 52 | 12 | 0 |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11147 | $14276 | $25423 | $524 | $(547) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $9849 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14419 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24268 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(553) |

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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 | **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;77 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(355) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(553) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(923) |

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(h) Securities with an aggregate market value of $2,675 and cash of $21,457 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. 

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| | | |
|:---|:---|:---|
| **228** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

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March 31, 2025

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

<sup>(4)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

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

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

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

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | Asset | Liability |
|  AZD | 04/2025 | 18783 | $124 | $0 | $(1) |
|  | 04/2025 | $9342 | 14768 | 0 | (114) |
|  | 04/2025 | 140 | 20920 | 0 | (1) |
|  | 04/2025 | 69 | 92 | 0 | 0 |
|  | 05/2025 | 14768 | $9344 | 114 | 0 |
|  | 05/2025 | 7728 | 1055 | 0 | (11) |
|  | 05/2025 | 92 | 69 | 0 | 0 |
|  | 05/2025 | $3973 | 28770 | 2 | (4) |
|  | 05/2025 | 124 | 18719 | 1 | 0 |
|  | 06/2025 | 14685 | $2009 | 0 | (23) |
|  | 06/2025 | $1081 | 7801 | 0 | (2) |
|  | 07/2025 | 14318 | $1987 | 4 | (1) |
|  | 08/2025 | 14320 | 1986 | 0 | (3) |
|  BOA | 04/2025 | 243 | 151 | 0 | (1) |
|  | 04/2025 | 37200 | 248 | 0 | 0 |
|  | 04/2025 | 300759 | 205 | 1 | 0 |
|  | 04/2025 | 1375 | 129 | 0 | (8) |
|  | 04/2025 | $1372 | 1261 | 0 | (9) |
|  | 04/2025 | 1204 | 21878 | 0 | (12) |
|  | 05/2025 | 7556 | $1032 | 0 | (10) |
|  | 05/2025 | 1035 | 133 | 0 | 0 |
|  | 05/2025 | 2493267 | 150 | 0 | 0 |
|  | 05/2025 | $180 | 15465 | 1 | 0 |
|  | 06/2025 | 8131 | $1119 | 0 | (6) |
|  | 06/2025 | $530 | 3826 | 0 | 0 |
|  | 06/2025 | 205 | 299627 | 0 | (1) |
|  | 06/2025 | 2405 | 9294 | 0 | (12) |
|  | 08/2025 | 2904 | $406 | 2 | 0 |
|  | 08/2025 | 290 | 9 | 0 | 0 |
|  BPS | 04/2025 | 2380 | 1500 | 13 | 0 |
|  | 04/2025 | 15372 | 2672 | 0 | (22) |
|  | 04/2025 | 3352 | 2342 | 12 | 0 |
|  | 04/2025 | 61144 | 64115 | 0 | (2001) |
|  | 04/2025 | 18900785 | 1140 | 5 | 0 |
|  | 04/2025 | 6703 | 45 | 0 | 0 |
|  | 04/2025 | 4392328 | 3000 | 17 | 0 |
|  | 04/2025 | 267 | 201 | 2 | 0 |
|  | 04/2025 | 320801 | 9766 | 106 | 0 |
|  | 04/2025 | $792 | 1252 | 0 | (10) |
|  | 04/2025 | 2680 | 15372 | 14 | 0 |
|  | 04/2025 | 3891 | 63970178 | 0 | (52) |
|  | 04/2025 | 1587 | 137794 | 23 | 0 |
|  | 04/2025 | 1380 | 205777 | 0 | (8) |
|  | 04/2025 | 1416 | 2056530 | 0 | (20) |
|  | 04/2025 | 44 | 59 | 0 | 0 |
|  | 04/2025 | 5648 | 185472 | 0 | (62) |
|  | 04/2025 | 9461 | $517 | 2 | 0 |
|  | 05/2025 | 27046 | 3722 | 1 | (12) |
|  | 05/2025 | 7313228 | 440 | 1 | 0 |
|  | 05/2025 | 59 | 44 | 0 | 0 |
|  | 05/2025 | $842 | 13974906 | 0 | (4) |
|  | 05/2025 | 1620 | 138965 | 2 | 0 |
|  | 05/2025 | 45 | 6681 | 0 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **229** |

---

------

Schedule of Investments PIMCO StocksPLUS<sup>®</sup><sup></sup>Small 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 | 14912 | $2042 | $0 | $(21) |
|  | 06/2025 | 163008 | 114 | 3 | 0 |
|  | 06/2025 | 46762 | 1189 | 62 | 0 |
|  | 06/2025 | $2903 | 11292 | 21 | (16) |
|  | 07/2025 | 52017 | $1601 | 25 | 0 |
|  | 08/2025 | 26126 | 3637 | 7 | 0 |
|  | 08/2025 | 119219 | 3649 | 28 | 0 |
|  | 10/2025 | 6900 | 1152 | 0 | (6) |
|  BRC | 04/2025 | 822 | 1065 | 3 | 0 |
|  | 04/2025 | 5203 | 1405 | 5 | 0 |
|  | 04/2025 | 4553 | 52 | 0 | (1) |
|  | 04/2025 | 6688 | 174 | 0 | (2) |
|  | 04/2025 | $433 | 7087837 | 0 | (8) |
|  | 04/2025 | 53 | 4548 | 0 | 0 |
|  | 04/2025 | 619 | 826 | 0 | (4) |
|  | 04/2025 | 304 | 11599 | 1 | 0 |
|  | 04/2025 | 471 | 15468 | 0 | (5) |
|  | 05/2025 | 4561 | $53 | 0 | 0 |
|  | 05/2025 | 1859 | 47 | 0 | 0 |
|  | 05/2025 | $1065 | 822 | 0 | (3) |
|  | 05/2025 | 419 | 16309 | 0 | (9) |
|  | 06/2025 | 37005 | $904 | 16 | (3) |
|  | 06/2025 | $12 | 45 | 0 | 0 |
|  | 06/2025 | 2759 | 108996 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(132) |
|  BSH | 04/2025 | 14691 | $9307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128 | 0 |
|  | 04/2025 | 317720 | 2116 | 0 | (3) |
|  | 04/2025 | 4465 | 1175 | 0 | (39) |
|  | 05/2025 | 433 | 114 | 0 | (3) |
|  | 05/2025 | $2116 | 316650 | 3 | 0 |
|  | 06/2025 | 13521 | $3697 | 24 | 0 |
|  | 06/2025 | $398 | 1531 | 0 | (3) |
|  | 07/2025 | 3900 | $1040 | 0 | (19) |
|  CBK | 04/2025 | 85115 | 14680 | 1 | (237) |
|  | 04/2025 | 2293 | 2606 | 14 | 0 |
|  | 04/2025 | 20940968 | 1262 | 5 | 0 |
|  | 04/2025 | 2601 | 714 | 14 | 0 |
|  | 04/2025 | 34853 | 408 | 0 | 0 |
|  | 04/2025 | 12030 | 3205 | 0 | (67) |
|  | 04/2025 | 238209 | 7270 | 97 | 0 |
|  | 04/2025 | $14823 | 85115 | 93 | 0 |
|  | 04/2025 | 18562 | 26441 | 0 | (188) |
|  | 04/2025 | 386 | 340 | 0 | (2) |
|  | 04/2025 | 20 | 146 | 1 | 0 |
|  | 04/2025 | 1828 | 1413 | 0 | (3) |
|  | 04/2025 | 1701 | 27885919 | 0 | (27) |
|  | 04/2025 | 612 | 52483 | 1 | 0 |
|  | 04/2025 | 88 | 128728 | 0 | (1) |
|  | 04/2025 | 1923 | 7000 | 0 | (19) |
|  | 04/2025 | 7787 | 255061 | 0 | (106) |
|  | 05/2025 | 26402 | $18562 | 187 | 0 |
|  | 05/2025 | 8765500 | 528 | 2 | 0 |
|  | 05/2025 | 384 | 101 | 0 | (3) |
|  | 05/2025 | 1 | 0 | 0 | 0 |
|  | 05/2025 | $839 | 13940193 | 0 | (4) |
|  | 06/2025 | 2925 | $404 | 0 | (1) |
|  | 06/2025 | 7790624 | 5426 | 120 | 0 |
|  | 06/2025 | 2066 | 562 | 1 | 0 |
|  | 06/2025 | $583 | 4215 | 0 | (1) |
|  | 07/2025 | 91355 | $2808 | 41 | 0 |
|  | 07/2025 | $14680 | 86772 | 234 | (1) |
|  | 08/2025 | 7540 | $2020 | 0 | (27) |
|  | 08/2025 | 88814 | 2726 | 28 | 0 |
|  | 09/2025 | 7023 | 1923 | 19 | 0 |
|  | 12/2025 | 4511 | 1219 | 0 | (2) |
|  DUB | 04/2025 | 25 | 17 | 0 | 0 |
|  | 04/2025 | 156 | 23 | 0 | 0 |
|  | 04/2025 | 3715 | 1022 | 22 | 0 |
|  | 04/2025 | 88300 | 600 | 12 | 0 |
|  | 04/2025 | 270 | 155 | 2 | 0 |
|  | 04/2025 | 64 | 48 | 0 | 0 |

---

---

| | | |
|:---|:---|:---|
| **230** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 04/2025 | $463 | 425 | $0 | $(3) |
|  | 04/2025 | 2411 | 39958866 | 0 | (14) |
|  | 04/2025 | 261 | 22456 | 1 | 0 |
|  | 04/2025 | 154 | 270 | 0 | (1) |
|  | 04/2025 | 35 | 47 | 0 | 0 |
|  | 05/2025 | 1089565 | $66 | 0 | 0 |
|  | 05/2025 | 1248 | 328 | 0 | (11) |
|  | 05/2025 | 47 | 35 | 0 | 0 |
|  | 05/2025 | $23 | 156 | 0 | 0 |
|  | 05/2025 | 155 | 270 | 0 | (2) |
|  | 06/2025 | 6109778 | $4257 | 96 | 0 |
|  | 08/2025 | $392 | 2811 | 0 | (2) |
|  FAR | 04/2025 | 4281 | $745 | 0 | (5) |
|  | 04/2025 | 8147 | 9139 | 0 | (69) |
|  | 04/2025 | 3986 | 1098 | 26 | 0 |
|  | 04/2025 | 227310 | 1510 | 0 | (6) |
|  | 04/2025 | $804 | 1294 | 4 | 0 |
|  | 04/2025 | 745 | 4281 | 5 | 0 |
|  | 04/2025 | 821 | 738 | 13 | 0 |
|  | 04/2025 | 33 | 231 | 1 | 0 |
|  | 04/2025 | 1070 | 159625 | 0 | (5) |
|  | 04/2025 | 65 | 2145 | 0 | (1) |
|  | 05/2025 | 1013 | 7311 | 0 | (4) |
|  | 05/2025 | 1510 | 226545 | 6 | 0 |
|  | 06/2025 | 745 | 4335 | 5 | 0 |
|  | 06/2025 | 863 | 3341 | 0 | (2) |
|  | 07/2025 | 7283 | $1013 | 4 | 0 |
|  GLM | 04/2025 | 99032 | 17364 | 102 | (92) |
|  | 04/2025 | 426 | 297 | 1 | 0 |
|  | 04/2025 | 16200 | 2395 | 47 | 0 |
|  | 04/2025 | 18175086 | 1095 | 4 | 0 |
|  | 04/2025 | 457885 | 312 | 1 | 0 |
|  | 04/2025 | 204 | 54 | 0 | (1) |
|  | 04/2025 | 378 | 9 | 0 | 0 |
|  | 04/2025 | $17056 | 99032 | 298 | 0 |
|  | 04/2025 | 1431 | 23586835 | 0 | (16) |
|  | 04/2025 | 120 | 175389 | 0 | (1) |
|  | 05/2025 | 7347 | $1003 | 0 | (11) |
|  | 05/2025 | 4211885 | 253 | 0 | 0 |
|  | 05/2025 | $1095 | 18191504 | 0 | (4) |
|  | 06/2025 | 732 | 5290 | 2 | (2) |
|  | 06/2025 | 312 | 456221 | 0 | (1) |
|  | 06/2025 | 102 | 395 | 0 | (1) |
|  | 07/2025 | 9907 | $305 | 4 | 0 |
|  | 07/2025 | $29 | 960 | 0 | 0 |
|  | 09/2025 | 2864 | $781 | 5 | 0 |
|  | 10/2025 | 100200 | 16275 | 0 | (534) |
|  IND | 04/2025 | 302 | 44 | 0 | 0 |
|  | 05/2025 | $44 | 301 | 0 | 0 |
|  JPM | 04/2025 | 14066 | $2452 | 1 | (15) |
|  | 04/2025 | 4303668 | 261 | 3 | 0 |
|  | 04/2025 | 3890 | 1069 | 23 | 0 |
|  | 04/2025 | 99489 | 662 | 0 | (2) |
|  | 04/2025 | 53 | 40 | 0 | 0 |
|  | 04/2025 | 728 | 18 | 0 | (1) |
|  | 04/2025 | 31348 | 956 | 12 | 0 |
|  | 04/2025 | $2453 | 14066 | 12 | 0 |
|  | 04/2025 | 1471 | 2112 | 1 | (4) |
|  | 04/2025 | 64139 | 59458 | 153 | 0 |
|  | 04/2025 | 215 | 3540633 | 0 | (3) |
|  | 04/2025 | 448 | 38676 | 4 | 0 |
|  | 04/2025 | 1149 | 171304 | 0 | (7) |
|  | 04/2025 | 88 | 128671 | 0 | (1) |
|  | 04/2025 | 3203 | 105197 | 0 | (35) |
|  | 04/2025 | 5139 | $282 | 2 | 0 |
|  | 05/2025 | 7853 | 1075 | 0 | (9) |
|  | 05/2025 | 55232 | 59671 | 0 | (149) |
|  | 05/2025 | 2842336 | 171 | 1 | 0 |
|  | 05/2025 | 243 | 6 | 0 | 0 |
|  | 05/2025 | $3723 | 26988 | 5 | (3) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **231** |

---

------

Schedule of Investments PIMCO StocksPLUS<sup>®</sup><sup></sup>Small Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 05/2025 | 262 | 39356 | $2 | $0 |
|  | 05/2025 | 124 | 5509 | 15 | 0 |
|  | 06/2025 | 526 | $72 | 0 | (1) |
|  | 06/2025 | 146679 | 7107 | 13 | 0 |
|  | 06/2025 | 1935 | 500 | 2 | 0 |
|  | 06/2025 | $1643 | 33772 | 0 | (9) |
|  | 06/2025 | 2858 | 11077 | 6 | (12) |
|  | 06/2025 | 129 | 5095 | 0 | (4) |
|  | 07/2025 | 13799 | $1912 | 1 | (2) |
|  | 07/2025 | 52654 | 1619 | 24 | 0 |
|  | 07/2025 | $296 | 1733 | 2 | 0 |
|  | 08/2025 | 13066 | $1811 | 1 | (4) |
|  | 08/2025 | 82971 | 2540 | 20 | 0 |
|  | 08/2025 | $745 | 24119 | 0 | (12) |
|  MBC | 04/2025 | 73 | $82 | 0 | 0 |
|  | 04/2025 | 8 | 1 | 0 | 0 |
|  | 04/2025 | 55600 | 376 | 5 | 0 |
|  | 04/2025 | 451 | 337 | 2 | 0 |
|  | 04/2025 | 53133 | 1643 | 42 | 0 |
|  | 04/2025 | $10672 | 9427 | 0 | (16) |
|  | 04/2025 | 1322 | 114328 | 14 | 0 |
|  | 04/2025 | 1196 | 178800 | 0 | (4) |
|  | 04/2025 | 1283 | 42155 | 0 | (14) |
|  | 04/2025 | 14590 | $798 | 3 | 0 |
|  | 05/2025 | 9394 | 10672 | 16 | 0 |
|  | 05/2025 | 12782 | 1762 | 1 | (2) |
|  | 05/2025 | 1689790 | 102 | 0 | 0 |
|  | 05/2025 | 1808 | 54 | 0 | 0 |
|  | 05/2025 | $1836 | 13311 | 2 | (1) |
|  | 05/2025 | 1 | 8 | 0 | 0 |
|  | 06/2025 | 1152362 | $801 | 16 | 0 |
|  | 06/2025 | $1071 | 4135 | 0 | (7) |
|  | 07/2025 | 6615 | $918 | 1 | 0 |
|  | 07/2025 | 21625 | 664 | 8 | 0 |
|  | 08/2025 | 6634 | 918 | 0 | (3) |
|  | 08/2025 | 20276 | 620 | 4 | 0 |
|  | 08/2025 | $199 | 1429 | 0 | (1) |
|  MYI | 04/2025 | 24759 | $17393 | 187 | 0 |
|  | 04/2025 | 18800 | 2776 | 51 | 0 |
|  | 04/2025 | 7712 | 9772 | 0 | (190) |
|  | 04/2025 | 189 | 141 | 1 | 0 |
|  | 04/2025 | $7583 | 50740 | 0 | (230) |
|  | 04/2025 | 359 | 11737 | 0 | (6) |
|  | 04/2025 | 21365 | $1169 | 5 | 0 |
|  | 05/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1599571 | 96 | 0 | 0 |
|  | 06/2025 | 3004 | 414 | 0 | (1) |
|  | 06/2025 | $244 | 969 | 5 | 0 |
|  NGF | 06/2025 | 2480007 | $1741 | 52 | 0 |
|  RBC | 06/2025 | $703 | 5075 | 0 | (1) |
|  SCX | 04/2025 | 40047 | $270 | 3 | 0 |
|  | 04/2025 | 3668 | 965 | 0 | (33) |
|  | 04/2025 | 27652 | 852 | 19 | 0 |
|  | 04/2025 | $540 | 8830953 | 0 | (10) |
|  | 04/2025 | 88 | 128534 | 0 | (1) |
|  | 04/2025 | 372 | 12229 | 0 | (3) |
|  | 05/2025 | 10627 | $1474 | 8 | 0 |
|  | 05/2025 | 659815 | 40 | 0 | 0 |
|  | 05/2025 | $84 | 12532 | 0 | 0 |
|  | 06/2025 | 1462 | $201 | 0 | (1) |
|  | 06/2025 | $1087 | 7931 | 11 | 0 |
|  | 06/2025 | 108 | 2213 | 0 | (1) |
|  | 07/2025 | 6817 | $1826 | 0 | (24) |
|  | 08/2025 | 12128 | 372 | 3 | 0 |
|  SOG | 04/2025 | 6197 | 1062 | 0 | (24) |
|  | 04/2025 | $1079 | 6197 | 7 | 0 |
|  SSB | 04/2025 | 10454 | $2751 | 0 | (93) |
|  | 04/2025 | $9209 | 7121 | 0 | (10) |
|  | 04/2025 | 917 | 30093 | 0 | (11) |

---

---

| | | |
|:---|:---|:---|
| **232** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 05/2025 | 7121 | $9208 | $10 | $0 |
|  | 05/2025 | 3046 | 803 | 0 | (25) |
|  UAG | 04/2025 | 16100 | 2375 | 41 | 0 |
|  | 04/2025 | 2437905 | 147 | 1 | 0 |
|  | 04/2025 | $147 | 2437905 | 0 | (1) |
|  | 04/2025 | 1055 | 156946 | 0 | (8) |
|  | 05/2025 | 147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2441333 | 0 | (1) |
|  | 06/2025 | 341 | 1316 | 0 | (2) |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2989 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5161) |

---

#### PURCHASED OPTIONS:

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BRC Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.750% | 10/30/2025 | 90200 | $434 | $356 |
| CBK Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 6.050 | 10/30/2025 | 16500 | 4 | 0 |
|  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;438 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356 |

---

#### WRITTEN OPTIONS:

#### CREDIT DEFAULT SWAPTIONS ON CREDIT INDEXES

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Buy/Sell<br>Protection | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
|  GST | Put - OTC CDX.IG-43 5-Year Index | Sell | 0.700% | 05/21/2025 | 800 | $(1) | $(1) |
|  | Put - OTC CDX.IG-43 5-Year Index | Sell | 0.700 | 06/18/2025 | 800 | (1) | (1) |
|  | Put - OTC CDX.IG-43 5-Year Index | Sell | 0.750 | 06/18/2025 | 1700 | (2) | (2) |
|  | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.850 | 06/18/2025 | 1800 | (2) | (1) |
|  | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.900 | 07/16/2025 | 1600 | (2) | (2) |
|  JPM | Put - OTC CDX.IG-44 5-Year Index | Sell | 1.000 | 07/16/2025 | 700 | (1) | (1) |
|  RBC | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.900 | 07/16/2025 | 100 | 0 | 0 |
|  |  |  |  |  |  | $(9) | $(8) |

---

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive <br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BPS Call - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.400% | 04/07/2025 | 400 | $(1) | $(1) |
| Put - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.750 | 04/07/2025 | 400 | (1) | 0 |
| BRC Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 2.830 | 10/30/2025 | 90200 | (161) | (103) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.290 | 10/30/2025 | 90200 | (268) | (190) |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.510 | 04/07/2025 | 300 | (1) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.860 | 04/07/2025 | 300 | (1) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.550 | 04/11/2025 | 200 | (1) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.900 | 04/11/2025 | 200 | (1) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.550 | 04/14/2025 | 300 | (1) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.920 | 04/14/2025 | 300 | (1) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.450 | 04/30/2025 | 200 | (1) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.760 | 04/30/2025 | 200 | (1) | (1) |
| CBK Call - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.350 | 04/25/2025 | 200 | 0 | (1) |
| Put - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.650 | 04/25/2025 | 200 | 0 | 0 |
| FAR Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.715 | 04/24/2025 | 200 | (1) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.065 | 04/24/2025 | 200 | (1) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.593 | 04/30/2025 | 500 | (2) | (2) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.943 | 04/30/2025 | 500 | (2) | (2) |
| GLM Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.535 | 04/10/2025 | 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 | 3.723 | 04/14/2025 | 300 | (1) | (2) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.073 | 04/14/2025 | 300 | (1) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.695 | 04/17/2025 | 600 | (3) | (3) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.045 | 04/17/2025 | 600 | (3) | (1) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.710 | 04/21/2025 | 400 | (1) | (3) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.060 | 04/21/2025 | 400 | (2) | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **233** |

---

------

Schedule of Investments PIMCO StocksPLUS<sup>®</sup><sup></sup>Small Fund (Cont.)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Floating Rate Index** | **Pay/Receive <br>Floating Rate** | **Exercise<br>Rate** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Premiums<br>(Received)** | **Market<br>Value** |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.713% | 04/28/2025 | 300 | $(1) | $(2) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.063 | 04/28/2025 | 300 | (1) | (1) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.600 | 04/30/2025 | 200 | (1) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.950 | 04/30/2025 | 200 | (1) | (1) |
| MYC Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.710 | 04/14/2025 | 100 | 0 | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.060 | 04/14/2025 | 100 | 0 | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.520 | 04/07/2025 | 200 | (1) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.890 | 04/07/2025 | 200 | (1) | 0 |
| NGF Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.530 | 04/17/2025 | 300 | (1) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.890 | 04/17/2025 | 300 | (1) | 0 |
|  |  |  |  |  |  | $(470) | $(320) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(479) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(328) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(3)</sup> |  | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(5)</sup> | Swap Agreements,<br>at Value<sup>(5)</sup> |
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2025<sup>(3)</sup> |  | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| DUB | Petroleos Mexicanos « | 4.850% | Monthly | 07/06/2026 |  | <sup>¨</sup>% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1224 | $0 | $9 | $9 | $0 |
| GST | Soft Bank Group, Inc. | 1.000 | Quarterly | 06/20/2026 | 1.326 |  | 100 | (1) | 0 | 0 | (1) |
|  |  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(5)</sup> | Swap Agreements,<br>at Value<sup>(5)</sup> |
| Counterparty | Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BOA | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000% | Quarterly | 12/20/2029 | 1673 | $325 | $6 | $331 | $0 |
| BPS | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 | 2363 | 468 | (1) | 467 | 0 |
| BRC | ABX.HE.AAA.6-2 Index « | 0.110 | Monthly | 05/25/2046 | $1768 | (483) | 344 | 0 | (139) |
| GST | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 | 2067 | 413 | (4) | 409 | 0 |
| JPM | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 | 14865 | 3097 | (156) | 2941 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3820 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4148 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(139) |

---

#### TOTAL RETURN SWAPS ON INDEXES

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Pay/Receive<sup>(6)</sup> | Underlying Reference | # of Units | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| Counterparty | Pay/Receive<sup>(6)</sup> | Underlying Reference | # of Units | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  BPS | Receive | RU20INTR Index  | 330 | 4.730% (FEDL01 plus a specified spread) | Monthly | 04/09/2025 | $3603 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $(15) | $0 | $(15) |
|  CIB | Receive | RU20INTR Index  | 325 | 4.930% (FEDL01 plus a specified spread) | Monthly | 05/07/2025 | 3548 | 0 | (15) | 0 | (15) |
|  | Receive | RU20INTR Index  | 27038 | 4.930% (FEDL01 plus a specified spread) | Maturity | 03/04/2026 | 338839 | 0 | (46180) | 0 | (46180) |
|  FAR | Pay | DJITR Index  | 47 | 5.110% | Monthly | 06/20/2025 | 4961 | 0 | 4 | 4 | 0 |
|  JPM | Receive | RU20INTR Index  | 524 | 4.730% (FEDL01 plus a specified spread) | Monthly | 04/09/2025 | 5720 | 0 | (23) | 0 | (23) |
|  MBC | Receive | RU20INTR Index  | 18730 | 4.970% | Maturity | 04/08/2026 | 213145 | 0 | (9431) | 0 | (9431) |
|  MYI | Receive | RU20INTR Index  | 9 | 4.710% (FEDL01 plus a specified spread) | Monthly | 04/09/2025 | 98 | 0 | 0 | 0 | 0 |
|  |  |  |  |  |  |  |  | $0 | $(55660) | $4 | $(55664) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $3819 | $(55462) | $4161 | $(55804) |

---

---

| | | |
|:---|:---|:---|
| **234** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2025

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of March 31, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | | |
| 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 | $121 | $0 | $0 | $121 | $(160) | $0 | $0 | $(160) | $(39) | $0 | $(39) |
|  BOA | 4 | 0 | 331 | 335 | (59) | 0 | 0 | (59) | 276 | (300) | (24) |
|  BPS | 344 | 0 | 467 | 811 | (2234) | (1) | (15) | (2250) | (1439) | 1756 | 317 |
|  BRC | 25 | 356 | 0 | 381 | (167) | (295) | (139) | (601) | (220) | 0 | (220) |
|  BSH | 155 | 0 | 0 | 155 | (67) | 0 | 0 | (67) | 88 | 0 | 88 |
|  CBK | 858 | 0 | 0 | 858 | (689) | (1) | 0 | (690) | 168 | 42 | 210 |
|  CIB | 0 | 0 | 0 | 0 | 0 | 0 | (46195) | (46195) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46195) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1233) |
|  DUB | 133 | 0 | 9 | 142 | (33) | 0 | 0 | (33) | 109 | 0 | 109 |
|  FAR | 64 | 0 | 4 | 68 | (92) | (5) | 0 | (97) | (29) | 0 | (29) |
|  GLM | 464 | 0 | 0 | 464 | (663) | (16) | 0 | (679) | (215) | 0 | (215) |
|  GST | 0 | 0 | 409 | 409 | 0 | (7) | (1) | (8) | 401 | (420) | (19) |
|  JPM | 303 | 0 | 2941 | 3244 | (273) | (1) | (23) | (297) | 2947 | (2500) | 447 |
|  MBC | 114 | 0 | 0 | 114 | (48) | 0 | (9431) | (9479) | (9365) | 8143 | (1222) |
|  MYC | 0 | 0 | 0 | 0 | 0 | (1) | 0 | (1) | (1) | 0 | (1) |
|  MYI | 249 | 0 | 0 | 249 | (427) | 0 | 0 | (427) | (178) | 330 | 152 |
|  NGF | 52 | 0 | 0 | 52 | 0 | (1) | 0 | (1) | 51 | 0 | 51 |
|  RBC | 0 | 0 | 0 | 0 | (1) | 0 | 0 | (1) | (1) | 0 | (1) |
|  SCX | 44 | 0 | 0 | 44 | (73) | 0 | 0 | (73) | (29) | 0 | (29) |
|  SOG | 7 | 0 | 0 | 7 | (24) | 0 | 0 | (24) | (17) | 0 | (17) |
|  SSB | 10 | 0 | 0 | 10 | (139) | 0 | 0 | (139) | (129) | 0 | (129) |
|  UAG | 42 | 0 | 0 | 42 | (12) | 0 | 0 | (12) | 30 | (30) | 0 |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2989 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4161 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7506 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5161) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(328) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55804) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61293) |  |  |  |

---

(j) Securities with an aggregate market value of $55,233 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of March 31, 2025.

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

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

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

<sup>(4)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

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

<sup>(6)</sup> Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference. 

<sup>(7)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **235** |

---

------

Schedule of Investments PIMCO StocksPLUS<sup>®</sup><sup></sup>Small 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 | $77 | $77 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 11 | 0 | 0 | 524 | 535 |
|  | $0 | $11 | $0 | $0 | $601 | $612 |
|  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 | $2989 | $0 | $2989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 356 | 356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 4157 | 4 | 0 | 0 | 4161 |
|  | $0 | $4157 | $4 | $2989 | $356 | $7506 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4168 | $4 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2989 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;957 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8118 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $15 | $15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 317 | 0 | 38 | 355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 6 | 0 | 0 | 547 | 553 |
|  | $0 | $6 | $317 | $0 | $600 | $923 |
|  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 | $5161 | $0 | $5161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 8 | 0 | 0 | 320 | 328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 140 | 55664 | 0 | 0 | 55804 |
|  | $0 | $148 | $55664 | $5161 | $320 | $61293 |
|  | $0 | $154 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55981 | $5161 | $920 | $62216 |

---

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 | $117 | $117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | (5659) | 0 | (2170) | (7829) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 2274 | 0 | 0 | 6767 | 9041 |
|  | $0 | $2274 | $(5659) | $0 | $4714 | $1329 |
|  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 | $12447 | $0 | $12447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | (99) | (99) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 675 | 675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 307 | 55719 | 0 | 0 | 56026 |
|  | $0 | $307 | $55719 | $12447 | $576 | $69049 |
|  | $0 | $2581 | $50060 | $12447 | $5290 | $70378 |
|  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 | $(8) | $(8) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | (6109) | 0 | 598 | (5511) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (1029) | 0 | 0 | (7038) | (8067) |
|  | $0 | $(1029) | $(6109) | $0 | $(6448) | $(13586) |
|  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 | $(4849) | $0 | $(4849) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | (151) | (151) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 99 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (213) | (99381) | 0 | 0 | (99594) |
|  | $0 | $(213) | $(99381) | $(4849) | $(52) | $(104495) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1242) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(105490) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4849) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6500) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(118081) |

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236 PIMCO EQUITY-RELATED STRATEGY FUNDS See Accompanying Notes

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March 31, 2025

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

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| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | $0 | $43821 | $0 | $43821 |
| &nbsp;&nbsp; Industrials | 0 | 11418 | 0 | 11418 |
| &nbsp;&nbsp; Utilities | 0 | 7958 | 0 | 7958 |
|  U.S. Government Agencies | 0 | 390834 | 0 | 390834 |
|  U.S. Treasury Obligations | 0 | 34216 | 0 | 34216 |
|  Non-Agency Mortgage-Backed Securities | 0 | 75985 | 0 | 75985 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile Sequential | 0 | 14822 | 0 | 14822 |
| &nbsp;&nbsp; CMBS Other | 0 | 12089 | 0 | 12089 |
| &nbsp;&nbsp; Home Equity Other | 0 | 61849 | 0 | 61849 |
| &nbsp;&nbsp; Home Equity Sequential | 0 | 79 | 0 | 79 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 14070 | 0 | 14070 |
| &nbsp;&nbsp; Other ABS | 0 | 75932 | 0 | 75932 |
|  Sovereign Issues | 0 | 58880 | 0 | 58880 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Communication Services | 105 | 0 | 0 | 105 |
| &nbsp;&nbsp; Consumer Discretionary | 677 | 0 | 0 | 677 |
| &nbsp;&nbsp; Consumer Staples | 239 | 0 | 0 | 239 |
| &nbsp;&nbsp; Energy | 121 | 0 | 0 | 121 |
| &nbsp;&nbsp; Financials | 1216 | 0 | 0 | 1216 |
| &nbsp;&nbsp; Health Care | 792 | 0 | 0 | 792 |
| &nbsp;&nbsp; Industrials | 624 | 0 | 0 | 624 |
| &nbsp;&nbsp; Information Technology | 933 | 0 | 0 | 933 |
| &nbsp;&nbsp; Materials | 254 | 0 | 0 | 254 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Commercial Paper | 0 | 30478 | 0 | 30478 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 122000 | 0 | 122000 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 62899 | 0 | 62899 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4961 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1017330 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1022291 |

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| | | | | |
|:---|:---|:---|:---|:---|
| 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 | $11197 | $0 | $0 | $11197 |
|  Total Investments | $16158 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1017330 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1033488 |
|  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 | $(35875) | $0 | $(35875) |
|  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 | 612 | 0 | 612 |
|  Over the counter | 0 | 7497 | 9 | 7506 |
|  | $0 | $8109 | $9 | $8118 |
|  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 | (317) | (606) | 0 | (923) |
|  Over the counter | 0 | (61154) | (139) | (61293) |
|  | $(317) | $(61760) | $(139) | $(62216) |
|  Total Financial Derivative Instruments | $(317) | $(53651) | $(130) | $(54098) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15841 | $927804 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(130) | $943515 |

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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 | **237** |

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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 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 PIMCO RAE Fundamental Advantage PLUS Fund, PIMCO RAE PLUS EMG Fund, PIMCO RAE PLUS Fund, PIMCO RAE PLUS International Fund, PIMCO RAE PLUS Small Fund and PIMCO RAE Worldwide Long/Short PLUS Fund.

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

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| | |
|:---|:---|
| **238** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** |

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March 31, 2025

has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is probable. A debt obligation may be granted, in certain situations, a contractual or non-contractual forbearance for interest payments that are expected to be paid after agreed upon pay dates.

(b) Foreign Taxes A Fund may be subject to foreign taxes on income, stock dividends, capital gains on investments or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which a Fund invests. These foreign taxes, if any, are paid by a Fund and are reflected in its Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "other foreign taxes", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of March 31, 2025, if any, are disclosed in the Statements of Assets and Liabilities.

(c) Foreign Currency Translation The market values of foreign securities, currency holdings and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the current exchange rates each business day. Purchases and sales of securities and income and expense items denominated in foreign currencies, if any, are translated into U.S. dollars at the exchange rate in effect on the transaction date. The Funds do not separately report the effects of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net realized gain (loss) and net change in unrealized appreciation (depreciation) from investments on the Statements of Operations. The Funds may invest in foreign currency-denominated securities and may engage in foreign currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market at the time or through a forward foreign currency contract. Realized foreign exchange gains (losses) arising from sales of spot foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid are included in net realized gain (loss) on foreign currency transactions on the Statements of Operations. Net unrealized foreign exchange gains (losses) arising from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period are included in net change in unrealized appreciation (depreciation) on foreign currency assets and liabilities on the Statements of Operations.

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

(d) Multi-Class Operations Each class offered by the Trust has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets. Realized and unrealized capital gains (losses) are allocated daily based on the relative net assets of each class of the 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 RAE Fundamental Advantage PLUS Fund | Quarterly | Quarterly |
|  PIMCO RAE PLUS EMG Fund | Quarterly | Quarterly |
|  PIMCO RAE PLUS Fund | Quarterly | Quarterly |
|  PIMCO RAE PLUS International Fund | Quarterly | Quarterly |
|  PIMCO RAE PLUS Small Fund | Quarterly | Quarterly |
|  PIMCO RAE Worldwide Long/Short PLUS Fund | Quarterly | Quarterly |
|  PIMCO StocksPLUS<sup>®</sup> Absolute Return Fund | Quarterly | Quarterly |
|  PIMCO StocksPLUS<sup>®</sup> Fund | Quarterly | Quarterly |
|  PIMCO StocksPLUS<sup>®</sup> International Fund (U.S. Dollar-Hedged) | Quarterly | Quarterly |
|  PIMCO StocksPLUS<sup>®</sup> International Fund (Unhedged) | Quarterly | Quarterly |
|  PIMCO StocksPLUS<sup>®</sup> Long Duration Fund | Quarterly | Quarterly |
|  PIMCO StocksPLUS<sup>®</sup> Short Fund | Quarterly | Quarterly |
|  PIMCO StocksPLUS<sup>®</sup> Small Fund | Quarterly | Quarterly |

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Net realized capital gains earned by each Fund, if any, will be distributed no less frequently than annually. Net short-term capital gains may be paid more frequently. A Fund may revise its distribution policy or postpone the payment of distributions at any time.

Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. As a result, income distributions and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gains (losses) reported on each Fund's annual financial statements presented under U.S. GAAP.

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **239** |

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Notes to Financial Statements (Cont.)

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

Distributions classified as a tax basis return of capital at a Fund's fiscal year end, if any, are reflected on the Statements of Changes in Net Assets and have been recorded to paid in capital on the Statements of Assets and Liabilities. In addition, other amounts have been reclassified between distributable earnings (accumulated loss) and paid in capital on the Statements of Assets and Liabilities to more appropriately conform U.S. GAAP to tax characterizations of distributions.

(f) New Accounting Pronouncements and Regulatory Updates In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820), which affects all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction. The amendments in ASU 2022-03 clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring the fair value. The amendments also require additional

disclosures for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The effective date for the amendments in ASU 2022-03 is for fiscal years beginning after December 15, 2023 and interim periods within those fiscal years. Management has implemented changes in connection with the amendments and has determined that there was no material impact to the Funds' financial statements.

In October 2022, the U.S. Securities and Exchange Commission ("SEC") adopted changes to the mutual fund and exchange-traded fund ("ETF") shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which impact the disclosures provided to shareholders. The rule amendments were effective as of January 2023, and compliance with the rule amendments was required as of July 2024. As such, the Funds have made significant updates to the content of their shareholder reports. In addition, shareholder reports are now mailed to shareholders who have not opted to receive shareholder report documents electronically. Management has implemented format and content changes to the Funds' annual and semiannual financial and other information in connection with the rule amendments and has determined that there was no material impact to the Funds' financial statements.

The SEC made a final ruling on February 15, 2023 to adopt proposed amendments to the Settlement Cycle Rule (Rule 15c6-1) and other related rules under the Securities Exchange Act of 1934, as amended, to shorten the standard settlement cycle for most broker-dealer transactions from two business days after the trade date (T+2) to one business day after the trade date (T+1). The effective date was May 5, 2023, and compliance with the amendments was required as of May 28, 2024. Management has implemented changes in connection with the rule and has determined that there was no material impact to the Funds' financial statements.

In September 2023, the SEC adopted amendments to Rule 35d-1 under the Act, the rule governing fund naming conventions (the "Names Rule"). In general, the Names Rule requires funds with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of 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

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| | |
|:---|:---|
| **240** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** |

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March 31, 2025

shareholder approval. The amendments became effective December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end. At this time, management is evaluating the implications of these changes on the financial statements.

In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280)". ASU 2023-07 requires public entities to provide disclosure of significant segment expenses that are regularly provided to the CODM. ASU 2023-07, among other things, (i) requires a single segment public entity to provide all necessary disclosures required by Topic 280, (ii) mandates the disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit and loss to assess segment performance and to decide how to allocate resources and (iii) provides the ability for a public entity to elect more than one performance measure. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Management has implemented changes in connection with the amendments and has determined that there was no material impact to the Funds' financial statements.

In December 2023, FASB issued ASU 2023-09, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. The ASU is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. At this time, management is evaluating the implications of these changes on the financial statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies The NAV of a Fund's shares, or each of their respective share classes, as applicable, is determined by dividing the total value of portfolio investments and other assets attributable to the Fund or class, less any liabilities, as applicable, by the total number of shares outstanding.

On each day that the New York Stock Exchange ("NYSE") is open, each Fund's shares are ordinarily valued as of the close of regular trading (normally 4:00 p.m., Eastern time) ("NYSE Close"). Information that becomes known to the Funds or their agents after the time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. If regular trading on the NYSE closes

earlier than scheduled, each Fund may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. Each Fund generally does not calculate its NAV on days on which the NYSE is not open for business. If the NYSE is closed on a day it would normally be open for business, each Fund may calculate its NAV as of the NYSE Close for such day or such other time that each Fund may determine.

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that a Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices or the last reported sales prices. The Funds will normally use pricing data for domestic equity securities received shortly after the NYSE Close and do not normally take into account trading, clearances or settlements that take place after the NYSE Close. A foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by PIMCO to be the primary exchange. If market value pricing is used, a foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange or the NYSE Close if the NYSE Close occurs before the end of trading on the foreign exchange.

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

Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **241** |

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Notes to Financial Statements (Cont.)

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

If a foreign (non-U.S.) equity security's value has materially changed after the close of the security's primary exchange or principal market but before the NYSE Close, the security may be valued at fair value. Foreign (non-U.S.) equity securities that do not trade when the NYSE is open are also valued at fair value. With respect to foreign (non-U.S.) equity securities, a Fund may determine the fair value of investments based on information provided by Pricing Sources, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indexes) that occur after the close of the relevant market and before the NYSE Close. A Fund may utilize modeling tools provided by third-party vendors to determine fair values of foreign (non-U.S.) securities. For these purposes, unless otherwise determined by the Valuation Designee, any movement in the applicable reference index or instrument ("zero trigger") between the earlier close of the applicable foreign market and the NYSE Close may be deemed to be a significant event, prompting the application of the pricing model (effectively resulting in daily fair valuations). Foreign exchanges may permit trading in foreign (non-U.S.) equity securities on days when the Trust is not open for business, which may result in a Fund's portfolio investments being affected when shareholders are unable to buy or sell shares.

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Sources. As a result, the value of such investments and, in turn, the NAV of a Fund's shares may be affected by changes in the value of currencies in relation

to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the Trust is not open for business. As a result, to the extent that a Fund holds foreign (non-U.S.) investments, the value of those investments may change at times when shareholders are unable to buy or sell shares and the value of such investments will be reflected in each Fund's next calculated NAV. An alternative exchange rate may be obtained from a Pricing Source or an exchange rate may otherwise be determined if believed to be more reflective of the rates at which a Fund may transact.

Whole loans may be fair valued using inputs that take into account borrower- or loan-level data (e.g., credit risk of the borrower) that is updated periodically throughout the life of each individual loan; any new borrower- or loan-level data received in written reports periodically by a Fund normally will be taken into account in calculating the NAV. A Fund's whole loan investments, including those originated by the Fund or through an alternative lending platform, generally are fair valued in accordance with procedures approved by the Board.

Fair valuation may require subjective determinations about the value of a security. While the Trust's and Valuation Designee's policies and procedures are intended to result in a calculation of a Fund's NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values accurately reflect the price that a Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by a Fund may differ from the value that would be realized if the securities were sold. The Funds' use of fair valuation may also help to deter "stale price arbitrage" as discussed under the "Abusive Trading Practices" section in each Fund's prospectus.

Under certain circumstances, the per share NAV of a class of a Fund's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(b) Fair Value Hierarchy U.S. GAAP describes fair value as the price that a Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Level 1, 2 or 3). The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

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

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

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

In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for each respective Fund.

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between fair value Levels of a Fund's assets and liabilities. Additionally, U.S. GAAP requires quantitative information regarding the significant unobservable inputs used in the determination of fair value of assets or liabilities categorized as Level 3 in the fair value hierarchy. In accordance with the requirements of U.S. GAAP, a fair value hierarchy and, if material, a Level 3 reconciliation and details of significant unobservable inputs, have been included in the Notes to Schedule of Investments for each respective Fund.

(c) Valuation Techniques and the Fair Value Hierarchy

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

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

Investments in registered open-end investment companies (other than ETFs) will be valued based upon the NAVs of such investments and are

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

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

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

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

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

Valuation adjustments may be applied to certain exchange traded futures and options to account for market movement between the

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **243** |

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Notes to Financial Statements (Cont.)

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

Each Fund may invest in the PIMCO Short Asset Portfolio and the PIMCO Short-Term Floating NAV Portfolio III ("Central Funds") to the extent permitted by the Act, rules thereunder or exemptive relief therefrom. The Central Funds are registered investment companies created for use solely by the series of the Trust and other series of registered investment companies advised by the Adviser, in connection with their cash management activities. The main investments of the Central Funds are money market and short maturity fixed income instruments. The Central Funds may incur expenses related to their investment activities, but do not pay Investment Advisory Fees or Supervisory and Administrative Fees to the Adviser. The Central Funds are considered to be affiliated with the Funds. A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC's website at www.sec.gov. A copy of each affiliate fund's shareholder report is also available at the SEC's website at www.sec.gov, on the Funds' website at www.pimco.com, or upon request, as applicable. The tables below show the Funds' transactions in and earnings from investments in the affiliated funds for the period ended 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 RAE Fundamental Advantage PLUS Fund | $36944 | $1859 | $(9249) | $51 | $142 | $29747 | $1878 | $0 |
|  PIMCO RAE PLUS EMG Fund | 17554 | 568 | &nbsp;&nbsp;&nbsp;&nbsp;(18186) | 144 | (80) | 0 | 609 | 0 |
|  PIMCO RAE PLUS Fund | 49491 | 28867 | (11059) | 27 | 292 | 67618 | 3187 | 0 |
|  PIMCO RAE PLUS International Fund | 13786 | 687 | (2702) | 11 | 57 | 11839 | 694 | 0 |
|  PIMCO RAE PLUS Small Fund | 11444 | 5227 | (1) | 0 | 70 | 16740 | 731 | 0 |
|  PIMCO StocksPLUS<sup>®</sup> Absolute Return Fund | 115811 | 4704 | (59395) | (1609) | 2045 | 61556 | 4765 | 0 |
|  PIMCO StocksPLUS<sup>®</sup> Fund | 100266 | 42898 | 0 | 0 | 1878 | 145042 | 4939 | 0 |
|  PIMCO StocksPLUS<sup>®</sup> International Fund (U.S. Dollar-Hedged) | 129476 | &nbsp;&nbsp;&nbsp;&nbsp;58822 | 0 | 0 | 766 | 189064 | 8075 | 0 |
|  PIMCO StocksPLUS<sup>®</sup> International Fund (Unhedged) | 11417 | 0 | (11423) | 76 | (70) | 0 | 31 | 0 |
|  PIMCO StocksPLUS<sup>®</sup> Short Fund | 10290 | 1994 | (6115) | 51 | 5 | 6225 | 500 | 0 |
|  PIMCO StocksPLUS<sup>®</sup> Small Fund | 52713 | 1242 | (54075) | (1229) | 1349 | 0 | 1464 | 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 RAE Fundamental Advantage PLUS Fund | $115 | $9097 | $(9200) | $4 | $0 | $16 | $96 | $0 |
|  PIMCO RAE PLUS EMG Fund | 7999 | 2229 | (10200) | 3 | 1 | 32 | 135 | 0 |
|  PIMCO RAE PLUS Fund | 15526 | 79543 | (70100) | 14 | (12) | 24971 | 249 | 0 |
|  PIMCO RAE PLUS International Fund | 1281 | 41 | (1200) | 1 | 0 | 123 | 41 | 0 |
|  PIMCO RAE PLUS Small Fund | 4076 | 2143 | (6200) | 1 | 1 | 21 | 45 | 0 |
|  PIMCO RAE Worldwide Long/Short PLUS Fund | 32000 | 7655 | (39600) | &nbsp;&nbsp;&nbsp;&nbsp;(214) | &nbsp;&nbsp;&nbsp;&nbsp;235 | 76 | 775 | 0 |
|  PIMCO StocksPLUS<sup>®</sup> Absolute Return Fund | 0 | 960398 | (855900) | 6 | (9) | 104495 | 3887 | 0 |
|  PIMCO StocksPLUS<sup>®</sup> Fund | 26348 | 539677 | (510700) | 14 | (16) | 55323 | 1686 | 0 |
|  PIMCO StocksPLUS<sup>®</sup> International Fund (U.S. Dollar-Hedged) | 101866 | 1797635 | (1766379) | 141 | (26) | 133237 | 4679 | 0 |
|  PIMCO StocksPLUS<sup>®</sup> International Fund (Unhedged) | 0 | 92969 | (75001) | 7 | (1) | 17974 | 467 | 0 |
|  PIMCO StocksPLUS<sup>®</sup> Long Duration Fund | 63309 | 785429 | (848501) | 14 | 0 | 251 | 537 | 0 |
|  PIMCO StocksPLUS<sup>®</sup> Short Fund | 5041 | 37959 | (36600) | 4 | 0 | 6404 | 260 | 0 |
|  PIMCO StocksPLUS<sup>®</sup> Small Fund | 0 | 472318 | (461100) | (19) | (2) | 11197 | 1517 | 0 |

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

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

(b) Investments in Securities

The Funds may utilize the investments and strategies described below to the extent permitted by each Fund's respective investment policies.

Delayed-Delivery Transactions involve a commitment by a Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, a Fund will designate or receive as collateral liquid assets in an amount sufficient to meet the purchase price or respective obligations. When purchasing a security on a delayed-delivery basis, a Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its NAV. A Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain (loss). When a Fund has sold a security on a delayed-delivery basis, the Fund does not participate in future gains (losses) with respect to the security.

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

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Notes to Financial Statements (Cont.)

the holder of such a loan, including in the event of the borrower's insolvency. Mezzanine loans are typically secured by a pledge of an equity interest in the mortgage borrower that owns the real estate rather than an interest in a mortgage.

Investments in loans may include unfunded loan commitments, which are contractual obligations for funding. Unfunded loan commitments may include revolving credit facilities, which may obligate a Fund to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full, even though a percentage of the committed amount may not be utilized by the borrower. When investing in a loan participation, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the agent selling the loan agreement and only upon receipt of payments by the agent from the borrower. A Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan. In certain circumstances, a Fund may receive a penalty fee upon the prepayment of a loan by a borrower. Fees earned or paid are recorded as a component of interest income or interest expense, respectively, on the Statements of Operations. Unfunded loan commitments, if any, are reflected as a liability on the Statements of Assets and Liabilities.

Mortgage-Related and Other Asset-Backed Securities directly or indirectly represent a participation in, or are secured by and payable from, loans on real property. Mortgage-related securities are interests in pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. These securities provide a monthly payment which consists of both interest and principal payments. Interest may be determined by fixed or adjustable rates. The rate of prepayments on underlying mortgages will affect the price and volatility of a mortgage-related security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. The timely payment of principal and interest of certain mortgage-related securities is guaranteed with the full faith and credit of the U.S. Government. Pools created and guaranteed by non-governmental issuers, including government-sponsored corporations, may be supported by various forms of insurance or guarantees, but there can be no assurance that private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. Many of the risks of investing in mortgage-related securities secured by commercial mortgage loans reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make lease payments and the ability of a property to attract and retain tenants. These securities may be less liquid and may exhibit greater price volatility than other types of mortgage-related or other asset-backed

securities. Other asset-backed securities are created from many types of assets, including, but not limited to, auto loans, accounts receivable such as credit card receivables and hospital account receivables, home equity loans, student loans, boat loans, mobile home loans, recreational vehicle loans, manufactured housing loans, aircraft leases, computer leases, syndicated bank loans, peer-to-peer loans and litigation finance loans.

Collateralized Debt Obligations ("CDOs") include Collateralized Bond Obligations ("CBOs"), Collateralized Loan Obligations ("CLOs") and other similarly structured securities. CBOs, CLOs and other CDOs are types of asset-backed securities. A CBO is a trust which is backed by a diversified pool of high risk, below investment grade fixed income securities. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. Other CDOs are trusts backed by other types of assets representing obligations of various parties. The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the CDO in which a Fund invests. In addition to the normal risks associated with fixed income securities discussed elsewhere in this report and each Fund's prospectus and statement of 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.

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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 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

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **247** |

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Funds' TBA counterparties. The required collateralization of TBA trades could increase the cost of TBA transactions to the Funds and impose added operational complexity.

Separate Trading of Registered Interest and Principal of Securities ("STRIPS") are U.S. Treasury fixed income securities in which the principal is separated, or stripped, from the interest and each takes the form of zero coupon securities. A STRIP is sold at a significant discount to face value and offers no interest payments; rather, investors receive payment at maturity. Zero coupon securities do not distribute interest on a current basis and tend to be subject to greater risk than interest-paying securities.

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) 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

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| **248** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** |

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March 31, 2025

determined to be liquid by the Adviser or will otherwise cover its obligations under sale-buyback transactions.

(d) Short Sales Short sales are transactions in which a Fund sells a security that it does not own in anticipation that the market price of that security will decline. A Fund may make short sales of securities to (i) offset potential declines in long positions in similar securities, (ii) to increase the flexibility of a Fund, (iii) for investment return, (iv) as part of a risk arbitrage strategy, and (v) as part of its overall portfolio management strategies involving the use of derivative instruments. When a Fund makes a short sale, it will often borrow the security sold short and deliver it to the counterparty. A Fund will ordinarily have to pay a fee or premium to borrow a security and be obligated to repay the lender of the security any dividend or interest that accrues on the security during the period of the loan. Securities sold in short sale transactions and the dividend or interest payable on such securities, if any, are reflected as payable for short sales on the Statements of Assets and Liabilities. Short sales expose a Fund to the risk that it will be required to cover its short position at a time when the security or other asset has appreciated in value, thus resulting in losses to a Fund. A short sale is "against the box" if a Fund holds in its portfolio or has the right to acquire the security sold short, or securities identical to the security sold short, at no additional cost. A Fund will be subject to additional risks to the extent that it engages in short sales that are not "against the box." A Fund's loss on a short sale could theoretically be unlimited in cases where the Fund is unable, for whatever reason, to close out its short position.

(e) Interfund Lending In accordance with an exemptive order (the "Order") from the SEC, the Funds of the Trust may participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Fund's investment policies and restrictions. The Funds are currently permitted to borrow under the Interfund Lending Program. A lending fund may lend in aggregate up to 15% of its current net assets at the time of the interfund loan, but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing fund may not borrow through the Interfund Lending Program or from any other source if its total outstanding borrowings immediately after the borrowing would be more than 33 1/3% of its total assets (or any lower threshold provided for by the fund's investment restrictions). If a borrowing fund's total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interfund loan rate to be charged will be the average of the highest current overnight repurchase

agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board.

During the period ended March 31, 2025, the Funds did not participate in the Interfund Lending Program.

6. FINANCIAL DERIVATIVE INSTRUMENTS

The Funds may enter into the financial derivative instruments described below to the extent permitted by each Fund's respective investment policies.

The following disclosures contain information on how and why the Funds use financial derivative instruments, and how financial derivative instruments affect the Funds' financial position, results of operations and cash flows. The location and fair value amounts of these instruments on the Statements of Assets and Liabilities and the net realized gain (loss) and net change in unrealized appreciation (depreciation) on the Statements of Operations, each categorized by type of financial derivative contract and related risk exposure, are included in a table in the Notes to Schedules of Investments. The financial derivative instruments outstanding as of period end and the amounts of net realized gain (loss) and net change in unrealized appreciation (depreciation) on financial derivative instruments during the period, as disclosed in the Notes to Schedules of Investments, serve as indicators of the volume of financial derivative activity for the Funds.

(a) Forward Foreign Currency Contracts may be engaged, in connection with settling planned purchases or sales of securities, to hedge the currency exposure associated with some or all of a Fund's securities or as part of an investment strategy. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked to market daily, and the change in value is recorded by a Fund as an unrealized gain (loss). Realized gains (losses) are equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed and are recorded upon delivery or receipt of the currency. These contracts may involve market risk in excess of the unrealized gain (loss) reflected on the Statements of Assets and Liabilities. In addition, a Fund could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar. To mitigate such risk, cash or securities may be exchanged as collateral pursuant to the terms of the underlying contracts.

(b) Futures Contracts are agreements to buy or sell a security or other asset for a set price on a future date and are traded on an exchange. A Fund may use futures contracts to manage its exposure to the securities

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **249** |

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Notes to Financial Statements (Cont.)

markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by a Fund and the prices of futures contracts and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, a Fund is required to deposit with its futures broker an amount of cash, U.S. Government and Agency Obligations, or select sovereign debt, in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and based on such movements in the price of the contracts, an appropriate payable or receivable for the change in value may be posted or collected by a Fund ("Futures Variation Margin"). Futures Variation Margins, if any, are disclosed within centrally cleared financial derivative instruments on the Statements of Assets and Liabilities. Gains (losses) are recognized but not considered realized until the contracts expire or close. Futures contracts involve, to varying degrees, risk of loss in excess of the Futures Variation Margin included within exchange traded or centrally cleared financial derivative instruments on the Statements of Assets and Liabilities.

(c) Options Contracts may be written or purchased to enhance returns or to hedge an existing position or future investment. A Fund may write call and put options on securities and financial derivative instruments it owns or in which it may invest. Writing put options tends to increase a Fund's exposure to the underlying instrument. Writing call options tends to decrease a Fund's exposure to the underlying instrument. When a Fund writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. These amounts are included on the Statements of Assets and Liabilities. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain (loss). Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. A Fund as a writer of an option has no control over whether the underlying instrument may be sold ("call") or purchased ("put") and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk a Fund may not be able to enter into a closing transaction because of an illiquid market.

Purchasing call options tends to increase a Fund's exposure to the underlying instrument. Purchasing put options tends to decrease a Fund's exposure to the underlying instrument. A Fund pays a premium which is included as an asset on the Statements of Assets and

Liabilities and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) when the underlying transaction is executed.

Commodity Options are options on commodity futures contracts ("Commodity Option"). The underlying instrument for the Commodity Option is not the commodity itself, but rather a futures contract for that commodity. The exercise of a Commodity Option will not include physical delivery of the underlying commodity but will result in a cash transfer for the amount of the difference between the current market value of the underlying futures contract and the strike price. For an option that is in-the-money, a Fund will normally offset its position rather than exercise the option to retain any remaining time value.

Credit Default Swaptions may be written or purchased to hedge exposure to the credit risk of an investment without making a commitment to the underlying instrument. A credit default swaption is an option to sell or buy credit protection on a specific reference by entering into a pre-defined swap agreement by some specified date in the future.

Interest Rate Swaptions may be written or purchased to enter into a pre-defined swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, by some specified date in the future. The writer of the swaption becomes the counterparty to the swap if the buyer exercises. The interest rate swaption agreement will specify whether the buyer of the swaption will be a fixed-rate receiver or a fixed-rate payer upon exercise.

Options on Exchange-Traded Futures Contracts ("Futures Option") may be written or purchased to hedge an existing position or future investment, for speculative purposes or to manage exposure to market movements. A Futures Option is an option contract in which the underlying instrument is a single futures contract.

Options on Securities may be written or purchased to enhance returns or to hedge an existing position or future investment. An option on a security uses a specified security as the underlying instrument for the option contract.

(d) Swap 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

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| **250** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** |

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March 31, 2025

intervals. Swap agreements may be privately negotiated in the over the counter market ("OTC swaps") or may be cleared through a third party, known as a central counterparty or derivatives clearing organization ("Centrally Cleared Swaps"). A Fund may enter into asset, credit default, cross-currency, interest rate, total return, variance and other forms of swap agreements to manage its exposure to credit, currency, interest rate, commodity, equity and inflation risk. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

Centrally Cleared Swaps are marked to market daily based upon valuations as determined from the underlying contract or in accordance with the requirements of the central counterparty or derivatives clearing organization. Changes in market value, if any, are reflected as a component of net change in unrealized appreciation (depreciation) on the Statements of Operations. Daily changes in valuation of centrally cleared swaps ("Swap Variation Margin"), if any, are disclosed within centrally cleared financial derivative instruments on the Statements of Assets and Liabilities. Centrally Cleared and OTC swap payments received or paid at the beginning of the measurement period are included on the Statements of Assets and Liabilities and represent premiums paid or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates and other relevant factors). Upfront premiums received (paid) are initially recorded as liabilities (assets) and subsequently marked to market to reflect the current value of the swap. These upfront premiums are recorded as realized gain (loss) on the Statements of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain (loss) on the Statements of Operations. Net periodic payments received or paid by a Fund are included as part of realized gain (loss) on the Statements of Operations.

For purposes of applying certain of a Fund's investment policies and restrictions, swap agreements, like other derivative instruments, may be valued by a Fund at market value, notional value or full exposure value. In the case of a credit default swap, in applying certain of a Fund's investment policies and restrictions, a Fund will value the credit default swap at its notional value or its full exposure value (i.e., the sum of the notional amount for the contract plus the market value), but may value the credit default swap at market value for purposes of applying certain of a Fund's other investment policies and restrictions. For example, a Fund may value credit default swaps at full exposure value for purposes of a Fund's credit quality guidelines (if any) because such value in general better reflects a Fund's actual economic exposure during the

term of the credit default swap agreement. As a result, a Fund may, at times, have notional exposure to an asset class (before netting) that is greater or lesser than the stated limit or restriction noted in a Fund's prospectus. In this context, both the notional amount and the market value may be positive or negative depending on whether a Fund is selling or buying protection through the credit default swap. The manner in which certain securities or other instruments are valued by a Fund for purposes of applying investment policies and restrictions may differ from the manner in which those investments are valued by other types of investors.

Entering into swap agreements involves, to varying degrees, elements of interest, credit, market and documentation risk in excess of the amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may fail to perform or meet an obligation or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates or the values of the asset upon which the swap is based.

A Fund's maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract's remaining life, to the extent that amount is positive. The risk may be mitigated by having a master netting arrangement between a Fund and the counterparty and by the posting of collateral to a Fund to cover a Fund's exposure to the counterparty.

To the extent a Fund has a policy to limit the net amount owed to or to be received from a single counterparty under existing swap agreements, such limitation only applies to counterparties to OTC swaps and does not apply to centrally cleared swaps where the counterparty is a central counterparty or derivatives clearing organization.

Credit Default Swap Agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues are entered into to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where a Fund owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer's default. Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return in the event that the referenced entity, obligation or index, as specified in the swap agreement, undergoes a certain credit event. As a seller of protection on credit default swap agreements, a Fund will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **251** |

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Notes to Financial Statements (Cont.)

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 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

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| **252** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** |

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March 31, 2025

agreements. Interest rate swap agreements involve the exchange by a Fund with another party for their respective commitment to pay or receive interest on the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap", (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or "floor", (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the buyer pays an upfront fee in consideration for the right to early terminate the swap transaction in whole, at zero cost and at a predetermined date and time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swaps, under which two parties can

exchange variable interest rates based on different segments of money markets.

Total Return Swap Agreements are entered into to gain or mitigate exposure to the underlying reference asset. Total return swap agreements involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset and on a fixed or variable interest rate. Total return swap agreements may involve commitments to pay interest in exchange for a market-linked return. One counterparty pays out the total return of a specific underlying reference asset, which may include a single security, a basket of securities or an index, and in return receives a fixed or variable rate. At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference asset less a financing rate, if any. As a receiver, a Fund would receive payments based on any net positive total return and would owe payments in the event of a net negative total return. As the payer, a Fund would owe payments on any net positive total return and would receive payments in the event of a net negative total return.

7. PRINCIPAL AND OTHER RISKS

**(a) Principal Risks** 

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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|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **PIMCO RAE**<br> **Fundamental**<br> **Advantage PLUS**<br> **Fund** | PIMCO<br>RAE PLUS<br>EMG Fund | **PIMCO<br>RAE PLUS**<br> **Fund** | **PIMCO<br>RAE PLUS**<br> **International<br>Fund** | **PIMCO<br>RAE PLUS**<br> **Small Fund** | **PIMCO RAE**<br> **Worldwide<br>Long/Short<br>PLUS Fund** | **PIMCO**<br> **StocksPLUS<sup>®</sup><br>Absolute<br>Return Fund** |
|  Interest Rate | X | X | X | X | X | X | X |
|  Call | X | X | X | X | X | X | X |
|  Credit | X | X | X | X | X | X | X |
|  High Yield | X | X | X | X | X | X | X |
|  Market | X | X | X | X | X | X | X |
|  Issuer | X | X | X | X | X | X | X |
|  Inverse Correlation and Compounding |  |  |  |  |  |  |  |
|  Liquidity | X | X | X | X | X | X | X |
|  Derivatives | X | X | X | X | X | X | X |
|  Equity | X | X | X | X | X | X | X |
|  Mortgage-Related and Other Asset-Backed Securities | X | X | X | X | X | X | X |
|  Collateralized Loan Obligations | X | X | X | X | X | X | X |
|  Foreign (Non-U.S.) Investment | X | X | X | X | X | X | X |
|  Emerging Markets | X | X | X | X | X | X | X |
|  Sovereign Debt | X | X | X | X | X | X | X |
|  Currency | X | X | X | X | X | X | X |
|  Leveraging | X | X | X | X | X | X | X |
|  Smaller Company |  |  |  |  | X |  |  |
|  Management | X | X | X | X | X | X | X |
|  Model | X | X | X | X | X | X |  |
|  Short Exposure | X | X | X | X | X | X | X |
|  Value Investing | X | X | X | X | X | X |  |
|  LIBOR Transition | X | X | X | X | X | X | X |

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **253** |

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Notes to Financial Statements (Cont.)

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|:---|:---|:---|:---|:---|:---|:---|
|  | **PIMCO<br>StocksPLUS<sup>®</sup><br>Fund** | **PIMCO**<br> **StocksPLUS<sup>®</sup><br>International Fund<br>(U.S. Dollar-Hedged)** | **PIMCO**<br> **StocksPLUS<sup>®</sup><br>International Fund<br>(Unhedged)** | **PIMCO**<br> **StocksPLUS<sup>®</sup><br>Long Duration<br>Fund** | **PIMCO**<br> **StocksPLUS<sup>®</sup><br>Short Fund** | **PIMCO**<br> **StocksPLUS<sup>®</sup><br>Small Fund** |
|  Interest Rate | X | X | X | X | X | X |
|  Call | X | X | X | X | X | X |
|  Credit | X | X | X | X | X | X |
|  High Yield | X | X | X | X | X | X |
|  Market | X | X | X | X | X | X |
|  Issuer | X | X | X | X | X | X |
|  Inverse Correlation and Compounding |  |  |  |  | X |  |
|  Liquidity | X | X | X | X | X | X |
|  Derivatives | X | X | X | X | X | X |
|  Equity | X | X | X | X | X | X |
|  Mortgage-Related and Other Asset-Backed Securities | X | X | X | X | X | X |
|  Collateralized Loan Obligations | X | X | X |  |  | X |
|  Foreign (Non-U.S.) Investment | X | X | X | X | X | X |
|  Emerging Markets | X | X | X | X | X | X |
|  Sovereign Debt | X | X | X | X | X | X |
|  Currency | X | X | X | X | X | X |
|  Leveraging | X | X | X | X | X | X |
|  Smaller Company |  |  |  |  |  | X |
|  Management | X | X | X | X | X | X |
|  Model |  |  |  |  |  |  |
|  Short Exposure | X | X | X | X | X | X |
|  Value Investing |  |  |  |  |  |  |
|  LIBOR Transition | X | X | X | X | X | X |

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Please see "Description of Principal Risks" in a Fund's prospectus for a more detailed description of the risks of investing in a Fund.

Interest Rate Risk is the risk that fixed income securities and dividend- paying equity securities will fluctuate in value because of a change in interest rates; a fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration. Factors such as government policy, inflation, the economy, and market for bonds can impact interest rates and yields.

Call Risk is the risk that an issuer may exercise its right to redeem a fixed income security earlier than expected (a call). Issuers may call outstanding securities prior to their maturity for a number of reasons (e.g., declining interest rates, changes in credit spreads and improvements in the issuer's credit quality). If an issuer calls a security that a Fund has invested in, the Fund may not recoup the full amount of its initial investment or may not realize the full anticipated earnings from the investment and may be forced to reinvest in lower-yielding securities, securities with greater credit risks or securities with other, less favorable features.

Credit Risk is the risk that a Fund could experience losses if the issuer or guarantor of a fixed income security, or the counterparty to a derivative contract, or the issuer or guarantor of collateral, is unable or unwilling, or is perceived (whether by market participants, rating

agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations.

High Yield Risk is the risk that high yield securities and unrated securities of similar credit quality (commonly known as "junk bonds") are subject to greater levels of credit, call and liquidity risks. High yield securities are considered primarily speculative by rating agencies with respect to the issuer's continuing ability to make principal and interest payments, and their values may be more volatile than higher-rated securities of similar maturity.

Market Risk is the risk that the value of securities owned by a Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries.

Issuer Risk is the risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, changes in financial condition or credit rating, financial leverage, reputation or reduced demand for the issuer's goods or services.

Inverse Correlation and Compounding Risk is the risk that a Fund's performance may vary substantially from the inverse performance of the Fund's index for a number of reasons, including the effects of compounding on the performance of the Fund's derivatives short positions for periods greater than one day, the results of PIMCO's active management of the Fund (including income and gains or losses

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| | |
|:---|:---|
| **254** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** |

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March 31, 2025

from Fixed Income Instruments and variations in the Fund's level of short exposure) and that derivatives positions in general may not correlate exactly with an index.

Liquidity Risk is the risk that a particular investment may be difficult to purchase or sell and that a Fund may be unable to sell illiquid investments at an advantageous time or price or achieve its desired level of exposure to a certain sector. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, causing increased supply in the market due to selling activity.

Derivatives Risk is the risk of investing in derivative instruments (such as forwards, futures, options, swaps and structured securities) and other similar investments, including leverage, liquidity, interest rate, market, counterparty (including credit), operational, legal and management risks, and valuation complexity. Changes in the value of a derivative or other similar investment may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a Fund could lose more than the initial amount invested. Changes in the value of a derivative or other similar instrument may also create margin delivery or settlement payment obligations for a Fund. A Fund's use of derivatives or other similar investments may result in losses to a Fund, a reduction in a Fund's returns and/or increased volatility. Non-centrally-cleared over-the-counter ("OTC") derivatives or other similar investments are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for non-centrally-cleared OTC derivatives or other similar investments. The primary credit risk on derivatives or other similar investments that are exchange-traded or traded through a central clearing counterparty resides with a Fund's clearing broker or the clearinghouse. Changes in regulation relating to a registered fund's use of derivatives and related instruments could potentially limit or impact a Fund's ability to invest in derivatives, limit a Fund's ability to employ certain strategies that use derivatives or other similar investments and/or adversely affect the value of derivatives or other similar investments and a Fund's performance.

Equity Risk is the risk that the value of equity or equity-related securities, such as common stocks and preferred securities, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity or equity-related securities generally have greater price volatility than fixed income securities. In addition, preferred

securities may be subject to greater credit risk or other risks, such as risks related to deferred and omitted distributions, limited voting rights, liquidity, interest rates, regulatory changes and special redemption rights.

Mortgage-Related and Other Asset-Backed Securities Risk is the risk of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk and credit risk. A Fund may invest in any tranche of mortgage-related and other asset-backed securities, including junior and/or equity tranches (to the extent consistent with the Fund's guidelines), which generally carry higher levels of the foregoing risks.

Collateralized Loan Obligations Risk is the risk that investing in collateralized loan obligations ("CLOs") and other similarly structured investments exposes a Fund to heightened credit risk, interest rate risk, liquidity risk, market risk and prepayment and extension risk, as well as the risk of default on the underlying asset. In addition, investments in CLOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) risks related to the capability of the servicer of the securitized assets; (iv) the risk that a Fund may invest in tranches of CLOs that are subordinate to other tranches; (v) the structure and complexity of the transaction and the legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among investors regarding the characterization of proceeds or unexpected investment results; and (vi) the CLO's manager may perform poorly.

Foreign (Non-U.S.) Investment Risk is the risk that investing in foreign (non-U.S.) securities may result in a Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to smaller markets, differing reporting, accounting and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, political changes, diplomatic developments or the imposition of sanctions and other similar measures. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers.

Emerging Markets Risk is the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk.

Sovereign Debt Risk is the risk that investments in fixed income instruments issued by sovereign entities may decline in value as a result of default or other adverse credit event resulting from an issuer's

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **255** |

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Notes to Financial Statements (Cont.)

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.

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.

Model Risk is the risk that a Fund's investment models used in making investment allocation decisions may not adequately take into account certain factors, or may contain design flaws or faulty assumptions, and may rely on incomplete or inaccurate data inputs, any of which may result in a decline in the value of an investment in a Fund.

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.

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.

LIBOR Transition Risk is the risk related to the discontinuation of the London Interbank Offered Rate ("LIBOR"). Certain instruments held by a Fund may reference LIBOR. Due to benchmark reforms, publication of all LIBOR settings has ceased. Although LIBOR is no longer published, there are potential effects related to the transition away from LIBOR or the prior use of LIBOR on a Fund, or on certain instruments in which a Fund invests, which can be difficult to ascertain and could result in losses to a Fund.

(b) Other Risks

In general, a Fund may be subject to additional risks, including, but not limited to, risks related to government regulation and intervention in financial markets, operational risks, risks associated with financial, economic and global market disruptions, and cyber security risks. Please see a Fund's prospectus and Statement of Additional Information for a more detailed description of the risks of investing in a Fund. Please see the Important Information section of this report for additional discussion of certain regulatory and market developments that may impact a Fund's performance.

Market Disruptions Risk A Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, military conflicts, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), bank failures and natural/environmental disasters, which can all negatively impact the securities markets and cause a Fund to lose value. These events can also impair the technology and other operational systems upon which a Fund's service providers, including PIMCO as a Fund's investment adviser, rely, and could otherwise disrupt a Fund's service providers' ability to fulfill their obligations to a Fund.

Government Intervention in Financial Markets Federal, state, and other governments, their regulatory agencies, or self-regulatory organizations may take actions that affect the regulation of the instruments in which a Fund invests, or the issuers of such instruments, in ways that are unforeseeable. Legislation or regulation may also change the way in which a Fund itself is regulated. Such legislation or regulation could limit or preclude a Fund's ability to achieve its investment objective. Furthermore, volatile financial markets can expose a Fund to greater market and liquidity risk and potential difficulty in valuing portfolio instruments held by the Fund. The value of a Fund's holdings is also generally subject to the risk of future local,

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|:---|:---|
| **256** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** |

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March 31, 2025

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 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.

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **257** |

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Notes to Financial Statements (Cont.)

Master Repurchase Agreements and Global Master Repurchase Agreements (individually and collectively "Master Repo Agreements") govern repurchase, reverse repurchase and certain sale-buyback transactions between a Fund and select counterparties. Master Repo Agreements maintain provisions for, among other things, initiation, income payments, events of default and maintenance of collateral. The market value of transactions under the Master Repo Agreement, collateral pledged or received, and the net exposure by counterparty as of period end are disclosed in the Notes to Schedules of Investments.

Master Securities Forward Transaction Agreements ("Master Forward Agreements") govern certain forward settling transactions, such as TBA securities, delayed-delivery or certain sale-buyback transactions by and between a Fund and select counterparties. The Master Forward Agreements maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination and maintenance of collateral. The market value of forward settling transactions, collateral pledged or received, and the net exposure by counterparty as of period end is disclosed in the Notes to Schedules of Investments.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures and cleared OTC derivatives. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an account at a futures commission merchant ("FCM") registered with the Commodity Futures Trading Commission. In the United States, counterparty risk may be reduced as creditors of an FCM cannot have a claim to Fund assets in the segregated account. FCM customers, such as the Funds, are permitted to transfer their customer account (and cleared derivative transactions held in such customer account) from one FCM to another FCM. Upon completion of the transfer, the customer maintains the same economic position with respect to the outstanding exposure. As such, these transfers are not recognized as dispositions and reacquisitions of the affected derivative positions. Variation margin, which reflects changes in market value, is generally exchanged daily, but may not be netted between futures and cleared OTC derivatives unless the parties have agreed to a separate arrangement in respect of portfolio margining. The porting of exposure between FCMs has no impact on the market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled variation margin; these values as of period end are disclosed in the Notes to Schedules of Investments.

Prime Broker Arrangements may be entered into to facilitate execution and/or clearing of listed equity option transactions or short sales of equity securities between a Fund and selected counterparties. The arrangements provide guidelines surrounding the rights, obligations and other events, including, but not limited to, margin, execution and

settlement. These agreements maintain provisions for, among other things, payments, maintenance of collateral, events of default and termination. Margin and other assets delivered as collateral are typically in the possession of the prime broker and would offset any obligations due to the prime broker. The market values of listed options and securities sold short and related collateral are disclosed in the Notes to Schedules of Investments.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes ("ISDA Master Agreements") govern bilateral OTC derivative transactions entered into by a Fund with select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. The ISDA Master Agreement may contain additional provisions that add counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level or as required by regulation. Similarly, if required by regulation, the Funds may be required to post additional collateral beyond coverage of daily exposure. These amounts, if any, may (or if required by law, will) be segregated with a third-party custodian. To the extent the Funds are required by regulation to post additional collateral beyond coverage of daily exposure, they could potentially incur costs, including in procuring eligible assets to meet collateral requirements, associated with such posting. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Notes to Schedules of Investments.

9. FEES AND EXPENSES

(a) Investment Advisory Fee PIMCO is a majority-owned subsidiary of Allianz Asset Management of America LLC ("Allianz Asset Management") and serves as the Adviser to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee from each Fund at an annual rate based on average daily net assets (the "Investment Advisory Fee"). The Investment Advisory Fee for all classes is charged at an annual rate as noted in the table in note (b) below.

(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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|:---|:---|
| **258** | **PIMCO EQUITY-RELATED 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<br>Class | I-2 | I-3 | Class A | Class C | Class R |
|  PIMCO RAE Fundamental Advantage PLUS Fund  | 0.64% | 0.25% | N/A | N/A | 0.40% | N/A | N/A |
|  PIMCO RAE PLUS EMG Fund  | 0.80% | 0.30% | 0.40% | N/A | 0.45% | 0.45% | N/A |
|  PIMCO RAE PLUS Fund  | 0.54% | 0.25% | 0.35% | 0.45%<sup>(1)</sup> | 0.40% | 0.40% | N/A |
|  PIMCO RAE PLUS International Fund  | 0.57% | 0.25% | 0.35% | N/A | 0.35% | N/A | 0.35% \* |
|  PIMCO RAE PLUS Small Fund  | 0.59% | 0.25% | 0.35% | N/A | 0.35% | 0.35% | 0.35% \* |
|  PIMCO RAE Worldwide Long/Short PLUS Fund | 0.94% | 0.25% | 0.35% | N/A | 0.40% | 0.40% | N/A |
|  PIMCO StocksPLUS<sup>®</sup> Absolute Return Fund  | 0.39% | 0.25% | 0.35% | 0.45%<sup>(1)</sup> | 0.40% | 0.40% | N/A |
|  PIMCO StocksPLUS<sup>®</sup> Fund  | 0.25% | 0.25% | 0.35% | 0.45%<sup>(1)</sup> | 0.40% | 0.40% | 0.40% |
|  PIMCO StocksPLUS<sup>®</sup> International Fund (U.S. Dollar-Hedged)  | 0.45% | 0.30% | 0.40% | 0.50%<sup>(1)</sup> | 0.45% | 0.45% | N/A |
|  PIMCO StocksPLUS<sup>®</sup> International Fund (Unhedged)  | 0.39% | 0.25% | 0.35% | 0.45%<sup>(1)</sup> | 0.40% | 0.40% | N/A |
|  PIMCO StocksPLUS<sup>®</sup> Long Duration Fund  | 0.35% | 0.24% | 0.34% \* | N/A | 0.39% \* | N/A | N/A |
|  PIMCO StocksPLUS<sup>®</sup> Short Fund  | 0.39% | 0.25% | 0.35% | 0.45%<sup>(1)</sup> | 0.40% | 0.40% | N/A |
|  PIMCO StocksPLUS<sup>®</sup> Small Fund  | 0.44% | 0.25% | 0.35% | 0.45%<sup>(1)</sup> | 0.40% | 0.40% | N/A |

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<sup>(1)</sup> PIMCO has contractually agreed, through July 31, 2025, to waive its supervisory and administrative fee for I-3 shares by 0.05% of the average daily net assets attributable to I-3 shares of the Fund. 

\* This particular share class has been registered with the SEC, but was not operational during the fiscal year ended March 31, 2025.

(c) Distribution and Servicing Fees PIMCO Investments LLC, a wholly-owned subsidiary of PIMCO, serves as the distributor ("Distributor") of the Trust's shares.

The Trust has adopted separate Distribution and Servicing Plans with respect to the Class A, Class C and Class R shares of the Trust pursuant to Rule 12b-1 under the Act. In connection with the distribution of Class C and Class R shares of the Trust, the Distributor receives distribution fees from the Trust of up to 0.75% for Class C shares (for PIMCO StocksPLUS<sup>®</sup> Fund Class C shares, the Distributor receives distribution fees from the Trust of up to 0.50%) and 0.25% for Class R shares, and in connection with personal services rendered to Class A, Class C and Class R shareholders and the maintenance of such shareholder accounts, the Distributor receives servicing fees from the Trust of up to 0.25% for each of Class A, Class C and Class R shares (percentages reflect annual rates of the average daily net assets attributable to the applicable class).

The Trust 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 StocksPLUS<sup>®</sup> Fund | 0.50% | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp; All other Funds | 0.75% | 0.25% |
|  **Class R** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; All Funds | 0.25% | 0.25% |

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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, and may include certain other expenses as permitted by

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **259** |

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Notes to Financial Statements (Cont.)

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 RAE PLUS Fund, PIMCO StocksPLUS<sup>®</sup> Absolute Return Fund, PIMCO StocksPLUS<sup>®</sup> Fund, PIMCO StocksPLUS<sup>®</sup> International Fund (U.S. Dollar-Hedged), PIMCO StocksPLUS<sup>®</sup> International Fund (Unhedged), PIMCO StocksPLUS<sup>®</sup> Short Fund and PIMCO StocksPLUS<sup>®</sup> Small 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 RAE PLUS Fund | $2 |
|  PIMCO StocksPLUS<sup>®</sup> Absolute Return Fund | 8 |
|  PIMCO StocksPLUS<sup>®</sup> Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 |
|  PIMCO StocksPLUS<sup>®</sup> International Fund (U.S. Dollar-Hedged) | 29 |
|  PIMCO StocksPLUS<sup>®</sup> International Fund (Unhedged) | 8 |
|  PIMCO StocksPLUS<sup>®</sup> Short Fund | 1 |
|  PIMCO StocksPLUS<sup>®</sup> Small Fund | 2 |

---

---

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

---

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, each transaction is effected at the current market price.

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

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| | |
|:---|:---|
| **260** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** |

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------

March 31, 2025

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 Funds' after-tax returns. The transaction costs associated with portfolio turnover may adversely affect a Fund's performance. The portfolio turnover rates are reported in the Financial Highlights.

Purchases and sales of securities (excluding short-term investments) for the period ended March 31, 2025 were as follows (amounts in thousands<sup>†</sup>):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | U.S. Government/Agency | U.S. Government/Agency | All Other | All Other |
| Fund Name | Purchases | Sales | Purchases | Sales |
|  PIMCO RAE Fundamental Advantage PLUS Fund | $3676817 | $3546878 | $61170 | $130894 |
|  PIMCO RAE PLUS EMG Fund | 1342153 | 1293712 | 90870 | 88274 |
|  PIMCO RAE PLUS Fund | 7654147 | 7266318 | 511895 | 455912 |
|  PIMCO RAE PLUS International Fund | 966665 | 937047 | 54172 | 64932 |
|  PIMCO RAE PLUS Small Fund | 1211269 | 1144077 | 99412 | 68426 |
|  PIMCO RAE Worldwide Long/Short PLUS Fund | 3388839 | 3246763 | 183956 | 219647 |
|  PIMCO StocksPLUS<sup>®</sup> Absolute Return Fund | 12595881 | 12124330 | 689886 | 774733 |
|  PIMCO StocksPLUS<sup>®</sup> Fund | 5828624 | 5268317 | 1313721 | 992232 |
|  PIMCO StocksPLUS<sup>®</sup> International Fund (U.S. Dollar-Hedged) | 16655260 | 15603962 | 1414692 | 978684 |
|  PIMCO StocksPLUS<sup>®</sup> International Fund (Unhedged) | 955954 | 919601 | 69667 | 86839 |
|  PIMCO StocksPLUS<sup>®</sup> Long Duration Fund | 3324621 | 3491149 | 115914 | 249737 |
|  PIMCO StocksPLUS<sup>®</sup> Short Fund | 561255 | 552832 | 16607 | 30258 |
|  PIMCO StocksPLUS<sup>®</sup> Small Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6363575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6254737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453281 |

---

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **261** |

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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<br>RAE Fundamental Advantage PLUS Fund | PIMCO<br>RAE Fundamental Advantage PLUS Fund | PIMCO<br>RAE Fundamental Advantage PLUS Fund | PIMCO<br>RAE Fundamental Advantage PLUS Fund | PIMCO<br>RAE PLUS EMG Fund | PIMCO<br>RAE PLUS EMG Fund | PIMCO<br>RAE PLUS EMG Fund | PIMCO<br>RAE PLUS EMG 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 | 5607 | $45717 | 25973 | $214505 | 10793 | $76829 | 9973 | $64999 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | N/A | N/A | N/A | N/A | 2329 | 16560 | 790 | 5371 |
| &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 | 35 | 277 | 23 | 180 | 3980 | 28121 | 484 | 3042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | N/A | N/A | N/A | N/A | 48 | 317 | 22 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Issued as reinvestment of distributions** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 2993 | 23626 | 2133 | 17797 | 2356 | 16637 | 1857 | 12603 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | N/A | N/A | N/A | N/A | 66 | 465 | 53 | 358 |
| &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 | 471 | 38 | 303 | 133 | 896 | 89 | 583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | N/A | N/A | N/A | N/A | 11 | 68 | 6 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Cost of shares redeemed** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (17121) | (139743) | (32058) | (265910) | (18610) | (133920) | (11777) | (77940) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | N/A | N/A | N/A | N/A | (2507) | (18109) | (964) | (6494) |
| &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 | (207) | (1620) | (360) | (2837) | (4162) | (29836) | (696) | (4394) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | N/A | N/A | N/A | N/A | (71) | (437) | (42) | (240) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Net increase (decrease) resulting from Fund share transactions** | (8631) | $(71272) | (4251) | $(35962) | (5634) | $(42409) | (205) | $(1944) |

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262 PIMCO EQUITY-RELATED STRATEGY FUNDS

------

March 31, 2025

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| PIMCO<br>RAE PLUS Fund | PIMCO<br>RAE PLUS Fund | PIMCO<br>RAE PLUS Fund | PIMCO<br>RAE PLUS Fund | PIMCO<br>RAE PLUS International Fund | PIMCO<br>RAE PLUS International Fund | PIMCO<br>RAE PLUS International Fund | PIMCO<br>RAE PLUS International Fund | PIMCO<br>RAE PLUS Small Fund | PIMCO<br>RAE PLUS Small Fund | PIMCO<br>RAE PLUS Small Fund | PIMCO<br>RAE PLUS Small Fund |
| Year Ended <br>03/31/2025 | Year Ended <br>03/31/2025 | Year Ended <br>03/31/2024 | Year Ended <br>03/31/2024 | Year Ended <br>03/31/2025 | Year Ended <br>03/31/2025 | Year Ended <br>03/31/2024 | Year Ended <br>03/31/2024 | Year Ended <br>03/31/2025 | Year Ended <br>03/31/2025 | Year Ended <br>03/31/2024 | Year Ended <br>03/31/2024 |
| Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount |
| 4363 | $87171 | 2094 | $37060 | 2003 | $14594 | 1031 | $7114 | 3461 | $58101 | 1241 | $17571 |
| 2539 | 49554 | 3311 | 58834 | 28 | 203 | 16 | 111 | 1225 | 20403 | 505 | 6773 |
| 89 | 1760 | 34 | 581 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| 1871 | 33079 | 1641 | 25711 | 571 | 3944 | 413 | 2778 | 220 | 3490 | 192 | 2557 |
| 227 | 3265 | 148 | 1964 | N/A | N/A | N/A | N/A | 57 | 797 | 25 | 310 |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| 1548 | 29911 | 756 | 14088 | 1340 | 9660 | 1299 | 9086 | 628 | 10218 | 327 | 5146 |
| 882 | 16749 | 447 | 8210 | 6 | 45 | 5 | 33 | 127 | 2038 | 52 | 803 |
| 16 | 301 | 8 | 141 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| 2039 | 35048 | 1162 | 19439 | 43 | 296 | 35 | 232 | 94 | 1445 | 58 | 871 |
| 205 | 2873 | 136 | 1869 | N/A | N/A | N/A | N/A | 23 | 303 | 14 | 180 |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| (3729) | (74115) | (7160) | (123347) | (7236) | (53016) | (5227) | (36041) | (2377) | (40719) | (2428) | (34328) |
| (2825) | (55058) | (3931) | (67721) | (35) | (250) | (26) | (175) | (712) | (12140) | (1087) | (14793) |
| (45) | (878) | (459) | (7764) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| (4908) | (86728) | (6377) | (100003) | (630) | (4374) | (525) | (3519) | (328) | (5137) | (626) | (8284) |
| (1123) | (16170) | (1799) | (23165) | N/A | N/A | N/A | N/A | (92) | (1271) | (113) | (1330) |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| <br>1149 | $26762 | (9989) | $(154103) | (3910) | $(28898) | (2979) | $(20381) | 2326 | $37528 | (1840) | $(24524) |

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **263** |

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------

Notes to Financial Statements (Cont.)

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **PIMCO<br>RAE Worldwide Long/Short PLUS Fund** | **PIMCO<br>RAE Worldwide Long/Short PLUS Fund** | **PIMCO<br>RAE Worldwide Long/Short PLUS Fund** | **PIMCO<br>RAE Worldwide Long/Short PLUS Fund** | **PIMCO<br>StocksPLUS<sup>®</sup> Absolute Return Fund** | **PIMCO<br>StocksPLUS<sup>®</sup> Absolute Return Fund** | **PIMCO<br>StocksPLUS<sup>®</sup> Absolute Return Fund** | **PIMCO<br>StocksPLUS<sup>®</sup> Absolute Return Fund** |
|  | **Year Ended <br>03/31/2025** | **Year Ended <br>03/31/2025** | **Year Ended <br>03/31/2024** | **Year Ended <br>03/31/2024** | **Year Ended <br>03/31/2025** | **Year Ended <br>03/31/2025** | **Year Ended <br>03/31/2024** | **Year Ended <br>03/31/2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Receipts for shares sold** | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 1688 | $13305 | 19567 | $150380 | 6879 | $87115 | 11184 | $116506 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 179 | 1453 | 648 | 5025 | 4891 | 60108 | 4916 | 50940 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A | 381 | 4824 | 787 | 8490 |
| &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 | 212 | 1691 | 277 | 2129 | 4708 | 57462 | 4314 | 43561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 32 | 248 | 11 | 93 | 742 | 7466 | 833 | 6988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Issued as reinvestment of distributions** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 8091 | 61983 | 4162 | 31021 | 6387 | 81421 | 3251 | 36081 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 55 | 418 | 30 | 225 | 2501 | 31121 | 1127 | 12203 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A | 131 | 1627 | 36 | 393 |
| &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 | 359 | 2726 | 151 | 1117 | 4417 | 54329 | 1727 | 18548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 17 | 127 | 12 | 88 | 834 | 8371 | 330 | 2951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Cost of shares redeemed** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (23353) | (186669) | (31527) | (243434) | (39958) | (511115) | (30242) | (309783) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (276) | (2184) | (1146) | (8832) | (9826) | (120507) | (12348) | (126064) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A | (247) | (3099) | (75) | (805) |
| &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 | (542) | (4283) | (798) | (6106) | (9998) | (121396) | (11878) | (120550) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (127) | (1007) | (250) | (1916) | (2782) | (27675) | (4104) | (34644) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Net increase (decrease) resulting from Fund share transactions** | (13665) | $(112192) | (8863) | $(70210) | (30940) | $(389948) | (30142) | $(295185) |

---

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| | |
|:---|:---|
| **264** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** |

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------

March 31, 2025

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **PIMCO<br>StocksPLUS<sup>®</sup> Fund** | **PIMCO<br>StocksPLUS<sup>®</sup> Fund** | **PIMCO<br>StocksPLUS<sup>®</sup> Fund** | **PIMCO<br>StocksPLUS<sup>®</sup> Fund** | **PIMCO<br>StocksPLUS<sup>®</sup> International Fund (U.S. Dollar-Hedged)** | **PIMCO<br>StocksPLUS<sup>®</sup> International Fund (U.S. Dollar-Hedged)** | **PIMCO<br>StocksPLUS<sup>®</sup> International Fund (U.S. Dollar-Hedged)** | **PIMCO<br>StocksPLUS<sup>®</sup> International Fund (U.S. Dollar-Hedged)** | **PIMCO<br>StocksPLUS<sup>®</sup> International Fund (Unhedged)** | **PIMCO<br>StocksPLUS<sup>®</sup> International Fund (Unhedged)** | **PIMCO<br>StocksPLUS<sup>®</sup> International Fund (Unhedged)** | **PIMCO<br>StocksPLUS<sup>®</sup> International 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** | **Year Ended <br>03/31/2025** | **Year Ended <br>03/31/2025** | **Year Ended <br>03/31/2024** | **Year Ended <br>03/31/2024** |
| **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
| 22471 | $287821 | 22186 | $246691 | 66178 | $579429 | 50773 | $421521 | 2478 | $28012 | 4746 | $50472 |
| 2481 | 31725 | 3225 | 36622 | 42170 | 361795 | 34602 | 281093 | 1140 | 12959 | 1448 | 15430 |
| 372 | 4808 | 989 | 11185 | 8075 | 68543 | 3974 | 31611 | 1113 | 12379 | 1105 | 11634 |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| 3459 | 38459 | 3566 | 34159 | 10535 | 83480 | 10961 | 82917 | 978 | 10253 | 1157 | 11450 |
| 1010 | 10023 | 802 | 6955 | 1160 | 7793 | 1273 | 8362 | 7 | 72 | 17 | 145 |
| 647 | 7604 | 648 | 6685 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| 16411 | 215371 | 6945 | 79828 | 15788 | 134006 | 14221 | 116844 | 648 | 7274 | 488 | 5384 |
| 884 | 11531 | 254 | 2933 | 8505 | 70876 | 7543 | 60994 | 115 | 1292 | 53 | 587 |
| 355 | 4622 | 115 | 1324 | 606 | 5015 | 421 | 3401 | 100 | 1118 | 41 | 457 |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| 4294 | 47908 | 1680 | 16713 | 4416 | 34030 | 4904 | 36859 | 215 | 2213 | 125 | 1273 |
| 704 | 6940 | 279 | 2488 | 645 | 4192 | 729 | 4717 | 9 | 75 | 5 | 45 |
| 612 | 7239 | 233 | 2444 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| (40152) | (523057) | (40475) | (450341) | (55416) | (482459) | (32060) | (262684) | (7937) | (90152) | (3090) | (32282) |
| (1960) | (25268) | (2186) | (24166) | (32391) | (276532) | (23489) | (189482) | (977) | (11055) | (927) | (9945) |
| (613) | (7785) | (251) | (2792) | (2768) | (23581) | (962) | (7797) | (1373) | (15426) | (315) | (3298) |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| (5832) | (64800) | (6934) | (66566) | (13559) | (107128) | (14456) | (108574) | (1668) | (17405) | (2100) | (20761) |
| (1868) | (18339) | (2236) | (19024) | (2015) | (13419) | (3217) | (20904) | (46) | (413) | (99) | (844) |
| (983) | (11419) | (1430) | (14689) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| <br>2292 | $23383 | (12590) | $(129551) | 51929 | $446040 | 55217 | $458878 | (5198) | $(58804) | 2654 | $29747 |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **265** |

---

------

Notes to Financial Statements (Cont.)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **PIMCO<br>StocksPLUS<sup>®</sup> Long Duration Fund** | **PIMCO<br>StocksPLUS<sup>®</sup> Long Duration Fund** | **PIMCO<br>StocksPLUS<sup>®</sup> Long Duration Fund** | **PIMCO<br>StocksPLUS<sup>®</sup> Long Duration Fund** | **PIMCO<br>StocksPLUS<sup>®</sup> Short Fund** | **PIMCO<br>StocksPLUS<sup>®</sup> Short Fund** | **PIMCO<br>StocksPLUS<sup>®</sup> Short Fund** | **PIMCO<br>StocksPLUS<sup>®</sup> Short 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 | 10537 | $180431 | 30232 | $459824 | 3828 | $27881 | 10520 | $87200 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | N/A | N/A | N/A | N/A | 6438 | 47147 | 17852 | 150989 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A | 182 | 1329 | 135 | 1137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | N/A | N/A | N/A | N/A | 1066 | 7432 | 1353 | 10765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | N/A | N/A | N/A | N/A | 72 | 463 | 215 | 1619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Issued as reinvestment of distributions** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 5571 | 93781 | 3540 | 56449 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | N/A | N/A | N/A | N/A | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | N/A | N/A | N/A | N/A | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | N/A | N/A | N/A | N/A | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Cost of shares redeemed** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (36621) | (612408) | (28163) | (418326) | (6621) | (48653) | (14119) | (117507) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | N/A | N/A | N/A | N/A | (9320) | (67228) | (33443) | (277816) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A | (482) | (3553) | (2989) | (25547) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | N/A | N/A | N/A | N/A | (1365) | (9512) | (1775) | (14168) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | N/A | N/A | N/A | N/A | (186) | (1193) | (281) | (2079) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Net increase (decrease) resulting from Fund share transactions** | (20513) | $(338196) | 5609 | $97947 | (6388) | $(45887) | (22532) | $(185407) |

---

---

| | |
|:---|:---|
| **266** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** |

---

------

March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **PIMCO<br>StocksPLUS<sup>®</sup> Small Fund** | **PIMCO<br>StocksPLUS<sup>®</sup> Small Fund** | **PIMCO<br>StocksPLUS<sup>®</sup> Small Fund** | **PIMCO<br>StocksPLUS<sup>®</sup> Small 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** |
| 5128 | $39815 | 13358 | $91713 |
| 3393 | 26158 | 3450 | 23339 |
| 246 | 1880 | 146 | 987 |
| N/A | N/A | 5 <sup>(a)</sup> | 32 <sup>(a)</sup> |
| 1761 | 12998 | 2269 | 14703 |
| 484 | 3055 | 252 | 1390 |
| N/A | N/A | N/A | N/A |
| 3182 | 23608 | 3278 | 23653 |
| 534 | 3888 | 454 | 3218 |
| 32 | 229 | 18 | 129 |
| N/A | N/A | 5 <sup>(a)</sup> | 34 <sup>(a)</sup> |
| 1345 | 9430 | 1183 | 8129 |
| 208 | 1202 | 164 | 943 |
| N/A | N/A | N/A | N/A |
| (51129) | (402137) | (30713) | (208568) |
| (6597) | (50189) | (10075) | (67152) |
| (156) | (1187) | (159) | (1085) |
| N/A | N/A | (207)<sup>(a)</sup> | (1463)<sup>(a)</sup> |
| (11832) | (88332) | (13988) | (91367) |
| (1587) | (9756) | (2164) | (11724) |
| N/A | N/A | N/A | N/A |
| <br>(54988) | $(429338) | (32724) | $(213089) |

---

---

| | |
|:---|:---|
| <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.

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<br>of outstanding shares | Shareholders that own 10% or more<br>of outstanding shares | Total percentage of portfolio held by<br>shareholders that own 10% or more<br>of outstanding shares | Total percentage of portfolio held by<br>shareholders that own 10% or more<br>of outstanding shares |
|  | Non-Related Parties | Related Parties | Non-Related Parties | Related Parties |
|  PIMCO RAE Fundamental Advantage PLUS Fund | 0 | 1 | 0% | 84% |
|  PIMCO RAE PLUS EMG Fund | 0 | 1 | 0% | 51% |
|  PIMCO RAE PLUS Fund | 3 | 0 | 34% | 0% |
|  PIMCO RAE PLUS International Fund | 1 | 1 | 11% | 70% |
|  PIMCO RAE PLUS Small Fund | 3 | 0 | 67% | 0% |
|  PIMCO RAE Worldwide Long/Short PLUS Fund | 0 | 1 | 0% | 82% |
|  PIMCO StocksPLUS<sup>®</sup> Absolute Return Fund | 2 | 0 | 22% | 0% |
|  PIMCO StocksPLUS<sup>®</sup> Fund | 1 | 0 | 60% | 0% |
|  PIMCO StocksPLUS<sup>®</sup> International Fund (U.S. Dollar-Hedged) | 2 | 0 | 27% | 0% |
|  PIMCO StocksPLUS<sup>®</sup> International Fund (Unhedged) | 3 | 1 | 45% | 11% |
|  PIMCO StocksPLUS<sup>®</sup> Long Duration Fund | 2 | 0 | 48% | 0% |
|  PIMCO StocksPLUS<sup>®</sup> Short Fund | 3 | 0 | 49% | 0% |

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ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2025 267

------

Notes to Financial Statements (Cont.)

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 Components<br>of Distributable<br>Earnings |
|  PIMCO RAE Fundamental Advantage PLUS Fund | $0 | $0 | $(6746) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(936607) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(943353) |
|  PIMCO RAE PLUS EMG Fund | 9276 | 0 | (7711) | 0 | (192171) | 0 | 0 | (190606) |
|  PIMCO RAE PLUS Fund | 8748 | 44265 | (19234) | 0 | 0 | 0 | 0 | 33779 |
|  PIMCO RAE PLUS International Fund | 5635 | 0 | (2717) | (1) | (5443) | 0 | 0 | (2526) |
|  PIMCO RAE PLUS Small Fund | 3863 | 0 | (5868) | (1) | (6897) | 0 | 0 | (8903) |
|  PIMCO RAE Worldwide Long/Short PLUS Fund | 34918 | 0 | (7580) | 0 | (170269) | 0 | 0 | (142931) |
|  PIMCO StocksPLUS<sup>®</sup> Absolute Return Fund | 39546 | 167210 | (23271) | 0 | 0 | 0 | 0 | 183485 |
|  PIMCO StocksPLUS<sup>®</sup> Fund | 41406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213195 | (21268) | 0 | 0 | 0 | 0 | 233333 |
|  PIMCO StocksPLUS<sup>®</sup> International Fund (U.S. Dollar-Hedged) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183479 | 0 | 16059 | 0 | (23362) | 0 | 0 | 176176 |
|  PIMCO StocksPLUS<sup>®</sup> International Fund (Unhedged) | 2535 | 0 | (2795) | 0 | (70046) | 0 | 0 | (70306) |
|  PIMCO StocksPLUS<sup>®</sup> Long Duration Fund | 17591 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(127705) | 0 | (235216) | 0 | 0 | (345330) |
|  PIMCO StocksPLUS<sup>®</sup> Short Fund | 0 | 0 | (5990) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4114874) | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4120864) |
|  PIMCO StocksPLUS<sup>®</sup> Small Fund | 29026 | 0 | (69061) | 0 | (257286) | 0 | 0 | (297321) |

---

---

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

---

<sup>(1)</sup> Includes undistributed short-term capital gains, if any.

<sup>(2)</sup> Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options, and/or forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on hyperinflationary investments, swap contracts, straddle loss deferrals, sale/buyback transactions, passive foreign investment companies (PFICs), interest accrued on defaulted securities, return of capital distributions from underlying funds, constructive sales, short positions, and other temporary adjustments. 

<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.

---

| | |
|:---|:---|
| **268** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** |

---

------

March 31, 2025

Under the Regulated Investment Company Modernization Act of 2010, a fund is permitted to carry forward any new capital losses for an unlimited period. Additionally, such capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term under previous law.

As of March 31, 2025, the Funds had the following post-effective capital losses with no expiration (amounts in thousands<sup>†</sup>):

---

| | | |
|:---|:---|:---|
|  | Short-Term | Long-Term |
|  PIMCO RAE Fundamental Advantage PLUS Fund\* | $720067 | $216540 |
|  PIMCO RAE PLUS EMG Fund\* | 153207 | 38964 |
|  PIMCO RAE PLUS Fund | 0 | 0 |
|  PIMCO RAE PLUS International Fund\* | 1117 | 4326 |
|  PIMCO RAE PLUS Small Fund\* | 5891 | 1006 |
|  PIMCO RAE Worldwide Long/Short PLUS Fund | 87809 | 82460 |
|  PIMCO StocksPLUS<sup>®</sup> Absolute Return Fund | 0 | 0 |
|  PIMCO StocksPLUS<sup>®</sup> Fund | 0 | 0 |
|  PIMCO StocksPLUS<sup>®</sup> International Fund (U.S. Dollar-Hedged) | 23362 | 0 |
|  PIMCO StocksPLUS<sup>®</sup> International Fund (Unhedged)\* | 25566 | 44480 |
|  PIMCO StocksPLUS<sup>®</sup> Long Duration Fund | 157313 | 77903 |
|  PIMCO StocksPLUS<sup>®</sup> Short Fund\* | 1084332 | 3030542 |
|  PIMCO StocksPLUS<sup>®</sup> Small Fund | 110043 | 147243 |

---

---

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

---

<sup>\*</sup> Portion of amount represents realized loss and recognized built-in loss under IRC sections 382-83, which is carried forward to future years to offset future realized gain subject to certain limitations. 

As of March 31, 2025, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for federal income tax purposes are as follows (amounts in thousands<sup>†</sup>):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Federal<br>Tax Cost | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation/<br>(Depreciation)<sup>(7)</sup> |
|  PIMCO RAE Fundamental Advantage PLUS Fund | $756856 | $22788 | $(29548) | $(6760) |
|  PIMCO RAE PLUS EMG Fund | 301344 | 6351 | (14061) | (7710) |
|  PIMCO RAE PLUS Fund | 1732641 | 38756 | (57951) | (19195) |
|  PIMCO RAE PLUS International Fund | 196648 | 4807 | (7529) | (2722) |
|  PIMCO RAE PLUS Small Fund | 266042 | 5062 | (10934) | (5872) |
|  PIMCO RAE Worldwide Long/Short PLUS Fund | 705533 | 19371 | (26117) | (6746) |
|  PIMCO StocksPLUS<sup>®</sup> Absolute Return Fund | 2447890 | 72339 | (95562) | (23223) |
|  PIMCO StocksPLUS<sup>®</sup> Fund | 3300685 | 35061 | (56338) | (21277) |
|  PIMCO StocksPLUS<sup>®</sup> International Fund (U.S. Dollar-Hedged) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4916481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(150921) | 15808 |
|  PIMCO StocksPLUS<sup>®</sup> International Fund (Unhedged) | 220759 | 6410 | (9366) | (2956) |
|  PIMCO StocksPLUS<sup>®</sup> Long Duration Fund | 1183951 | 20754 | (148509) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(127755) |
|  PIMCO StocksPLUS<sup>®</sup> Short Fund | 121313 | 3475 | (9460) | (5985) |
|  PIMCO StocksPLUS<sup>®</sup> Small Fund | 1035980 | 27452 | (96513) | (69061) |

---

---

| | |
|:---|:---|
| <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, short positions, and other temporary adjustments. 

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **269** |

---

------

Notes to Financial Statements (Cont.) 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, 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 RAE Fundamental Advantage PLUS Fund | $22774 | $0 | $1328 | $18101 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  PIMCO RAE PLUS EMG Fund | 18250 | 0 | 0 | 13701 | 0 | 0 |
|  PIMCO RAE PLUS Fund | 89787 | 0 | 0 | 47001 | 0 | 0 |
|  PIMCO RAE PLUS International Fund | 10001 | 0 | 0 | 9351 | 0 | 0 |
|  PIMCO RAE PLUS Small Fund | 14005 | 0 | 0 | 7000 | 0 | 0 |
|  PIMCO RAE Worldwide Long/Short PLUS Fund | 65255 | 0 | 0 | 32452 | 0 | 0 |
|  PIMCO StocksPLUS<sup>®</sup> Absolute Return Fund | 94752 | 88021 | 0 | 72006 | 0 | 0 |
|  PIMCO StocksPLUS<sup>®</sup> Fund | 126004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174000 | 0 | 108004 | 0 | 0 |
|  PIMCO StocksPLUS<sup>®</sup> International Fund (U.S. Dollar-Hedged) | 270003 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245006 | 0 | 0 |
|  PIMCO StocksPLUS<sup>®</sup> International Fund (Unhedged) | 13000 | 0 | 0 | 8251 | 0 | 0 |
|  PIMCO StocksPLUS<sup>®</sup> Long Duration Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94500 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57001 | 0 | 0 |
|  PIMCO StocksPLUS<sup>®</sup> Short Fund | 0 | 0 | 0 | 0 | 0 | 0 |
|  PIMCO StocksPLUS<sup>®</sup> Small Fund | 39503 | 0 | 0 | 37003 | 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.

---

| | |
|:---|:---|
| **270** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** |

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------

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of PIMCO Funds and Shareholders of PIMCO RAE Fundamental Advantage PLUS Fund, PIMCO RAE PLUS EMG Fund, PIMCO RAE PLUS Fund, PIMCO RAE PLUS International Fund, PIMCO RAE PLUS Small Fund, PIMCO RAE Worldwide Long/Short PLUS Fund, PIMCO StocksPLUS Absolute Return Fund, PIMCO StocksPLUS Fund, PIMCO StocksPLUS International Fund (U.S. Dollar-Hedged), PIMCO StocksPLUS International Fund (Unhedged), PIMCO StocksPLUS Long Duration Fund, PIMCO StocksPLUS Short Fund and PIMCO StocksPLUS Small 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 (thirteen 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 RAE Fundamental Advantage PLUS Fund<sup>(1)</sup>

PIMCO RAE PLUS EMG Fund<sup>(1)</sup>

PIMCO RAE PLUS Fund<sup>(1)</sup>

PIMCO RAE PLUS International Fund<sup>(1)</sup>

PIMCO RAE PLUS Small Fund<sup>(1)</sup>

PIMCO RAE Worldwide Long/Short PLUS Fund<sup>(1)</sup>

PIMCO StocksPLUS Absolute Return Fund<sup>(1)</sup>

PIMCO StocksPLUS Fund<sup>(1)</sup>

PIMCO StocksPLUS International Fund (U.S. Dollar-Hedged)<sup>(1)</sup>

PIMCO StocksPLUS International Fund (Unhedged)<sup>(1)</sup>

PIMCO StocksPLUS Long Duration Fund<sup>(2)</sup>

PIMCO StocksPLUS Short Fund<sup>(1)</sup>

PIMCO StocksPLUS Small Fund<sup>(1)</sup>

<sup>(1)</sup> Statement of operations for the year ended March 31, 2025 and statement of changes in net assets for the years ended March 31, 2025 and 2024

<sup>(2)</sup> Statement of operations and statement of cash flows for the year ended March 31, 2025, and statement of changes in net assets for the years ended March 31, 2025 and 2024

#### Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2025 by correspondence with the custodian, transfer agent, brokers and agent banks; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Kansas City, Missouri

May 28, 2025

We have served as the auditor of one or more investment companies in PIMCO Funds since 1987.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **271** |

---

------

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 | RBC | Royal Bank of Canada |
| BOA | Bank of America N.A. | FICC STR | Fixed Income Clearing Corp. - State Street FICC Repo | RYL | NatWest Markets Plc |
| BOO | BoA Securities, Inc (Repo Only) | GLM | Goldman Sachs Bank USA | SAL | Citigroup Global Markets, Inc. |
| BOS | BofA Securities, Inc. | GST | Goldman Sachs International | SCX | Standard Chartered Bank, London |
| BPS | BNP Paribas S.A. | IND | Crédit Agricole Corporate and Investment Bank S.A. | SOG | Societe Generale Paris |
| BRC | Barclays Bank PLC | JPM | JP Morgan Chase Bank N.A. | SSB | State Street Bank and Trust Co. |
| BSH | Banco Santander S.A. - New York Branch | JPS | J.P. Morgan Securities LLC | STR | State Street FICC Repo |
| BSN | The Bank of Nova Scotia - Toronto | MBC | HSBC Bank Plc | TOR | The Toronto-Dominion Bank |
| CBK | Citibank N.A. | MEI | Merrill Lynch International | UAG | UBS AG Stamford |
| CIB | Canadian Imperial Bank of Commerce | MYC | Morgan Stanley Capital Services LLC | UBS | UBS Securities LLC |
| DEU | Deutsche Bank Securities, Inc. | MYI | Morgan Stanley & Co. International PLC | ULO | UBS AG London |
| DUB | Deutsche Bank AG | NGF | Nomura Global Financial Products, Inc. |  |  |
|  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: |  |  |  |  |
| CBOE | Chicago Board Options Exchange | FTSE | Financial Times Stock Exchange | OTC | Over the Counter |
|  Index/Spread Abbreviations: | Index/Spread Abbreviations: |  |  |  |  |
| ABX.HE | Asset-Backed Securities Index - Home Equity | ERADXULT | eRAFI International Large Strategy Index | NDDUWXUS | MSCI Daily TR Net World Ex USA Index |
| BOBL | Bundesobligation, the German word for federal government bond | ERAEMLT | eRAFI Emerging Markets Strategy Index | NDUEEGF | iShares MSCI Emerging Markets ETF |
| CAONREPO | Canadian Overnight Repo Rate Average | ERAUSLT | eRAFI U.S. Large Strategy Index | RALVEIET | RA Emerging Markets Low Volatility Equity Income Total Return Index |
| CDX.EM | Credit Derivatives Index - Emerging Markets | ERAUSST | eRAFI U.S. Small Strategy Index | RALVEIIT | RA International Low Volatility Equity Income Total Return Index |
| CDX.HY | Credit Derivatives Index - High Yield | EUR003M | 3 Month EUR Swap Rate | RALVEIUT | RA U.S. Low Volatility Equity Income Total Return Index |
| CDX.IG | Credit Derivatives Index - Investment Grade | FEDL01 | Federal funds effective rate | RU20INTR | Russell 2000 Total Return Index |
| CMBX | Commercial Mortgage-Backed Index | IBR | Indicador Bancario de Referencia | S&P 500 | Standard & Poor's 500 Index |
| CPURNSA | Consumer Price All Urban Non-Seasonally Adjusted Index | MUTKCALM | Tokyo Overnight Average Rate | SOFR | Secured Overnight Financing Rate |
| DJITR | Dow Jones Industrial Average Total Return | NDDUEAFE | MSCI EAFE Index | SONIO | Sterling Overnight Interbank Average Rate |
| EAFE | Europe, Australasia, and Far East Stock Index |  |  |  |  |
|  Other Abbreviations: | Other Abbreviations: |  |  |  |  |
| ABS | Asset-Backed Security | CMBS | Collateralized Mortgage-Backed Security | PRIBOR | Prague Interbank Offered Rate |
| ALT | Alternate Loan Trust | DAC | Designated Activity Company | REMIC | Real Estate Mortgage Investment Conduit |
| BABs | Build America Bonds | EURIBOR | Euro Interbank Offered Rate | TBA | To-Be-Announced |
| BBR | Bank Bill Rate | Lunar | Monthly payment based on 28-day periods. One year consists of 13 periods. | TBD | To-Be-Determined |
| BBSW | Bank Bill Swap Reference Rate | MSCI | Morgan Stanley Capital International | TBD% | Interest rate to be determined when loan settles or at the time of funding |
| BRL-CDI | Brazil Interbank Deposit Rate | OIS | Overnight Index Swap | TIIE | Tasa de Interés Interbancaria de Equilibrio "Equilibrium Interbank Interest Rate" |
| CHILIBOR | Chile Interbank Offered Rate | PIK | Payment-in-Kind | WIBOR | Warsaw Interbank Offered Rate |
| CLO | Collateralized Loan Obligation |  |  |  |  |

---

---

| | |
|:---|:---|
| **272** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** |

---

------

Distribution Information (Unaudited)

For purposes of Section 19 of the Investment Company Act of 1940 (the "Act"), the Funds estimated the periodic sources of any dividends paid during the period covered by this report in accordance with good accounting practice. Pursuant to Rule 19a-1(e) under the Act, the table below sets forth the actual source information for dividends paid during the six month period ended March 31, 2025 calculated as of each distribution period pursuant to Section 19 of the Act. The information below is not provided for U.S. federal income tax reporting purposes. The tax character of all dividends and distributions is reported on Form 1099-DIV (for shareholders who receive U.S. federal tax reporting) at the end of each calendar year. See the Financial Highlights section of this report for the tax characterization of distributions determined in accordance with federal income tax regulations for the fiscal year.

#### PIMCO RAE Fundamental Advantage PLUS 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 | $0.1014 | $0.0000 | $0.0000 | $0.1014 |
|  March 2025 | $0.1119 | $0.0000 | $0.0013 | $0.1132 |
| 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 | $0.0929 | $0.0000 | $0.0000 | $0.0929 |
|  March 2025 | $0.1050 | $0.0000 | $0.0013 | $0.1063 |
| PIMCO RAE PLUS EMG Fund | PIMCO RAE PLUS EMG Fund | PIMCO RAE PLUS EMG Fund | PIMCO RAE PLUS EMG Fund | PIMCO RAE PLUS EMG 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 | $0.0901 | $0.0000 | $0.0000 | $0.0901 |
|  March 2025 | $0.0759 | $0.0000 | $0.0000 | $0.0759 |
| 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 | $0.0857 | $0.0000 | $0.0000 | $0.0857 |
|  March 2025 | $0.0745 | $0.0000 | $0.0000 | $0.0745 |
| 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 | $0.0822 | $0.0000 | $0.0000 | $0.0822 |
|  March 2025 | $0.0708 | $0.0000 | $0.0000 | $0.0708 |
| 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 | $0.0614 | $0.0000 | $0.0000 | $0.0614 |
|  March 2025 | $0.0596 | $0.0000 | $0.0000 | $0.0596 |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **273** |

---

------

Distribution Information (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
| PIMCO RAE PLUS Fund | PIMCO RAE PLUS Fund | PIMCO RAE PLUS Fund | PIMCO RAE PLUS Fund | PIMCO RAE PLUS 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 | $0.3989 | $0.0000 | $0.0000 | $0.3989 |
|  March 2025 | $0.3444 | $0.0000 | $0.0000 | $0.3444 |
| **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 | $0.3936 | $0.0000 | $0.0000 | $0.3936 |
|  March 2025 | $0.3404 | $0.0000 | $0.0000 | $0.3404 |
| **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 | $0.3903 | $0.0000 | $0.0000 | $0.3903 |
|  March 2025 | $0.3383 | $0.0000 | $0.0000 | $0.3383 |
| **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 | $0.3794 | $0.0000 | $0.0000 | $0.3794 |
|  March 2025 | $0.3306 | $0.0000 | $0.0000 | $0.3306 |
| **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 | $0.3512 | $0.0000 | $0.0000 | $0.3512 |
|  March 2025 | $0.3106 | $0.0000 | $0.0000 | $0.3106 |
| **PIMCO RAE PLUS International Fund** | **PIMCO RAE PLUS International Fund** | **PIMCO RAE PLUS International Fund** | **PIMCO RAE PLUS International Fund** | **PIMCO RAE PLUS International 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 | $0.0816 | $0.0000 | $0.0000 | $0.0816 |
|  March 2025 | $0.1128 | $0.0000 | $0.0000 | $0.1128 |
| **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 | $0.0800 | $0.0000 | $0.0000 | $0.0800 |
|  March 2025 | $0.1110 | $0.0000 | $0.0000 | $0.1110 |
| **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 | $0.0773 | $0.0000 | $0.0000 | $0.0773 |
|  March 2025 | $0.1077 | $0.0000 | $0.0000 | $0.1077 |

---

---

| | |
|:---|:---|
| **274** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** |

---

------

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PIMCO RAE PLUS Small Fund** | **PIMCO RAE PLUS Small Fund** | **PIMCO RAE PLUS Small Fund** | **PIMCO RAE PLUS Small Fund** | **PIMCO RAE PLUS Small 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 | $0.3059 | $0.0000 | $0.0000 | $0.3059 |
|  March 2025 | $0.3049 | $0.0000 | $0.0000 | $0.3049 |
| **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 | $0.3021 | $0.0000 | $0.0000 | $0.3021 |
|  March 2025 | $0.2996 | $0.0000 | $0.0000 | $0.2996 |
| **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 | $0.2902 | $0.0000 | $0.0000 | $0.2902 |
|  March 2025 | $0.2928 | $0.0000 | $0.0000 | $0.2928 |
| **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 | $0.2633 | $0.0000 | $0.0000 | $0.2633 |
|  March 2025 | $0.2719 | $0.0000 | $0.0000 | $0.2719 |
| **PIMCO RAE Worldwide Long/Short PLUS Fund** | **PIMCO RAE Worldwide Long/Short PLUS Fund** | **PIMCO RAE Worldwide Long/Short PLUS Fund** | **PIMCO RAE Worldwide Long/Short PLUS Fund** | **PIMCO RAE Worldwide Long/Short PLUS 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 | $0.5035 | $0.0000 | $0.1497 | $0.6532 |
|  March 2025 | $0.0626 | $0.0000 | $0.0000 | $0.0626 |
| **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 | $0.5018 | $0.0000 | $0.1492 | $0.6510 |
|  March 2025 | $0.0624 | $0.0000 | $0.0000 | $0.0624 |
| **Class A** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  December 2024 | $0.4964 | $0.0000 | $0.1475 | $0.6439 |
|  March 2025 | $0.0564 | $0.0000 | $0.0000 | $0.0564 |
| **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 | $0.4786 | $0.0000 | $0.1423 | $0.6209 |
|  March 2025 | $0.0426 | $0.0000 | $0.0000 | $0.0426 |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **275** |

---

------

Distribution Information (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PIMCO StocksPLUS<sup>®</sup> Absolute Return Fund** | **PIMCO StocksPLUS<sup>®</sup> Absolute Return Fund** | **PIMCO StocksPLUS<sup>®</sup> Absolute Return Fund** | **PIMCO StocksPLUS<sup>®</sup> Absolute Return Fund** | **PIMCO StocksPLUS<sup>®</sup> Absolute Return Fund** |
| **Institutional Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  December 2024 | $0.1357 | $0.0000 | $0.0000 | $0.1357 |
|  March 2025 | $0.1432 | $0.0000 | $0.0000 | $0.1432 |
| **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 | $0.1338 | $0.0000 | $0.0000 | $0.1338 |
|  March 2025 | $0.1407 | $0.0000 | $0.0000 | $0.1407 |
| **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 | $0.1325 | $0.0000 | $0.0000 | $0.1325 |
|  March 2025 | $0.1398 | $0.0000 | $0.0000 | $0.1398 |
| **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 | $0.1231 | $0.0000 | $0.0000 | $0.1231 |
|  March 2025 | $0.1332 | $0.0000 | $0.0000 | $0.1332 |
| **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 | $0.1050 | $0.0000 | $0.0000 | $0.1050 |
|  March 2025 | $0.1197 | $0.0000 | $0.0000 | $0.1197 |
| **PIMCO StocksPLUS<sup>®</sup> 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 | $0.1226 | $0.0000 | $0.0000 | $0.1226 |
|  March 2025 | $0.1095 | $0.0000 | $0.0000 | $0.1095 |
| **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 | $0.1192 | $0.0000 | $0.0000 | $0.1192 |
|  March 2025 | $0.1069 | $0.0000 | $0.0000 | $0.1069 |
| **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 | $0.1176 | $0.0000 | $0.0000 | $0.1176 |
|  March 2025 | $0.1054 | $0.0000 | $0.0000 | $0.1054 |
| **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 | $0.1117 | $0.0000 | $0.0000 | $0.1117 |
|  March 2025 | $0.1014 | $0.0000 | $0.0000 | $0.1014 |
| **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 | $0.1003 | $0.0000 | $0.0000 | $0.1003 |
|  March 2025 | $0.0928 | $0.0000 | $0.0000 | $0.0928 |
| **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 | $0.1020 | $0.0000 | $0.0000 | $0.1020 |
|  March 2025 | $0.0946 | $0.0000 | $0.0000 | $0.0946 |

---

---

| | |
|:---|:---|
| **276** | **PIMCO EQUITY-RELATED STRATEGY FUNDS** |

---

------

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| PIMCO StocksPLUS<sup>®</sup> International Fund (U.S. Dollar-Hedged) | PIMCO StocksPLUS<sup>®</sup> International Fund (U.S. Dollar-Hedged) | PIMCO StocksPLUS<sup>®</sup> International Fund (U.S. Dollar-Hedged) | PIMCO StocksPLUS<sup>®</sup> International Fund (U.S. Dollar-Hedged) | PIMCO StocksPLUS<sup>®</sup> International 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)** |
|  December 2024 | $0.1686 | $0.0000 | $0.0296 | $0.1982 |
| **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 | $0.1666 | $0.0000 | $0.0292 | $0.1958 |
| **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 | $0.1689 | $0.0000 | $0.0297 | $0.1986 |
| **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 | $0.1614 | $0.0000 | $0.0283 | $0.1897 |
| **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 | $0.1511 | $0.0000 | $0.0265 | $0.1776 |
| **PIMCO StocksPLUS<sup>®</sup> International Fund (Unhedged)** | **PIMCO StocksPLUS<sup>®</sup> International Fund (Unhedged)** | **PIMCO StocksPLUS<sup>®</sup> International Fund (Unhedged)** | **PIMCO StocksPLUS<sup>®</sup> International 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)** |
|  December 2024 | $0.1693 | $0.0000 | $0.0260 | $0.1953 |
|  March 2025 | $0.2220 | $0.0000 | $0.0000 | $0.2220 |
| **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 | $0.1662 | $0.0000 | $0.0256 | $0.1918 |
|  March 2025 | $0.2204 | $0.0000 | $0.0000 | $0.2204 |
| **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 | $0.1637 | $0.0000 | $0.0252 | $0.1889 |
|  March 2025 | $0.2180 | $0.0000 | $0.0000 | $0.2180 |
| **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 | $0.1583 | $0.0000 | $0.0243 | $0.1826 |
|  March 2025 | $0.2145 | $0.0000 | $0.0000 | $0.2145 |
| **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 | $0.1437 | $0.0000 | $0.0221 | $0.1658 |
|  March 2025 | $0.2018 | $0.0000 | $0.0000 | $0.2018 |
| PIMCO StocksPLUS<sup>®</sup> Long Duration Fund | PIMCO StocksPLUS<sup>®</sup> Long Duration Fund | PIMCO StocksPLUS<sup>®</sup> Long Duration Fund | PIMCO StocksPLUS<sup>®</sup> Long Duration Fund |  |
| **Institutional Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  December 2024 | $0.4970 | $0.0000 | $0.0000 | $0.4970 |
|  March 2025 | $0.4336 | $0.0000 | $0.0000 | $0.4336 |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **277** |

---

------

Distribution Information (Cont.) (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| PIMCO StocksPLUS<sup>®</sup> Short Fund\*\*\* | PIMCO StocksPLUS<sup>®</sup> Short Fund\*\*\* | PIMCO StocksPLUS<sup>®</sup> Short Fund\*\*\* | PIMCO StocksPLUS<sup>®</sup> Short Fund\*\*\* |  |
| **Institutional Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
| **I-2** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
| **I-3** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
| **Class A** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
| **Class C** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
| PIMCO StocksPLUS<sup>®</sup> Small Fund | PIMCO StocksPLUS<sup>®</sup> Small Fund | PIMCO StocksPLUS<sup>®</sup> Small Fund | PIMCO StocksPLUS<sup>®</sup> Small Fund | PIMCO StocksPLUS<sup>®</sup> Small 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 | $0.0659 | $0.0000 | $0.0000 | $0.0659 |
|  March 2025 | $0.1215 | $0.0000 | $0.0000 | $0.1215 |
| **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 | $0.0648 | $0.0000 | $0.0000 | $0.0648 |
|  March 2025 | $0.1196 | $0.0000 | $0.0000 | $0.1196 |
| **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 | $0.0641 | $0.0000 | $0.0000 | $0.0641 |
|  March 2025 | $0.1194 | $0.0000 | $0.0000 | $0.1194 |
| **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 | $0.0573 | $0.0000 | $0.0000 | $0.0573 |
|  March 2025 | $0.1154 | $0.0000 | $0.0000 | $0.1154 |
| **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 | $0.0464 | $0.0000 | $0.0000 | $0.0464 |
|  March 2025 | $0.1069 | $0.0000 | $0.0000 | $0.1069 |

---

\* The source of dividends provided in the table differs, in some respects, from information presented in this report prepared in accordance with generally accepted accounting principles, or U.S. GAAP. For example, net earnings from certain interest rate swap contracts are included as a source of net investment income for purposes of Section 19(a). Accordingly, the information in the table may differ from information in the accompanying financial statements that are presented on the basis of U.S. GAAP and may differ from tax information presented in the footnotes. Amounts shown may include accumulated, as well as fiscal period net income and net profits. 

\*\* Occurs when a fund distributes an amount greater than its accumulated net income and net profits. Amounts are not reflective of a fund's net income, yield, earnings or investment performance. 

\*\*\* The Fund did not pay any dividends or distributions for any share classes during the six month period ended March 31, 2025.

---

| | |
|:---|:---|
| **278** | **PIMCO EQUITY-RELATED 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 Cod**e.**

**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 RAE Fundamental Advantage PLUS Fund | 0.00% | 0.00% | $22774 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  PIMCO RAE PLUS EMG Fund | 1.51% | 1.51% | 18250 | 0 |
|  PIMCO RAE PLUS Fund | 1.69% | 1.70% | 89787 | 0 |
|  PIMCO RAE PLUS International Fund | 1.74% | 1.74% | 10001 | 0 |
|  PIMCO RAE PLUS Small Fund | 1.71% | 1.71% | 14005 | 0 |
|  PIMCO RAE Worldwide Long/Short PLUS Fund | 0.00% | 0.00% | 65255 | 0 |
|  PIMCO StocksPLUS<sup>®</sup> Absolute Return Fund | 2.40% | 2.42% | 94752 | 0 |
|  PIMCO StocksPLUS<sup>®</sup> Fund | 2.74% | 2.74% | 126004 | 0 |
|  PIMCO StocksPLUS<sup>®</sup> International Fund (U.S. Dollar-Hedged) | 1.41% | 1.41% | 157035 | 0 |
|  PIMCO StocksPLUS<sup>®</sup> International Fund (Unhedged) | 1.80% | 1.84% | 13000 | 0 |
|  PIMCO StocksPLUS<sup>®</sup> Long Duration Fund | 0.00% | 0.00% | 54536 | 0 |
|  PIMCO StocksPLUS<sup>®</sup> Short Fund | 0.00% | 0.00% | 0 | 0 |
|  PIMCO StocksPLUS<sup>®</sup> Small Fund | 2.87% | 2.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39503 | 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 | **279** |

---

------

Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) (Unaudited)

Not applicable.

---

| | |
|:---|:---|
| **280** | **PIMCO EQUITY-RELATED 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 | **281** |

---

------

Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Unaudited)

Not applicable.

---

| | |
|:---|:---|
| **282** | **PIMCO EQUITY-RELATED 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](g907223g75h91.jpg)

PIMSEQSFSTMAR_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.](d932242dex99codeeth.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.](d932242dex99cert.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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Exhibit 99.906CERT—Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](d932242dex99906cert.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> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
|  | Joshua D. Ratner |
|  | President (Principal Executive Officer) |
| Date: | June 5, 2025 |
| By: | /s/ Bijal Y. Parikh<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
|  | Bijal Y. Parikh |
|  | 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> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Signature: | /s/ Joshua D. Ratner<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Title: | President (Principal Executive Officer) <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

------

**Exhibit 99.CERT** 

**<u>Certification Under Rule 30a-2(a)</u>**

**CERTIFICATION** 

I, Bijal Y. Parikh, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of PIMCO Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: | June 5, 2025<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Signature: | /s/ Bijal Y. Parikh<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Title: | Treasurer (Principal Financial & Accounting Officer)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

## Exhibit 99.906

**Exhibit 99.906CERT** 

**<u>Certification Under Rule 30a-2(b)</u>**

**CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350** 

**(as adopted pursuant to Section 906 of the Sarbanes-Oxley Act)** 

In connection with the Report on Form N-CSR to which this certification is furnished as an exhibit (the "Report"), the undersigned officers of PIMCO Funds (the "Registrant") each certify that to his knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report on Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities
Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report on Form N-CSR fairly presents, in all material respects, the financial
condition and results of operations of the Registrant.

---

| | | | |
|:---|:---|:---|:---|
| By: | /s/ Joshua D. Ratner<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | By: | /s/ Bijal Y. Parikh<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Name: | Joshua D. Ratner<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | Name: | Bijal Y. Parikh<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Title: | President (Principal Executive Officer)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | Title: | Treasurer (Principal Financial & Accounting Officer)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Date: | June 5, 2025<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | Date: | June 5, 2025<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

**A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.** 

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report.